VOTI Detection Inc. ('VOTI' or 'the Company') (TSXV: VOTI), a leading-edge Canadian technology company that develops latest-generation X-ray security systems based on 3D Perspective technology, today announced results for its third quarter and nine-month period ended July 31, 2020.
'We continue to operate under challenging circumstances brought about by the ongoing COVID-19 crisis and the resulting slowdown in the global economy.' commented Rory Olson, President and CEO of VOTI Detection, 'Our third quarter results reflect these circumstances but at the same time we are finally starting to see some positive signs pointing to a resumption of more normal activity heading into the fourth quarter. Importantly, our customers still want and require our product and, for the most part, what we are seeing is that the majority of expected orders have not been cancelled but have been postponed to a later date. We continue to expect a return to normal delivery rates through 2021.' Added Olson, 'We believe that the initiatives that we have taken, particularly on the cost cutting front, along with the very solid foundation that has been laid, our backlog and our leading technology, places us in a position to continue to weather the storm and will allow us to rebound as markets return to normal. In addition, we also expect that the government focus on infrastructure expenditures to stimulate the economy will result in additional demand for expenditures on perimeter security
Revenue
Revenue for the third quarter F2020 totaled $3.9 million, compared to $7.8 million in the third quarter F2019. The decrease was primarily related to expected sales orders that were postponed due to COVID-19 as well as the lower number of larger tunnel sizes and dual-source scanners, which carry higher selling prices, being sold in 2020. For the nine-month period F2020, revenues were $14.1 million compared to $23.1 posted in the nine-month period F2019. VOTI added 95 units to its global footprint of units deployed in the quarter, bringing the total number of units deployed in F2020 to 390. Third quarter shipments were made to a broad range of customers over a wide geographic base and included a sale of 18 units to Port Canaveral for a repeat order from Carnival Cruise Line, as well as the delivery of scanners to new and repeat North American professional sporting facilities. With these orders, there are now twenty-seven professional North American sports teams currently using VOTI X-Ray scanners at their stadiums. Through VOTI's partnership with a longstanding distributor in the U.S., VOTI also received orders from multiple county sheriff departments including a repeat order for 12 units from a single county as they updated their entire X-Ray fleet with VOTI technology.
About VOTI Detection
VOTI Detection, headquartered in Montreal, Quebec, and listed on the TSX Venture Exchange, is a leading-edge Canadian technology company that develops latest-generation X-ray security systems based on 3D Perspective technology. VOTI's technology produces remarkably sharp and more revealing X-ray images that are competitively superior while delivering enhanced threat detection capabilities and an improved user experience. Since its inception, VOTI has installed scanners in more than 50 countries and has consulted heavily with government agencies and security specialists worldwide to develop feature-rich and easy-to-use scanners that meet the sophisticated needs of modern security screening operations. www.votidetection.com
Notice regarding forward-looking statements
This release includes forward-looking information within the meaning of Canadian securities laws regarding VOTI Detection and its business. Often, but not always, forward-looking information can be identified by the use of words such as 'plans', 'is expected', 'expects', 'scheduled', 'intends', 'contemplates', 'anticipates', 'believes', 'proposes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Such statements are based on the current expectations of the management of VOTI Detection, and are based on assumptions and subject to risks and uncertainties. Although the management of VOTI Detection believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the threat detection technology industry, failure to obtain regulatory approvals, economic factors, management's ability to manage and to operate the business of VOTI Detection, the equity markets generally and risks associated with growth and competition. Although VOTI Detection has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and VOTI Detection does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. In addition, the current situation and future developments with respect to the COVID-19 pandemic could cause certain of the assumptions and information set forth herein or the fact that on which such assumptions are based to differ materially from previous expectations including in respect of demand for our products, supply chain and availability of materials, mobility and shipping of materials and or products, access to debt and equity capital and other factors.
VOTI DETECTION INC. 
