CirTran Corporation Announces 147% Increase in Quarterly Production Revenues Monday May 24, 7:00 am ET
SALT LAKE CITY, UT--(MARKET WIRE)--May 24, 2004 -- CirTran Corp. (OTC BB:CIRT.OB - News), a full-service contract electronics manufacturer of printed circuit board assemblies, cables and harnesses, today announced it has reported gross revenues of $646,000 for the first quarter of 2004 -- a 147% increase over the previous quarter ended December 2003 and a 140% increase over the same period 2003. A direct result of multiple multi-million dollar contract wins to date, the company's backlog is currently exceeds $1,800,000 and will increase proportionately during the third and fourth quarters of 2004 as additional new contracts under review are closed.
Iehab J. Hawatmeh, President and CEO of CirTran Corporation commented, "We are very pleased with the first quarter revenues, which are a direct result of the combination of improved efficiency and effective marketing, we are committed to continuing to improve our operational efficiency while we activate more marketing programs to sustain our long and short-term growth."
Kathryn A. Hollinger, Financial Controller of CirTran Corporation, commented, "The company is ahead of pro forma projections, which earlier this year forecast revenue growth of as much as 300% for FY2004. As the current rate of new business development proceeds to out pace forecasts -- a trend echoed by other manufacturers this month -- our Company's new contracts could continue to close at an accelerating pace."
Trevor M. Saliba, Senior Vice President of Worldwide Business Development of CirTran Corporation, commented, "CirTran's unique program at attracting and sustaining new business is proving itself as evidenced by the first quarter sales increase. We are projecting to continue to see increased sales each new quarter based on our current backlog and pipeline of projects that we are in the final stages of negotiation."
About CirTran Corporation
Founded in 1993, CirTran Corporation (OTC BB:CIRT.OB - News) has established itself as a premier full-service contract electronics manufacturer by building printed circuit board assemblies, cables, and harnesses to the most exacting specifications. CirTran is headquartered in Salt Lake City, Utah with a state-of-the-art 40,000 sq. ft. facility. CirTran also provides "just-in-time" inventory management techniques that minimize the OEM's investment in component inventories, personnel and, related facilities, thereby reducing costs and ensuring speedy time-to-market. For further information about CirTran, please visit the Company's website located at www.cirtran.com.
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the company's periodic filings with the Securities and Exchange Commission.
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CirTran Receives $1,640,000 Purchase Order 6/7/2004 9:43:00 AM June Orders Expected to Triple 2003 Annual Revenues
SALT LAKE CITY, UT, Jun. 07, 2004 (MARKET WIRE via COMTEX) -- CirTran Corp. ( CIRT ), a full-service contract electronics manufacturer of printed circuit board assemblies, cables and harnesses, today announced it has received an initial purchase order for $1,640,000 through its newly formed, wholly-owned subsidiary, CirTran-Asia, Inc. To date, CirTran Corp. has received payment for and shipped approximately $225,000 worth of product against this purchase order. Pursuant to the terms of the shipment schedule provided by the end client, the company anticipates shipping a minimum of $200,000 worth of product each week with, all payments made to CirTran prior to shipping.
CirTran's management team remains highly optimistic with regard to the company's future based on sales growth this year. The recent and continuing growth in purchase orders is part of a series of steps management has initiated in order to help propel the company towards strong, positive cash flow.
Trevor M. Saliba, Executive Vice President of Worldwide Business Development of CirTran Corporation, commented, "We are very excited to announce the immediate success of our new subsidiary, CirTran-Asia and its first contract win. This order is actually Phase I of an equal, two-part order. We are anticipating the Phase II order to be received before the month's end. This will total approximately $3,300,000 in new orders for CirTran-Asia's first 30 days in operation. This translates, with this order alone, to an almost 200% increased compared with the company's total overall revenues for 2003."
The company is currently in the process of establishing a dedicated satellite office in Asia and is interviewing seasoned executives with the needed expertise to continue to build this division. The company recently announced the CirTran-Asia, Inc. division will pursue manufacturing relationships beyond printed circuit board assemblies, cables, harnesses and injection molding systems and look for complete "box-build" or "turn-key" relationships in the electronics, retail and direct consumer product markets.
About CirTran Corporation
Founded in 1993, CirTran Corporation ( CIRT ) has established itself as a premier full-service contract electronics manufacturer by building printed circuit board assemblies, cables, and harnesses to the most exacting specifications. CirTran is headquartered in Salt Lake City, Utah with a state-of-the-art 40,000 sq. ft. facility. CirTran also provides "just-in-time" inventory management techniques that minimize the OEM's investment in component inventories, personnel and, related facilities, thereby reducing costs and ensuring speedy time-to-market. For further information about CirTran, please visit the Company's website located at www.cirtran.com.
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the company's periodic filings with the Securities and Exchange Commission.
Contact: Trevor M. Saliba Company: CirTran Corporation Voice: 818-788-2033 URL: http://www.cirtran.com Ronald L. Garner, Communications Director Company: Equitilink, LLC Voice: 877-788-1940 URL: http://www.equitilinkpr.com
SOURCE: CirTran Corporation
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