ARISE Technologies Reports Second-Quarter 2009 Results



    
    -   Market conditions continue to adversely affect financial results, but
        there are positive signs of an upturn as shipments of PV cells
        increase 26% from 2009 first quarter
    -   Company signs term sheet for $10 million of equity financing to be
        available as required
    -   Discussions continue with potential strategic partners for completion
        of Kitchener silicon plant
    -   Systems Division awaiting release of final Feed-in-Tariff details in
        Ontario, which will enable pending projects to proceed, and exploring
        opportunities in Germany
    -   Conference call and webcast to be held Thursday, August 13, 8:30am
        (Eastern)
    

    WATERLOO, ON, Aug. 12 /CNW/ - ARISE Technologies Corporation (TSX: APV
and Frankfurt: A3T), which is dedicated to becoming a leader in
high-performance, high-quality, cost-effective solar technology, today
reported its financial results for the second quarter ended June 30, 2009.
Financial results conform to Canadian generally accepted accounting principles
(GAAP) and all currency amounts are in Canadian dollars.
    "As expected, the market conditions affecting the global solar industry
since late last year persisted through the first half of 2009, resulting in a
further decline in pricing for PV (photovoltaic) cells. At the same time, the
pricing of our raw material, silicon wafers, continued to trend downward and
helped offset some of the PV cell price reduction. These factors continued to
affect ARISE's financial results," said Vern Heinrichs, President and Chief
Executive Officer.
    "Our shipments of PV cells rose more than 26% in the second quarter
compared with the level of the first quarter. This is an encouraging sign of
progress, the second quarter is historically the weakest quarter of the year
in the solar industry due to seasonality factors," he continued.
    "While this is a difficult period across the solar business, the industry
still is expecting a further upturn in the second half of this year going into
2010, and the long-term outlook for solar is unquestionably very exciting.
ARISE continues to deal with the short-term consequences of the weak global
economic environment, but we also continue to make progress in our operations,
positioning us to benefit from improving demand in the future.
    "We have made progress in our PV cell manufacturing, PV R&D, our Silicon
development, and our Systems Division, and toward taking advantage of our
ability to benefit from the evolving vertical integration of these three core
strengths of ARISE. We also are encouraged by the generally cooperative spirit
being shown by our customers and our suppliers as we all work our way through
this period. As a result, we have agreed with our customers to align our
pricing of PV cells with current market levels, while we are achieving cost
reductions from key silicon wafer suppliers that are consistent with the
decline in PV cell prices being experienced," Mr. Heinrichs said.

    
    Operating Highlights

    -   Second-quarter 2009 shipments of PV cells from the company's
        Bischofswerda, Germany plant amounted to 2.9MW or $6.6 million,
        bringing first-half 2009 shipments to 5.2MW or $13.4 million. While
        the shipments of PV cells increased by 26.1 percent in the 2009
        second quarter, compared with the first quarter. PV cell revenues
        decreased slightly from the 2009 first quarter ($6.8 million in the
        first quarter), reflecting the further softening in industry pricing.
        The company made its first customer shipments of PV cells in June
        2008 and sales for the 2008 second quarter amounted to less than one-
        half million dollars.

    -   Following the initial production test runs in early March of PV cells
        on Line 2 at the Bischofswerda plant, ARISE produced more than
        100,000 cells during the commissioning process leading up to
        completion of the Site Acceptance Tests (SAT). On July 9, the company
        announced that it had completed the SAT on schedule. The initial
        target rate of 17% efficiency was achieved. When fully optimized,
        Line 2 is expected to achieve efficiencies of up to 18%. ARISE has
        shipped PV cells from Line 2 to customers for their evaluations.
        Commercial production and ramping up of output will take place as
        demand from ARISE's customers requires it.

    -   The company also continued to make significant progress in its
        manufacturing operations at the Bischofswerda plant with a further
        reduction in the scrap rate to at or below industry levels. In the
        2009 second quarter the company reduced the scrap rate by a further
        37%, following 16% and 20% reductions achieved in the 2009 first
        quarter and 2008 fourth quarter, respectively. The company expects
        that its manufacturing experience gained on Line 1 will contribute to
        its performance in ramping up production on Line 2.

    -   On June 19, ARISE welcomed Ontario's then Minister of Research and
        Innovation, John Wilkinson, to its Waterloo operations. The visit
        gave ARISE's executives an opportunity to discuss with the minister
        its progress and strategic plans in the development of PV cells and
        silicon refining, as well as the company's enthusiasm for the Ontario
        government's Green Energy and Green Economy Act, including the Feed-
        in-Tariff (FIT), which is expected to stimulate the adoption of solar
        systems in the province.

    Second-Quarter and First-Half Financial Highlights
    

    ARISE's financial results reflect the June 2008 manufacturing start-up
and commencement of commercial shipments of PV cells to its customers.
    Second-quarter 2009 sales amounted to $6.6 million, compared with $0.7
million in the 2008 period; first-half 2009 sales were $13.8 million, compared
with $0.9 million in the first six months of 2008. PV cells accounted for
99.5% of 2009 second-quarter sales and 97% for the first six months, with the
balance in both periods being generated by the company's Systems Division.
Installations of new PV systems in Ontario decreased pending the approval of
the new FIT. Sales for the 2008 second quarter and first half of the year were
mainly generated by systems as the company only began commercial shipment of
PV cells in June 2008.
    Sales and gross profit in 2009 have been significantly affected by the
industry-wide downward trend in the pricing of PV cells. On a per-watt basis,
cell prices have declined an estimated 30% since the end of 2008. Prices are
expected to decline further in the second half of 2009, resulting in a
predicted year-over-year decline of about 40-45%. The impact of this pricing
decline on profitability is expected to be offset by a similar drop in the
cost of silicon wafers. Wafer pricing is forecast to decline by about 45-55%
in 2009 compared with the prices charged in 2008.
    Gross profit for the second quarter of 2009 was a negative $8.1 million
(an improvement from the negative gross profit of $10.2 million in the 2009
first quarter), compared with a negative $1.3 million in the 2008 period. The
negative gross profit for the 2009 quarter is due mainly to a $6.3 million
write-down of raw material and finished goods inventory to net realizable
value as the result of the declines in pricing for PV cells and silicon
wafers. For the first six months of 2009, the negative gross profit was $18.3
million, compared with a negative $1.3 million in the first half of 2008. The
negative gross profit for the first half of 2009 reflects a $9.1 million
write-down of raw material and finished goods inventory and a $6.0 million
write-down of prepayments made for silicon wafer purchases and scrap costs.
    ARISE continues to focus on tightly managing its costs. Operating
expenses for the 2009 second quarter were $5.7 million, compared with $5.7
million in the 2008 period. For the first half of 2009, operating expenses
were $10.8 million, down from $11.0 million in the 2008 period. Operating
expenses comprise research and development, general and administrative,
selling and marketing, and depreciation and amortization.
    R&D expenses increased to $2.6 million in the 2009 second quarter and
$4.3 million for the first six months, compared with $1.5 million and $3.0
million in the compared 2008 periods. In the 2009 second quarter, $0.9 million
of government assistance that had been recognized during the fourth quarter of
2008 and the first quarter of 2009 was reversed. The reversal was triggered by
the deferral of the completion of the 50-tonnes per year Kitchener silicon
plant, which represents the company's fifth milestone for Sustainable
Development Technology Canada (SDTC). The SDTC funding will be recognized as
progress is made toward meeting the fifth milestone. ARISE's R&D programs are
aimed at advancing its PV silicon and PV cell capabilities.
    General and administrative (G&A) expenses declined to $2.3 million in the
2009 second quarter ($4.8 million in the first six months), compared with $3.5
million in the 2008 second quarter ($6.6 million in the first six months)
mainly due to reduced stock-based compensation costs.
    Selling and marketing expenses for the 2009 second quarter and first six
months were $0.4 million and $0.7 million, respectively, compared with $0.5
million and $1.0 million in the comparative prior-year periods. The decreases
were the result of the company's focus on containing costs and lower
consulting and feasibility expenses.
    Net Interest expense for the second quarter was $0.6 million, compared
with $0.3 million in the 2008 period. Interest expense remained virtually
unchanged during the second quarter of 2009 compared with the first quarter of
2009. The impact of lower EONIA and EURIBOR interest rates was offset by
increased borrowing. All third-party debt of ARISE is denominated in Euros and
subject to floating interest rates based on EONIA or EURIBOR. For the six
months of 2009, interest expense was $1.2 million, compared with $44,787 in
the first half of 2008. The increase in interest expense is the result of
increased borrowing from Commerzbank AG. At June 30, 2009, the company had
bank loans and long-term debt totaling $46.6 million ($33.7 million at June
30, 2008).
    Other income and expenses in the 2009 second quarter, includes a foreign
exchange gain of $0.6 million, compared with a foreign exchange gain of $0.9
million in the same quarter of 2008. Other income and expenses in the first
six months of 2009 includes a foreign exchange gain of $1.4 million, compared
with a foreign exchange gain of $0.5 million in the 2008 period. The largest
component of the foreign exchange gain resulted from the translation into
Canadian dollars of financial liabilities of ARISE Germany, which are
denominated in Euros. The foreign exchange gain realized in the 2009 second
quarter was due to the strengthening Canadian dollar compared to the Euro;
during the quarter, the Canadian dollar strengthened by 2.5% compared with the
Euro; it increased by 4.4% in the first half of 2009.
    ARISE recorded a net loss for the second-quarter 2009 of $13.6 million (a
loss of $0.11 per basic and diluted share), compared with a net loss $6.5
million (a loss of $0.05 per basic and diluted share) in the 2008 quarter. For
the first half of 2009, the net loss amounted to $28.3 million (a loss of
$0.22 per basic and diluted share), compared with a net loss of $11.9 million
(a loss of $0.10 per basic and diluted share) in the 2008 first six months.

    Liquidity and Capital Resources

    As at June 30, 2009, ARISE had negative working capital of $27.1 million
consisting of current assets of $35.5 million less current liabilities of
$62.6 million. This compares with negative working capital at the 2009 first
quarter of $11.1 million (current assets of $52.7 million and current
liabilities of $63.8 million). The decline in working capital reflects the
write-downs taken in the 2009 second quarter, and decreased cash, accounts
receivables, and inventories, partially offset by decreased liabilities.
    Cash and cash equivalents and restricted cash at the end of the 2009
second quarter totaled $3.0 million, a decrease of $4.2 million since the end
of the 2009 first quarter. Restricted cash, which comprises funds held in
escrow for the completion of leasehold improvements for the Kitchener silicon
plant, amounted to $0.3 million at the end of the 2009 second quarter ($0.6
million at the end of the first quarter). Current liabilities include deferred
revenue of $8.9 million, which primarily represents customer deposits ($8.6
million at March 31, 2009).
    The decrease in cash and cash equivalents during the 2009 second quarter
primarily is the result of funding the operating loss, reducing long-term debt
and bank loans, increasing working capital items, and funding capital
expenditures related to the Kitchener silicon plant and the Bischofswerda PV
cell production Line 2.
    Subsequent to the end of the second quarter, on August 7, ARISE announced
it has reached an agreement with Commerzbank AG to extend a (euro)10.0 million
secured bank-credit facility to December 31, 2009. The facility is available
to provide working capital to the company's manufacturing operations in
Germany.
    ARISE also announced that the remaining (euro)2.0 million secured
bank-credit facility with Commerzbank intended for the pre-financing of VAT
refunds in Germany related to the construction of the German PV cell
manufacturing plant, which matured on June 30, 2009, was repaid as the VAT
refunds were received.
    Commerzbank also agreed to defer by one year quarterly repayments of the
company's (euro)12.55 million long-term debt facility. The debt was incurred
for financing the construction of the PV cell manufacturing plant in Germany.
The quarterly installment payments of (euro)627,500, which began March 31,
2009, now are deferred to begin June 30, 2010 for a total deferral of
(euro)2.51 million for the period.
    As previously announced, in view of the current global economic recession
and the impact it has had on the demand and pricing of solar products and
systems as well as on the availability of capital, ARISE has been focusing on
reducing its costs and restricting its planned capital investments where
possible.
    As previously disclosed, ARISE has been exploring options for obtaining
additional financing. As a result, ARISE has signed a term sheet with an
investment fund under which the fund would provide up to $10 million of equity
financing advanced as required by ARISE. ARISE would have discretion as to the
timing and amount of each advance. In exchange for the funds, as they are
drawn, ARISE would issue common shares to the fund based on an average price
less a discount to the market price and subject to a minimum price at which
the company is willing to issue its shares. ARISE is preparing to file a
preliminary shelf prospectus regarding the planned financing concurrent with
the filing of the company's second quarter 2009 financial results.
    In addition, ARISE is exploring a number of possible small
private-placement financings.

    Outlook

    In view of the uncertain economic climate in general and demand and
pricing within the solar energy industry in particular, ARISE continues to
believe that it cannot provide reliable guidance regarding its financial or
operating expectations for the balance of 2009.
    "We are pleased that we have been successful in our discussions with
Commerzbank regarding our working capital line and the one year deferral of
payments on the long term debt provided by them. We are also pleased to have
reached an agreement to obtain additional financing that will be available as
we require it. These were important accomplishments with respect to our
liquidity," said Mr. Heinrichs.
    "We are gaining confidence that the worst of the slump in the solar
industry seems to be over and the positive trends that we began to see
gradually emerge during the 2009 second quarter may continue," said Mr.
Heinrichs.
    "Our customers for PV cells are indicating that their orders will
continue to strengthen, as they did in the second quarter following the
sluggish start to the year. While pricing for PV cells likely will continue to
decline, we expect that our materials costs will as well at a rate at least as
great. We also should benefit from the further improvements being made in our
manufacturing operations. " he said.
    "With respect to our planned 50-tonnes silicon plant in Kitchener,
discussions with potential strategic partners and financial backers continue.
While this process is taking somewhat longer than we had hoped, it is really
not surprising given the economic environment. We are encouraged both by the
level of interest expressed and the progress in our negotiations, Mr.
Heinrichs said.
    "Our System Division is poised to move ahead quickly in Ontario once the
provincial government has issued the final details of the Feed-in-Tariff (FIT)
under its Green Energy and Green Economy Act. It seems clear that demand for
solar systems in Ontario is building and projects will flow quickly once the
FIT is finalized.
    "We also are now working to develop a systems business with partners in
Germany, which would position ARISE as both a supplier and as a customer for
module makers and for our own PV cells. The rules for systems installation in
Germany are already in place and we currently are considering a number of
potential partnerships and initial projects," Mr. Heinrichs said.

    Conference Call and Webcast

    ARISE will hold a conference call for analysts and investors at 8:30 a.m.
(Eastern) on Thursday, August 13. The company will file its financial
statements, and Management Discussion and Analysis with SEDAR and these
documents will be available on ARISE's website prior to the conference call.
Vern Heinrichs, Chairman, and President and Chief Executive Officer, and Dave
Chornaby, Chief Financial Officer, will be available to answer questions
during the call.
    To participate in the call, please dial (416) 644 3415 or 1-800 594 3790
(Canada and the U.S. only) at least five minutes prior to the start of the
call.
    A live audio webcast of the conference call will be available at
www.newswire.ca and www.arisetech.com.
    An archived recording of the call will be available at 416-640-1917 or
1-877-289-8525 (Canada and the U.S. only) (Passcode 21295528 followed by the
number sign) from 10:30 a.m. on August 13, to 11:59 p.m. on August 21, 2009.

    About ARISE Technologies

    ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated
to becoming a leader in high-performance, cost-effective solar technology. The
company operates through three divisions. The PV Cell Division manufactures PV
(photovoltaic) cells at its first manufacturing plant opened in April 2008 in
Bischofswerda, Germany. The division is developing proprietary technology with
a target of achieving a step-by-step progression to a high-efficiency level of
greater than 20%. The PV Silicon Division is using a proprietary method to
produce silicon at 7N+ high-purity (99.99999% purity) for PV cell
applications, based on a simplified chemical vapor deposition process. The
division is focusing on scaling up its process to provide ARISE with control
over its supply, costs, and quality. The PV Systems Division provides complete
turnkey PV solutions for solar farms and rooftop installations under the
Ontario standard offer program.
    The company's shares are listed on the Toronto Stock Exchange under the
symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T.
Additional information is available at www.arisetech.com and www.sedar.com.

    Forward-Looking Statements and Risk Factors

    Certain statements in this news release may be considered to be
forward-looking. Such statements are based on management's current
expectations, estimations, and assumptions based on experience, trends, and
other factors that are subject to the significant risks and uncertainties
described in our regulatory filings. Please refer to these. Such risks and
uncertainties may include, but are not limited to, the effects of general
economic conditions, changing foreign exchange rates, actions by government
authorities, the requirement for additional capital, risks associated with
manufacturing, , industry supply levels, competitive pricing pressures and
misjudgements in the course of preparing forward-looking statements.
    Risk factors relating to ARISE are discussed in the Risk Factors section
of ARISE's Annual Information Form and under the headings Liquidity and
Capital Resources and Risk and Uncertainties in ARISE's year-end Management's
Discussion and Analysis which are or will be available at www.sedar.com. These
factors should be considered carefully, and readers should not place undue
reliance on ARISE's forward-looking statements.
    ARISE assumes no obligation to update any forward-looking statements or
to update the reasons why actual results could differ from those reflected in
the forward-looking statements.


    
                       ARISE Technologies Corporation
                         Consolidated Balance Sheets
                                  Unaudited

                                                      As at         As at
                                                     June 30,    December 31,
                                                       2009          2008
                                                -------------- --------------
                                   Assets
    Current assets
      Cash and cash equivalents                   $  2,793,482  $ 21,119,152
      Restricted cash                                  250,420     1,508,671
      Accounts receivable                            1,410,266     7,591,738
      Inventories                                   10,843,910    13,344,927
      Government assistance receivable              15,166,451    10,189,721
      Other receivables                                503,835       529,333
      Prepaid expenses                               4,537,668     5,013,496
    -------------------------------------------------------------------------
                                                    35,506,032    59,297,038

    Property, plant and equipment, net              50,493,079    40,914,106
    Long term deposits                              26,973,885    32,951,968
    Intangible assets, net                             155,825       168,382
    -------------------------------------------------------------------------
                                                  $113,128,821  $133,331,494
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                 Liabilities
    Current liabilities
      Bank loans                                  $ 29,909,101  $ 22,618,283
      Accounts payable and accrued liabilities      18,835,399    21,311,303
      Deferred revenue                               8,900,089     8,223,066
      Unearned government assistance                   872,325       632,325
      Current portion of long term debt              4,090,569     4,278,546
    -------------------------------------------------------------------------
                                                    62,607,483    57,063,523
    -------------------------------------------------------------------------

    Long term deferred revenue                       3,045,810     4,727,912
    Long term debt                                  12,564,603     9,822,298
    -------------------------------------------------------------------------
                                                    15,610,413    14,550,210
    -------------------------------------------------------------------------

                             Shareholders' Equity

    Capital stock                                  119,127,644   119,127,644
    Contributed surplus                              9,589,990     8,085,301
    Deficit                                        (93,806,709)  (65,495,184)
    -------------------------------------------------------------------------
                                                    34,910,925    61,717,761
    -------------------------------------------------------------------------

                                                  $113,128,821  $133,331,494
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Approved by the board

    (signed) Vern Heinrichs  Director

    (signed) Garry West      Director


                       ARISE Technologies Corporation
           Consolidated Statements of Loss and Comprehensive Loss
                                  Unaudited


                         3 months ended June 30,     6 months ended June 30,
                           2009          2008          2009          2008
                      --------------------------- ---------------------------

    Sales             $  6,625,375  $    745,347  $ 13,844,460  $    920,724
    Cost of goods sold   8,458,035     2,045,970    17,021,523     2,204,165
    Valuation write-down
     of inventory
     related assets      6,253,714             -    15,118,006             -
    -------------------------------------------------------------------------
    Gross profit (loss) (8,086,374)   (1,300,623)  (18,295,069)   (1,283,441)
    -------------------------------------------------------------------------

    Expenses
      Research and
       development       2,562,368     1,500,273     4,305,552     3,012,257
      General and
       administrative    2,277,818     3,475,869     4,816,248     6,585,577
      Selling and
       marketing           402,539       494,932       743,134     1,039,105
      Depreciation and
       amortization        448,348       243,732       898,503       358,695
    -------------------------------------------------------------------------
                         5,691,073     5,714,806    10,763,437    10,995,634
    -------------------------------------------------------------------------

    Operating loss     (13,777,447)   (7,015,429)  (29,058,506)  (12,279,075)
    -------------------------------------------------------------------------

    Other expenses
     (income)
      Interest expense,
       net                 582,273       320,346     1,174,494        44,787
      Foreign exchange
       gain               (586,314)     (863,666)   (1,354,674)     (475,733)
      Other (income)
       expense            (221,296)       35,224      (566,801)       36,856
    -------------------------------------------------------------------------
                          (225,337)     (508,096)     (746,981)     (394,090)
    -------------------------------------------------------------------------

    Net loss           (13,552,110)   (6,507,333)  (28,311,525)  (11,884,984)
    Other comprehensive
     loss                        -             -             -             -
    -------------------------------------------------------------------------
    Comprehensive loss (13,552,110)   (6,507,333)  (28,311,525)  (11,884,984)

    Deficit, beginning
     of period         (80,254,599)  (28,563,963)  (65,495,184)  (23,186,311)
    -------------------------------------------------------------------------

    Deficit, end of
     period           $(93,806,709) $(35,071,296) $(93,806,709) $(35,071,296)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Loss per share -
     basic and
     diluted          $      (0.11) $      (0.05) $      (0.22) $      (0.10)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                       ARISE Technologies Corporation
                    Consolidated Statements of Cash Flows
                                  Unaudited

                         3 months ended June 30,      6 months ended June 30,
                           2009          2008          2009          2008
                      --------------------------- ---------------------------
    Cash flows from
     operating
     activities
      Net loss for the
       period         $(13,552,110) $ (6,507,333) $(28,311,525) $(11,884,984)
      Items which do
       not involve cash:
        Valuation
         write-down of
         inventory
         related assets  6,253,714             -    15,118,006             -
        Foreign
         exchange       (1,179,944)     (343,964)   (2,126,330)    2,733,187
        Depreciation and
         amortization    1,172,987       243,706     2,274,402       358,695
        Employee stock
         based
         compensation      585,149     1,360,010     1,484,321     2,755,756
        Non-employee
         stock based
         compensation       52,712        75,953        98,288       175,835
    -------------------------------------------------------------------------
                        (6,667,492)   (5,171,628)  (11,462,838)   (5,861,511)
      Changes in working
       capital items from
       operations
        Decrease
         (increase)
         in accounts
         receivable      4,347,345      (571,982)    6,181,471      (463,146)
        Decrease
         (increase)
         in inventories    538,219       328,814    (6,604,999)  (26,350,469)
        Decrease
         (increase)
         in other
         receivables       834,279    (4,308,516)       25,499    (5,249,375)
        Decrease
         (increase)
         in prepaid
         expenses       (1,104,808)      350,676    (2,725,163)   (2,099,606)
        (Decrease)
         increase in
         accounts payable
         and accrued
         liabilities     1,597,829    (5,364,009)   (2,553,826)      108,525
        (Decrease)
         increase in
         deferred
         revenue          (388,293)    1,739,414    (1,005,077)    4,013,074
    -------------------------------------------------------------------------
                          (842,921)  (12,997,231)  (18,144,933)  (35,902,508)
    -------------------------------------------------------------------------
    Cash flows from
     financing activities
      Issuance of capital
       stock for cash            -    45,100,000             -    45,100,000
      Share issuance costs       -    (2,518,652)            -    (2,518,652)
      Exercise of
       warrants and
       options                   -       681,759             -     2,535,476
      Net proceeds
       (repayment) of
       bank loans       (3,076,763)   10,049,466     8,665,423    23,358,897
      Net proceeds
       (repayment) of
       long term debt   (2,708,166)    6,546,646     3,306,052     6,546,646
    -------------------------------------------------------------------------
                        (5,784,929)   59,859,219    11,971,475    75,022,367
    -------------------------------------------------------------------------
    Cash flows from
     investing activities
      Decrease in
       restricted cash     306,370             -     1,258,251             -
      Purchase of capital
       assets           (3,216,291)  (11,978,101)  (19,972,903)  (27,201,212)
      Purchase of
       intangible assets    (6,103)      (19,418)       (8,062)      (23,640)
      Change in long
       term deposits     1,588,269    (6,488,719)    3,167,085   (13,917,285)
      Government
       assistance        4,061,447     7,215,912     3,403,417     6,298,267
    -------------------------------------------------------------------------
                         2,733,692   (11,270,326)  (12,152,212)  (34,843,870)
    -------------------------------------------------------------------------
    Net cash flow       (3,894,158)   35,591,662   (18,325,670)    4,275,989

    Cash and cash
     equivalents,
     beginning of
     period              6,687,640     6,592,757    21,119,152    37,908,430
    -------------------------------------------------------------------------

    Cash and cash
     equivalents, end
     of period        $  2,793,482  $ 42,184,419  $  2,793,482  $ 42,184,419
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Supplemental
     disclosures of
     cash flows:
    Interest and
     stand-by fees
     paid             $    583,945  $    483,633  $  1,221,855  $    531,866
    

    %SEDAR: 00017494E




For further information:

For further information: ARISE Technologies Corporation, 65 Northland
Road, Waterloo, Ontario, Canada, N2V 1Y8, Dave Chornaby, Chief Financial
Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com

Organization Profile

ARISE TECHNOLOGIES CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890