TouchIT Technologies, Inc. designs, produces, and markets touch-based visual communication products. The Company manufactures a broad range of touch screen and touch board products to suit all types of applications. This is from small LCD touch-screens to large interactive whiteboard displays and audience response systems. TouchIT Technologies, Inc. has manufacturing facilities in Istanbul, Turkey and Sales Offices in London, United Kingdom, Co Limerick, Ireland, and Boston, Massachusetts.
TouchIT Technologies is a public company on the OTCBB exchange in the United States. Incorporated in Nevada, USA under the name Hotel Management Systems, TouchIT Technologies and TouchIT Education went public on May 7, 2010 by way of reverse merger. The shell company, Hotel Management Systems, has undergone a name change to become TouchIT Technologies Inc., of which the two Turkish entities, TouchIT Technologies and TouchIT Education, are wholly owned subsidiaries.
The Company’s aim is to produce innovative touch-based interactive products for use in both Education and Corporate environments. They market their products under the TouchIT Technologies brand name as well as under various OEM brands throughout the world. TouchIT Technologies markets their products in more than thirty countries.
So far the Company’s revenues have come primarily from sales of their Interactive Whiteboard products. They began shipping these in 2009 to the global market place. Most of their sales have been of the 78″ TouchIT Board and OEM equivalents, suitable for use with any PC and data projector.
TouchIT Technologies has invested resources to expand their product line to include touch-based LCDs from 42″ to 65″. This is in response to increased demand for interactive LCD displays. They have also invested in the development of TouchIT Transcribe, their corporate annotation software. TouchIT Technologies undertakes OEM and ODM work for partners all over the world.
TouchIT Technologies, Inc. announced this past fall that they are stepping up their sales efforts in the Middle East. This is in response to growing demand for the Company’s products in the region.
In November, TouchIT Technologies, Inc. announced that sales, as well as profitability, continued to rise during the third quarter of 2010. Total revenues for the nine-month period ending September 30th 2010 reached $2.67 million. This represents a 48 percent increase from the $1.8 million of revenues reported at the end of the same period of 2009.
Gross profit was $878,387, or 33 percent of net sales, as of September 30, 2010, up 366 percent from $188,702 in the same period in 2009. On a GAAP basis, net income at the end of the third quarter of 2010 was $261,804. This compares with a net loss of $305,713 in the third quarter of 2009.
In December, TouchIT Technologies, Inc. announced that they appointed leading CE & IT broadliner, D&H Distributing, as a distribution partner for their full product range in the United States. D&H Distributing has over 90 years experience and extensive market reach from VARs, resellers and retailers to DMRs and K12 institutions.