OTTAWA, April 29 /CNW/ - Clearford Industries Inc. ("Clearford" or the
"Company"),(TSXV:CLI) today reported its operating and financial
results for the fiscal year ending December 31, 2010.
Review of 2010
Clearford focused in 2010 on intellectual property protection and
business development activities in Part II countries, as defined by the
World Bank. Specific activities in India, Maldives, Peru, Colombia, and
China have resulted in Clearford being selected for project delivery
subject to final contract terms and financing. Regional Development
Banks and other international aid and charitable organizations combine
resources with national, state and local governments to fund sanitation
systems which are key to improving the health and quality of life for
nearly 45% of the world's population. Across this diverse geography,
Clearford is offering a proprietary wastewater collection and treatment
system with substantially lower capital and operating cost than
traditional sewer and central treatment systems. Key features of the
Distributed anaerobic digestion of solids and collection of effluent.
Biogas for energy and consistent quality and flow of effluent for
Effective operation with low and variable water use/sewage flow.
Installation with hand labour and/or light equipment.
Minimal operational expertise and very low maintenance.
Approved within existing regulations.
Clearford configures its patented system to meet local requirements and
contracts with national and regional construction firms for its
Mr. Bruce Linton, President & CEO stated "a meaningful and growing list
of retro-fit and new construction projects have selected the Clearford
system. The remaining requirement is to establish funding from the
For the fiscal year ended December 31, 2010 the Company recorded a net
loss of $2,684,751 or $0.07 per share as compared to a net loss of
$2,026,638 or $0.08 per share for the prior year. The Company reported
revenue of $171,658 and expenses of $2,818,102 in the current year
compared to revenue of $4,000 and expenses of $2,245,711 in the prior
year. The increase in loss mainly relates to increased costs incurred
in support of the Company's international initiatives.
The Company recorded a net loss for the fourth quarter ended December
31, 2010 of $1,045,000 or $0.02 per share as compared to a net loss of
$680,000 or $0.02 per share for the same period of the prior year and a
net loss of $530,000 or $0.01 per share for the third quarter of 2010.
This increase in expenses during the quarter mainly related to
international initiatives, professional fees and investor relations.
For the year ended December 31, 2010, cash used in operations was
$2,675,318 compared to cash used in operations of $1,536,474 for the
prior year. The change in cash used in operations was due to increased
costs incurred in support of international initiatives, the settlement
in the prior year of the working capital adjustment relating to the
divestiture of Brooklin Concrete, as well as operating expense
All figures are reported in Canadian dollars and in accordance with
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
About Clearford Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is the developer of the patented
Small Bore Sewer ™ (SBS™), a watertight small diameter wastewater
collection system that provides servicing with superior operational and
environmental performance at a significantly lower cost when compared
to historic gravity sewers. Clearford's SBS™ technology and industry
expertise provide the enabling platform to deliver, on a global basis,
turnkey, fixed-price wastewater collection, treatment and energy
generation solutions that are ideally suited for water-scarce regions,
those with unreliable water distribution networks, and new developments
seeking a greener approach to water and wastewater management. For
more information on Clearford, please visit www.clearford.com.
Forward Looking Statements
This news release contains certain statements that constitute
forward-looking statements as they relate to the Company and its
management. Forward-looking statements are not historical facts but
represent managements current expectation of future events, and can be
identified by words such as "believe", "expects", "will", "intends",
"plans", "projects", "anticipates", "estimates", "continues" and
similar expressions. Although management believes that the expectations
represented in such forward-looking statements are reasonable, there
can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are
subject to inherent risks and uncertainties that could cause actual
future results, conditions, actions or events to differ materially from
those in the forward-looking statements. If and when forward-looking
statements are set out in this news release, Clearford will also set
out the material risk factors or assumptions used to develop the
forward-looking statements. Except as expressly required by applicable
securities law, the Company assumes no obligation to update or revise
any forward looking statements. The future outcomes that relate to
forward-looking statements may be influenced by many factors,
including, but not limited to: industry cyclicality; the ability to
secure third party agreements; successful integration of Clearford's
system with third party technology; competition; reduction in demand
for products; collection from customers; relationships with suppliers;
product liability; intellectual property; reliance on key personnel;
environmental; interest rates; uninsured and underinsured losses;
operating hazards; risks of future legal proceedings; income tax
matters; credit facilities; availability and terms of financing;
distribution of securities; restrictions on potential growth; effect of
market interest rates on price of securities; and potential dilution.
SOURCE Clearford Industries Inc.
For further information:
President and CEO
Clearford Industries Inc.
Phone: (613) 599-6474 ext. 301