It's out this morning.

The better part:

"The Company is now anticipating that projects and sales opportunities that had been unexpectedly put on hold in the October 2008 through June 2009 period will begin to resurface as potential opportunities for the Company. For example, Statmon recently was awarded a monitoring and control project with the Maryland State Government-owned “Maryland Public Television,” as reported in its press release, dated July 22, 2009.

After a slow-down in early 2009, the Company is also experiencing increased activity with its largest customer, FLO TV Incorporated (“FLO TV”) (previously known as MediaFLO USA Incorporated), a wholly-owned subsidiary of Qualcomm Incorporated, for its Mobile TV transmission network for wireless carriers, including AT&T and Verizon, under Statmon’s agreement with FLO TV, as reported in its prior 8-K filings, dated September 15, 2006 and October 4, 2006, respectively.

Further, the Company believes that Statmon’s new ACCURATE software product, which interfaces with the Nielsen Local People Meter, is beginning to gain traction with its Network Television clients, including GE-NBC, Disney ABC CBS, COX, Belo, Univision and others. According to the Company, such cable television content providers appear to be embracing the ACCURATE solution as their business models depend more on advertising and ratings. The ACCURATE Platform has helped to increase Statmon’s exposure to the major content providers and is leading to increased sales of the Company’s flagship AXESS software and its network operations centers wide-scale distributed system, monitoring and control model.

Geoffrey P. Talbot, Statmon Technologies CEO, said, “While we’re concerned about the deteriorating financial position of the Company in regards to our net asset deficiency, readers of our financial statements should note that the Company’s most significant assets are the value of the Company’s proprietary intellectual property (“IP”), its customer relationships and it’s “know-how” and these assets are not valued on the balance sheet according to generally accepted accounting principles. In managements’ opinion, the value of the IP is material and exceeds the Company’s present obligations. Readers of the financial statements should also note that included in the Company’s liabilities as of June 30, 2009, are obligations under our convertible debentures facility of approximately $1.2 million (net of debt discount), conversion features related to the convertible debentures that are valued at approximately $1.9 million, and warrants issued with the convertible debentures that are valued at approximately $3.0 million. While the decision on whether to convert the debentures into common stock is in the hands of the holders of the convertible debentures, depending on market conditions, it is our expectation that the holders on the convertible debentures will convert their debentures before the due date and we will be able to settle that obligation through share issuance or from internally generated revenues or refinancing, if available. In regards to the warrant liability, we will issue shares to settle that liability as well, and if the entire liability is exercised, the Company expects to receive approximately $6.0 million in proceeds related to the exercise of these warrants.”

Mr. Talbot continued, “Looking toward the current quarter ending September 30, 2009, now that the analog HD TV switch-over is behind us, we anticipate that operating results will continue to trend in a positive direction and we expect to be profitable and generate operating cash flow for the balance of the FYE March 31, 2010. We have been live beta testing with a major wireless carrier and are encouraged by the level of interest we are experiencing from a number of telecom, satellite and cable content providers who are undertaking large-scale, network upgrades and implementing major infrastructure projects involving thousands of remote sites for their mobile, fiber IPTV and wireless broadband networks. In the prevailing environment, the significant, improved efficiencies and material costs savings from deploying the Statmon platform are motivating investment decisions. Any one of these specific opportunities could have a positive impact on the Company. In anticipation of future growth, the Company is aligning itself with qualified strategic partners who can handle the funding, hardware and physical installation side of these wide-scale implementations. We are also developing a competitive operating lease structure which we believe will have appeal to certain carriers and content providers.”