2005 3rd Quarter Revenue & Update on Office Construction Project
Company News and Press Releases
Market Technologies Announces Record Third Quarter Revenue and Update on Office Construction Project
Wesley Chapel, Florida, November 7, 2005 — Louis B. Mendelsohn, President and Chief Executive Officer of Market Technologies, a privately-held firm and the leading provider of intermarket analysis futures trading software, announced today that the company achieved record-breaking revenue for the third quarter ended September 30, 2005. He indicated that “on a year-over-year basis 3Q 2005 revenue was more than double that of the same quarter in 2004”.
Mr. Mendelsohn also noted that “for the first nine months of 2005, revenue is up more than 49% over the first nine months of 2004, which itself was a record period.” He indicated that “as global financial markets such as crude oil and gold continue to command the attention of traders all over the world and intermarket analysis becomes more recognized by traders as a critical element necessary for successful trading, there has been a tremendous interest among futures and commodities traders in our VantagePoint software.”
Additionally, Mr. Mendelsohn indicated that the company’s success in 2005 to date has resulted in part from management changes that were put into place at the beginning of December, 2004. These changes involved adding more sales and administrative support staff to the sales department, and increasing the staff of both the technical support department and the Predictive Technologies Group which is responsible for product research and development. Through the third quarter of 2005 these staffing changes resulted in a doubling of employees, which was necessary to position the company for even more accelerated growth expected in 2006.
Mr. Mendelsohn also indicated that given the record pace of revenue growth for the first nine months of 2005 followed by the record breaking month of October, 2005, Market Technologies will achieve its sixth consecutive record-breaking year in 2005, with revenue expected to be more than 50% higher than 2004.
Additionally, Mr. Mendelsohn stated that the company’s office construction project is proceeding on schedule, with occupancy expected at the end of the first quarter of 2006 or sometime in April, 2006 at the latest. As a result of the recent spate of hurricanes affecting Florida, the state-of-the-art building was engineered to withstand 140 mph sustained winds, with a concrete hardened safe room for the company’s telecommunications and network servers designed to withstand 180 mph winds. The building will also have an on-site diesel generator, as well as redundant DSL and cable underground connections to separate outside service providers. As a result of the building’s close proximity to a fire station just a few hundred yards away, the building will be connected underground to a high priority electrical grid, which will mean that electric utility service will be restored as soon as possible following any power outage, thereby minimizing disruption to the company’s operations and provision of support services to its clients worldwide.
About Market Technologies Headquartered in Tampa Bay since it was founded in 1979 by Louis B. Mendelsohn, with trading software customers in over seventy countries worldwide, Market Technologies is an Inc. 500 company and recognized world leader in market forecasting. Market Technologies researches and develops proprietary trend forecasting and market timing technologies that utilize artificial intelligence applied to intermarket and hurricaneomic analysis, in order to forecast various commodity and financial markets throughout the world. These presently include energies, interest rates, stock indexes, currencies, metals, grains, meats, softs, Forex and ETFs, covering a total of sixty-nine world markets.