Concierge Technologies, Inc. (CNCG.OB) Transitions from Development Stage Company to Planned Operations

By @ibtimes on

Concierge Technologies, Inc. reports in their Form 10Q for the period ending December 31, 2010 that they have transitioned from a development stage company to planned operations. Consequently, the reporting disclosures have altered minimally because the need to disclose certain historical data is no longer required.

The transition from an accounting and disclosure perspective was due to the success of the recently announced refocus of the Wireless Village business from wireless Internet provisioning to that of mobile incident reporting and related digital video recording technologies. Wireless Village is a majority owned subsidiary of Concierge Technologies, Inc.

Wireless Village does business as 3rd Eye Cam (www.3rdeyecam.com). They have secured sales of their Janus V2 camera to several taxicab companies operating in Los Angeles, San Francisco, as well as other major metropolitan areas in the United States totaling more than $250,000 in sales for the quarter ending December 31, 2010. Wireless Village is continuing to expand their market presence through establishment of a distribution network and gaining regulatory compliance for their product line in other jurisdictions.

The Janus V2 cameras provide full motion video and audio recording inside and outside the vehicle with GPS tracking of speed, location, and time stamping for premier mobile incident reporting. The installation results for users have already proven valuable in providing key data for analyzing traffic accident events and identifying robbery suspects. Wireless Village is continuing to expand their market presence through establishment of a distribution network and gaining regulatory compliance for their product line in other jurisdictions.

Concierge Technologies, Inc., by conveying 49 percent of their stock holdings in Wireless Village to acquire industry expertise and exclusive product rights, has taken a $149,137 one-time charge to their quarterly earnings. This is to reflect the estimated value of the Wireless Village equity that was relinquished. This charge negated what would have been positive earnings for the quarter. Coupled with other finance charges associated with the convertible debenture noted in the previous quarter, it contributed to the reported loss of $141,001 for the quarter on net revenue of $259,004.

Concierge Technologies, Inc. is a full service information technology systems and software implementation provider. The Company has specific expertise in creating wide area, wireless, Internet access zones for large business campuses, schools, municipalities, local organizations, and marina operators. Through their wholly owned subsidiaries, Planet Halo and Wireless Village, Concierge also owns and operates several wide-area wireless networks in California and Ohio. These networks are subscription based and provide an affordable solution to dial-up or wired Internet access, especially in underserved markets.

For more information visit: www.conciergetech.net

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