"Our strategy for this fiscal year continues to focus on increased marketing activities growing our brand awareness and presence which will result in losses for the year. We expect to return to profitability in the next fiscal year.
"Status Enterprise pilot projects continue, but have not generated expected revenues. Status Enterprise sales to date have been smaller pilot deployments which have not yet translated into additional licenses. Our newly launched low cost sensors are already producing revenue. Sales include two sales to Africa for monitoring of commercial hotels solar panels on commercial buildings. Monitoring of these deployments will be done on a subscription basis using the B-Scada VoT Platform.
"Our IoT system has been impressive since launching in the spring. We have partnered with several sensor manufacturers to allow their sensor data to be used within the VoT Platform. Some are working on bundles including sensor hardware and B-Scada software. We are in negotiations to have our IoT Platform promoted by two significant cellular carriers. We have equipment manufacturers evaluating the system to be used as a monitoring solution to be white labeled and distributed with their equipment. Other opportunities with partner companies include water/waste water, smart cities and data centers.
"Our outlook for fiscal 2015 will be for lower than expected revenues for the last two quarters due primarily to the slow-down in the petrochemical sector, and the slow uptake of additional Status Enterprise licenses. We are however extremely optimistic for fiscal 2016, expecting growth in our Spanish Subsidiary, sensor sales and IoT platform. We also expect Status Enterprise licenses to increase and are seeing demand for training growing.
"We would like to thank our shareholders for their continuing support."