GVI Security makes gains financially, Wade departs business

SSN Staff  - 
Thursday, November 11, 2004

November 11, 2004

CARROLLTON, Texas - GVI Security Solutions is beginning to see its balance sheet grow, thanks to increasing sales and new products brought onboard from manufacturing partners.
The company announced that in the third quarter, which ended Sept. 30, 2004, sales increased 20 percent for the first nine months of 2004, and sales are expected to range between $15.8 to $16 million.
Despite the gains, the company expects to report an operational loss ranging between $700,000 to $800,000. That number is less than the operating loss the company reported at the end of second quarter on June 30, 2004, of $1.8 million. For the third quarter of 2003, GVI Security reported an operating income of $302,000.
In other news, the company disclosed in an 8-K filing with the Securities and Exchange Commission that Thomas Wade, the company’s founder, president and a 14 percent shareholder in the business, has left the company.
According to SEC documents filed Oct. 19, the decision was a “mutual agreement.” Wade started the company four years ago as GVI Security, which does business as Samsung CCTV.
As part of Wade’s employment contract, he will receive a severance pay out equal to his one-year salary of $350,000, continue to receive an $800 car allowance for one year and $1,200 in reimbursement expenses per month.
The agreement also vests in full 1.9 million shares of GVI Security’s common stock held in a purchase option by Wade.