WAYTRONX REPORTS SECOND QUARTER REVENUE OF $4,300,000
Waytronx Reports Record Second Quarter Revenue of $4,300,000
Synergies of Recent CUI Acquisition Produce Significant Growth and First Net Profit
TUALATIN, Ore. – August 14, 2008 – Waytronx, Inc. (OTCBB: WYNX), a leading provider of openly licensable advanced systems cooling solutions and its wholly owned subsidiary, CUI, INC., a provider of electromechanical components, today announced that it posted record second quarter results for the three months ended June 30, 2008.
Waytronx and its wholly owned subsidiary, CUI, produced revenues of $4,396,454 for the three months ended June 30, 2008, for which revenues from CUI are included from the date of acquisition, May 16, 2008, through the end of the period. The Company’s revenue increased while maintaining a 40% gross margin and continuing to focus on operational efficiencies.
“As was anticipated from CUI’s first quarter results, we are even more encouraged by these record-setting second quarter numbers,” said William Clough, CEO of Waytronx. “While we still show a $17,666 operational loss for the three month period ended June 30, 2008, much of that loss was due to one-time acquisition charges.”
“These results also demonstrate our continued focus on operational efficiencies, delivering shareholder value and superior customer service, while organically growing our business,” Clough explained. Additional second quarter highlights include the continued development of the WayCool CPU thermal management solution; design wins for the Company’s proprietary encoder product from a top tier DC motor manufacturer; design wins with a nationally recognized telecom carrier for a CUI power supply to be incorporated in a voice over Internet protocol telephone; and 30+% year-over-year revenue growth with the Company’s number one distributor.
“We believe that the final commercialization of the WayCool CPU solution, coupled with the design wins and our focus on increasing net to sale profits, all support the potential for strong growth for the remainder of the year,” concluded Clough.
About Waytronx, Inc.
Waytronx, Inc. has pioneered and is commercializing innovative thermal management solutions capable of revolutionizing the semiconductor, solar and electronic packaging industries, among others. Utilizing its patented WayCool™ hybrid mesh architecture, Waytronx can enhance system performance and remove thermal barriers caused by “microwarming” in today’s advanced computing devices. The Company’s proprietary central and graphics processor solutions, solar energy cooling solutions and power supply cooling solutions deliver more cost effective and efficient thermal management to the industry. Waytronx changed its name from OnScreen Technologies in December 2007. Waytronx acquired CUI, Inc. in May 2008. For more information, please visit www.waytronx.com.
About CUI, Inc.
CUI, Inc. is a solutions provider of electromechanical components and industrial controls for OEM manufacturing. Since its inception in 1989, CUI has been delivering quality products, extensive application solutions, and superior personal service. CUI’s solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly-owned subsidiary of Waytronx, Inc. For more information, please visit www.cui.com.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission. # # #
Media Contact:
Seana McKenzie
CUI Inc
503-612-2300
info@waytronx.com
WayCool, WayFast, Waytronx and OnScreen are trademarks of Waytronx, Inc. Other names and brands are the property of their respective owners.