DEQ released its 2008 financial statements

2008 annual financial highlights are: a 95% growth in recurring revenue in United States in 2008, a 16% increase in total recurring revenue from us$ 2.25 million to us$ 2.62 million in 2008, a 16% increase in gross profit from us$ 2.75 million us$ 3.21 million in 2008

Besides, a 79% gross margin compared to 77% in 2007 due to increase in recurring revenue, a 27% average annual growth in recurring revenue over the last three years, positive adjusted cash flows from operations of us$ 362,000 comparable to previous year. The stable operating costs were of us$ 3.45 million and solid cash position of us$ 6 million.

Operational highlights are: the acquisition of DEK International exclusive distribution license, the successful introduction of EZ Baccarat and EZ Trak products in more than 10 casinos during the year with more than 45 units of each products in the field, the Nevada Gaming Control Board approval for the G3 and the successful deployment of the G3 in Nevada in reputed casinos such as the Wynn, the Bellagio, the Venetian, Harrah’s and MGM.

Besides, DEQ added key international industry and financial board members in the course of the year and the firm ranks among TOP 10 Best Technology Companies for 2008 on TSX Venture.

“2008 was a year of license applications and approvals, trial tests and initial product rollout in the USA”, stated Earle G. Hall, President & CEO of DEQ. “We have successfully broadened our product base with the new EZ Baccarat/EZ Trak product line that is now operational in its first 10 casinos that include the Wynn in Las Vegas. The G3 is installed in the Wynn, the Venetian and Palazzo, the Bellagio as well as many other world class casinos.”

He added: “2008 was the year where we applied to more than 18 jurisdictions for operating licenses and product licenses to begin our expansion in Las Vegas as well as in the rest of the United States. 2008 was a year of uncertainty, economic crisis and many obstacles. DEQ has thrived during this year of constant turbulence and obstacles and we have laid the framework for widespread commercialization in 2009. At the same time, we have undertaken a very cautious approach to spending and have revised our entire cost base to ensure that we are creating the maximum amount of value for our shareholders. Our focus is on our core business; leasing systems in target rich markets and controlling cost to ensure we create the maximum value possible for our shareholders in these times of economic uncertainty.”