Visualant, Inc. (OTCBB:VSUL.ob - News), a pioneer provider of industry-leading identification solutions, issued the following shareholder letter:
December 2, 2010
Dear Visualant Shareholders:
We recently completed the first demonstration unit of the Visualant Spectral Pattern Matching (SPM) technology. This world-class technology has been eagerly awaited by many in the fields of security, authentication and all forms of diagnostics who have viewed the technology in the laboratory. This demonstration unit has been a long time in making the transition from the lab bench to the approximate size of a smart phone. The demo unit provides an excellent opportunity to showcase the SPM technology to potential customers around the world. The demo unit size and portability is indicative of the low cost and form factor flexibility inherent in the Visualant technology. This demo unit now brings Visualant one step closer to commercialization. Our next step in this process is to work with our development team to create a Developer’s Kit to enable potential customers to create their own solutions utilizing SPM technology.
Our merger and acquisition strategy led us to TransTech Systems, Inc., our newly acquired subsidiary. TransTech brings its first-class reputation to our company. With annual revenues of approximately $10 million and a nationwide base of 500 dealers, TransTech brings Visualant close to the customer. Our stated goal is to grow the Company through additional acquisitions to $35 to $50 million in revenues. We are working closely with TransTech senior management to identify more acquisition opportunities in the security and authentication marketplace. At the same time we are working to organically grow the base TransTech business.
The demonstration unit had its first public unveiling at the TransTech Systems booth at the ASIS show in Dallas, TX, from October 12 to October 15. We had a very positive response at the show and again at the ISC Solutions Expo in New York City on November 1 to November 4, where TransTech also had a presence.
In a note after the trade shows Jim Gingo, TransTech President, wrote, “The TransTech booth was continually busy, with many interested parties looking at our ‘fascinating’ Visualant handheld prototype unit. Our staff set up a simple, but effective, demonstration that compared seemingly identical 4-color dye ribbons, showing a capability of the demo unit to distinguish between real and counterfeit ribbons (a large source of consternation in the card printing industry in particular.) As well, we were able to differentiate different types of plastic card stock and, yes, of course, even unmarked white powders.”
Jim Gingo’s respected position in the industry was acknowledged when the Security Industry Association held its annual meeting in New York in conjunction with the ISC Solutions Expo. Jim was
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