COVINGTON, Ky., March 31, 2011 /PRNewswire/ -- Valley Forge Composites Technologies, Inc. (OTC Bulletin Board: VLYF) is announcing record revenue results for the full year ending December 31, 2010.
Year-End Financial Results
Revenue for 2010 was $18,675,269, a record for the firm and significantly higher than the $3,202,815 for the year ending December 31, 2009. Sales of the company's momentum wheels and related products were responsible for the dramatic revenue growth.
The company's Annual Report for the year ending December 31, 2011 is scheduled to be filed by April 15, 2011.
THOR LVX™ Product Update
THOR LVX is an advanced screening system for cargo and airline baggage. It provides advanced detection capabilities for illicit narcotics, explosives and bio-chemical weapons hidden in containers. Patent applications in the Russian Federation have been completed. Filings with the PCT and Valley Forge exercising its rights under the CRADA are activities being pursued. More information will be available in the 10-K.
About Valley Forge
Valley Forge Composite Technologies, Inc. develops, manufactures and distributes next-generation detection systems. Its THOR LVX™ system is designed to detect nuclear material, explosives, narcotics and other contraband hidden in cargo containers and baggage, even through shielding. VLYF is also marketing the ODIN™ personal screening system for use in airports, high-security buildings and border entry points. More information about Valley Forge Composite Technologies, Inc. can be found at www.vlyf.com.
The Private Securities Litigation Reform Act of 1995 provides a 'safe harbor' for certain forward-looking statements. Statements in this press release that relate to Valley Forge Composite Technologies, Inc.'s future plans, objectives, expectations, performance, events, reports made by others, and the like, including a statement about the assumptions underlying a forward-looking statement, are forward-looking statements protected by the safe harbor. Investors should understand that future events, risks and uncertainties, individually or in the aggregate, are factors that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. These factors could include changes in economic conditions or government policies that may change the demand for the Company's products and services and could include other factors discussed in the sections of the Company's report on Form 10-K for the year ended December 31, 2009 as filed with the U.S. Securities and Exchange Commission, entitled 'Description of Business' or 'Management's Discussion and Analysis or Plan of Operation.' This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. Valley Forge Composite Technologies, Inc. uses paid services of investor relations organizations to promote the Company to the investment community. Investments in the Company should be considered speculative, and, prior to acquisition, should be thoroughly researched. Valley Forge Composite Technologies, Inc. does not intend to update these forward-looking statements prior to its reporting of its quarterly or annual results.
Valley Forge Composite Technologies, Inc.
Tel: (859) 581-5111
SOURCE Valley Forge Composite Technologies, Inc.