NEW YORK, November 20, 2018 /PRNewswire/ --
DirectView Holdings, Inc., (OTC: DIRV)
("DirectView" or the "Company"), a company focused on ownership and management of leading video and security technology
companies, announced today that the Company achieved record sales and gross profit for the nine months ended September 30, 2018.
DirectView's record results reflect a number of large new and existing customer projects where DirectView and its subsidiaries
were awarded contracts.
2018 Nine Months Results
- 22% sales growth to a record $3.3 million
- 20% growth in product sales to a record $2.7 million
- 32% growth in services sales to a record $0.6 million
- 7% gross profit growth to a record $1.3 million
- 30% growth in product gross profit to a record $1.4 million
- 400 basis point gross profit margin increase to 52.3%
- 108% increase in SG&A
Sales and gross profit trends continued to expand during the first nine months of 2018 and reflect continued strong product
and services demand. SG&A continues to reflect on-going investments in technology and additional customer-facing
headcount.
Roger Ralston, DirectView's CEO stated: "DirectView's performance during the first nine months
of 2018 turned out to be impressive, generating the highest sales and profits of any period in the Company's history. As we
continue to be awarded significant new and existing contracts, we continue to invest in our subsidiaries to support the
continuation of significant growth, customer experience, and satisfaction- thereby ensuring our customers receive
industry-leading products and service throughout the project life cycle.
Recent Business Highlights Drive Future Growth
- DirectView to Attend and Showcase MJ Security Solutions at MJBIZON 2018 - Announced on
November 8, 2018, DirectView Networked and Showcased Custom-Tailored MJ Industry Security And
Surveillance Solutions
-
DirectView's Virtual Surveillance Completes $600,000 Surveillance Project for
Mission Foods and Begins Designing New Locations - Announced on November 8, 2018, DirectView's wholly-owned subsidiary, Virtual
Surveillance, completed a project valued at approximately $600,000 and has moved on to
designing additional locations for Mission Foods - the manufacturer of tortilla-related products and subsidiary of the
multinational, $3.7B publicly-traded GRUMA Corporation (MX: GRUMB) (BMV: GRUMAB)
- DirectView's Virtual Surveillance Signs Master Agreement with Texas' Premier General
Contractor, Rogers-O'Brian - Announced
on October 29, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, signed a master
agreement to work with world-renowned Texas builder, Rogers-O'Brian who is headquartered in
Dallas and has offices in Austin and Houston
-
DirectView Offers Custom-Tailored Security, Surveillance, Safety and Access Control Solutions for The Cannabis
and CBD Industry - Announced on October 9, 2018, DirectView has focused on a new initiative to
provide and install custom-tailored security, surveillance and safety equipment to meet the regulatory and compliance
requirements of the booming cannabis industry
-
DirectView's Virtual Surveillance Wins Surveillance Equipment, Installation & Support Contract for Texas
Municipality - Announced on October 2, 2018, DirectView's wholly-owned subsidiary, Virtual
Surveillance, has been contracted to provide and install surveillance equipment for a Texas
municipality in the Fort Worth, Texas region
- DirectView Wins $150,000 Contract with Prominent New York City Hotel - Announced on
August 23, 2018, DirectView signed a $150,000 contract for a
security and surveillance project for a world-renowned high-rise hotel in Midtown, NYC, opening the door to further contracts
in the hospitality space in New York and across the country
New COO/CFO Update
In September 2018, DirectView named Chris Cutchens as Chief
Operating and Financial Officer, expanding its C-Suite position to drive organic growth, bolster M&A activity, and fuel
business transformation.
Chris Cutchens, DirectView's COO/CFO stated: "DirectView is well positioned to transform the
security and surveillance industry, all while experiencing significant organic and inorganic growth. The current market is
significantly fragmented and ripe for the adaptation of DirectView's product and service offerings, as well as its roll-up
acquisition strategy. The remainder of 2018 will be focused on completing the establishment of a solid foundation to position the
Company for scale beginning in 2019 and thereafter."
Mr. Ralston added: "Since joining the DirectView family in September 2018, Chris has hit the
ground running, tackling a number of critical initiatives while staying laser-focused on DirectView's long-term strategy of
maximizing the return on our investment in people, process, and technology to significantly transform our industry and customer
experience."
About DirectView Holdings, Inc.
DirectView Holdings, Inc., ( DIRV ) together with its
subsidiaries, provides video surveillance solutions and teleconferencing products and services to businesses and organizations.
The company operates in two divisions, Security (Video Surveillance) and Video Conferencing. The Security division offers
technologies in surveillance systems providing onsite and remote video and audio surveillance, digital video recording, and
services. It also sells and installs surveillance systems; and sells maintenance agreements. The company sells its products and
services in the United States and internationally through direct sales force, referrals, and its
websites. The Video Conferencing division offers teleconferencing products and services that enable clients to conduct remote
meetings by linking participants in geographically dispersed locations. It is involved in the sale of conferencing services based
upon usage, the sale and installation of video equipment, and the sale of maintenance agreements. This division primarily
provides conferencing products and services to numerous organizations ranging from law firms, banks, high tech companies and
government organizations. For more information visit our websites at http://www.DirectView.com, http://www.ApexCCTV.com, and
connect with us on Twitter, LinkedIn, Facebook, and Google+.
Cautionary Statement Regarding Forward Looking Statements
Forward Looking Statements: This press release contains forward-looking statements that involve a number of risks and
uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these
risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements
using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are
likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is
indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could
cause actual results to vary. These factors are described in our filings with the SEC, and readers should refer to those filings,
including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any
intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise.
Contact:
DirectView Holdings, Inc.
Roger Ralston
+1-212-858-9100 EXT. 111
[email protected]
http://www.DirectView.com
SOURCE DirectView Holdings, Inc.