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News

Oil company order for zNose explosive detector.

Electronic Sensor Technology : 11 February, 2008  (Application Story)
Device for the detection of explosive materials included those in liquid form ordered by oil services company in the Middle East.
Electronic Sensor Technology (EST) has been awarded an order for 4 zNose Model 4300's to be used for security applications in the Middle East. The order was placed through our distributor in Kuwait, Petroleum Services Company W.L.L.

Barry Howe, President and CEO stated, "This order is another example that the zNose is an excellent tool for explosive detection. The zNose not only detects traditional explosives but also many other types, including liquid explosives, the type used by the infamous 'shoe bomber.'" Mr Howe added, "This order brings our 2008 year to date orders to just over $400,000, as compared to revenues for the entire first quarter of 2007 of $477,000. The company expects to report revenues for all of 2007 of $2,200,000, approximately at the same level as 2006. We are off to a good start in 2008 and have developed several prospects in the security markets that have the potential to generate substantial volume of business later in the year. In addition, we continue to make progress in increasing our sales into the food, flavours and fragrance markets, an area that the zNose is perfectly suited to.

"However, as we stated in our 2007 3rd Quarter 10-Q, the company's cash balance is not expected to be adequate to fund operations beyond the first quarter of 2008. The company is in discussions with potential investors to provide additional capital and is hopeful that such discussions will be successful and a new capital investment will be concluded before the end of the first quarter of 2008. As noted our current report on form 8-K filed on December 28, 2007, the company's debenture holders postponed the first principal payment, originally due January 1, 2008, for three months while the company is working with the potential investors."

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