StratoComm Corporation Releases Second Quarter Financial Results

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Aug 23, 2010, 11:39 ET

ALBANY, N.Y., Aug. 23 /PRNewswire-FirstCall/ -- StratoComm Corporation (STCO) today announced financial results for the second quarter ended June 30, 2010.

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"Continuance of funding the Joint Venture in Cameroon remains among our highest priorities. Given the ongoing funding challenges, we continue to closely monitor operating expenses while striving to further reduce operating costs while awaiting receipt of StratoComm's first revenues. Conversion of debt, budget analysis and revision, reduction in payroll costs, and stronger internal controls were some of the financial strategies that were undertaken in the second quarter that resulted in a lower loss. We continue to implement and monitor internal accounting controls as we move forward to select a public accounting firm to audit our financials in the near future. It is extremely important to our shareholder base to have the audited financial statements prepared as quickly as permissible," states Ray Lasky, StratoComm CFO.

StratoComm's net loss decreased from $ 609,274 or .0043 per share for the first quarter ended March 31, 2010 to $ 501,146 or .0026 per share for the second quarter ended June 30, 2010.

"With implementation of the enhanced financial systems and controls introduced by Mr. Lasky StratoComm is now able to provide a more detailed financial picture for its shareholders. Efforts continue toward engagement of outside accountancy to secure the audited financials required to support financial planning and StratoComm's move to a different trading exchange," stated StratoComm CEO Roger D. Shearer.

StratoComm Corporation is a developer and provider of telecommunications infrastructure technologies with a specific focus to the delivery of ubiquitous and cost sensitive communication services to the developing world. The company is further committed to the allocation of a portion of each system's service capacity for the provision of low cost/no cost social and economic outreach programs.

Safe Harbor Disclosure – This Press Release contains or incorporates by reference "Forward-looking statements," including certain information with respect to plans and strategies of StratoComm Corporation. For this purpose, any statements regarding this announcement, which are not purely historical, are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including StratoComm Corporation beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and based on information available to StratoComm Corporation as of such date. There are a number of important factors that could cause actual events or actual results of StratoComm Corporation and its subsidiaries to differ materially from those indicated by such forward looking statements.

Company web site: www.stratocomm.net

SOURCE StratoComm Corporation