East Coast Diversified Announces Strong Revenue Growth for 2012 Discusses 2012 Revenue growth and other business activities
ATLANTA, April 18, 2012 /PRNewswire/ -- East Coast Diversified Corporation (OTC.BB:ECDC), announces today that its revenue growth for 2012 is outpacing 2011 revenue. The Company further announces that its year to date revenue already exceeds all of 2011 revenue.
For the first quarter ending March 31, 2012, the Company will report sharp revenue increases over same quarter 2011. Revenues for the first quarter of 2012, which outpaced 2011 growth rate was from two divisions of our business "EarthSearch Communications" and "Rogue Paper." Positive results were from sales to our partner network and success in the US market.
First Quarter Performance
For the first three months of 2012, the Company experienced a sharp increase in new purchase orders and revenues, both from our partner network and corporate clients. We had significant successes in our efforts to integrate our technology into legacy software systems already on the market. We expect this to open up new opportunities for us in the North American market that has been elusive to us.
We successfully showcased StudentConnect technology to several school districts. During the first quarter, Rogue Paper began expanding its software offering to its clients and we expect to see revenue continue to grow for the social media area of our business.
Second Quarter Outlook
Our revenue grew significantly in the early part of second quarter when compared to same quarter 2011. Driven by strong partner activities and a more aggressive delivery of customized solutions to clients using wireless communication between GPS and RFID integrated with other sensor technologies including biometrics; we expect to see accelerated revenue growth throughout the 2012 fiscal year.
Recent trips by our CEO to several markets has triggered a more active partner network and allow us to better understand local needs of our partners in various markets. We intend to use this knowledge to create solutions that meet local needs that will drive our revenue growth.
The official promotion of our interactive Social Media division "WetWinds" to reach our 1 million user registration goal will begin in late April. User registration at WetWinds continues to grow impressively since we made the announcement to launch the social media site. We successfully showcased StudentConnect to several school districts in North America and intend to continue in that effort. We look forward to implementing pilot projects that will launch the StudentConnect in school districts across the country.
Kayode Aladesuyi, the Chairman and CEO of ECDC, commented, "Our first quarter performance and the successes we already experienced at beginning of this second quarter is encouraging and is indicative of what we expect from our business in 2012."
About East Coast Diversified Corporation
East Coast Diversified Corporation (OTC.BB: ECDC.OB) is a holding corporation with a diversified group of technology companies. Its business portfolio includes businesses offering technology for logistics and asset management, media entertainment technology, transportation safety and class attendance monitoring system and social media applications.
EarthSearch offers solutions using the world's first wireless communication between GPS and RFID. EarthSearch delivers solutions relevant to the operations of businesses and governments across the globe, providing efficiency, cost saving, continuous visibility of assets and cargo in transit, with real time visibility across the entire supply chain. Solutions delivered include warehouse operation, movement of secured cargo, oil tankers, pipeline and other fixed assets management solutions. EarthSearch solutions integrate sensor technology for fuel monitoring, temperature sensor, weight sensors, door sensor and a variety of other custom applications.
StudentConnect also utilizes our proprietary wireless communication between GPS and RFID to provide transportation safety and class attendance monitoring solutions to schools, alerting parents and schools of safe departure and arrival of students riding on school buses and providing an automated class attendance monitoring system that engages parents with information about student behavior at school, including providing real time notification regarding truancy and skip class behavior. StudentConnect uses wireless technology integrated with GPS/RFID to gather and combine parental behavior, student behavior at school and academic data to create predictive analytics for school administrators that help with improving education.
Rogue Paper's award-winning social media technology. TV Tune-In, developed by Rogue Paper, is a real-time, companion viewing and mobile app development platform for media companies to help drive viewership, conversation and interactions for television shows and content. TV Tune-In's CMS allows media companies to develop branded iPhone and iPad apps for television shows and channels. Powering such category leading applications as MTV's WatchWith and VH1's Co-Star iPhone and iPad applications, users can actively comment along with their favorite show (live or time-shifted).
WetWinds, a new social media division scheduled to launch in Summer 2012 will deliver interactive social media experience to audiences and users across the globe. Register to be part of the first one million global beta users at: www.wetwinds.us
For more information on East Coast Diversified Corporation and its group of companies please visit the company's website at www.eastcoastdiversified.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.
East Coast Diversified Corporation
SOURCE East Coast Diversified Corporation