CALGARY, April 21 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the "Company") (TSX Venture: AFX) announced today its operating results for the year ended December 31, 2009. Total revenue from product sales, engineering and interest was $2,453,236 compared to $3,916.285 in the year ended December 31, 2008. Loss for the period was $47,095 compared to income of $494,316 reported in 2008.
AFS President and CEO Jim Perry stated "The Company was cash positive for the year 2009. The decrease in revenue for the year was primarily caused by the previously disclosed end of production of the European vehicle that used AFS pressure regulators. We are making significant efforts to increase sales of engine controllers and fuel injectors to try and mitigate the decrease in revenue from regulator sales. We are definitely seeing an increase in such sales, as demonstrated by the increase in system sales from about $737,000 in 2008 up to approximately $1,162,000 in 2009."
Mr. Perry added, "Although we made a profit in the fourth quarter of 2009, we ended up with a small loss for the total year. One of the contributing factors to the loss was a write-off of about $55,000 of inventory at year-end after a review of older stock concluded that some of it would not be saleable in future. We have positioned the Company to take advantage of the increases that are being seen in sales of natural gas fuelled vehicles in India and Thailand. With cash and short term investments at the end of 2009 of $1,696,115, we have the resources necessary to commit to purchases of long lead time electronic components that will be needed to keep up with anticipated growth in demand for engine controllers and fuel injectors".
Certain statements in this News Release including but not limited to (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may", "might", "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which the Company operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by the Company. Forward-looking statements in this News Release specifically include, but are not limited to, statements with respect to future business opportunities, nature and timing thereof; business strategy; expansion and growth of the Company's business and operations and other such matters as the case may be. Such forward-looking statements are subject to important risks, uncertainties and assumptions which are difficult to predict and that may affect the Company's operations, including, but not limited to: the impact of general economic conditions; industry conditions; customer base changes; financial market conditions; government and regulatory developments; oil and natural gas product supply, demand and pricing; foreign exchange rates; competition; market conditions in the countries where the Company operates; and the Company's ability to attract and retain qualified personnel. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits or disadvantage the Company may derive there from. Except as required by applicable securities laws, the Company undertakes no intention or obligation to update or revise any forward-looking statements.
All forward-looking statements contained in this document are expressly qualified by this cautionary statement. Further information about the factors affecting forward-looking statements is available in the Company's current financial statements and other documents that the Company files from time to time with securities regulatory authorities. Copies of these documents are available without charge from the Company or electronically on the Internet on the Company's SEDAR profile at www.sedar.com .
SOURCE ALTERNATIVE FUEL SYSTEMS (2004) INC.
For further information: For further information: Jim Perry, President and CEO, Phone: (403) 516-6632, E-mail firstname.lastname@example.org; Visit our website at: www.afsglobal.com