OTTAWA, April 28 /CNW Telbec/ - (TSX.V: ALV.H) today reported results from its Fiscal Year period ended December 31, 2009. The information provided in this press release should be read in conjunction with the Corporation's audited Financial Statements and Management Discussion and Analysis for ending December 31, 2009, found on SEDAR at www.sedar.com.
The Corporation completed the sale of its only operating subsidiary, Misener Telecom, on June 3, 2009. Senior management feels that any type of discussion or comparison of historical performance would have little to no meaning."
Revenue for the Corporation for the year ended December 31, 2009 was $7,629 compared to $nil for the year ended December 31, 2008. Revenues and expenses for the subsidiary, R.A. Misener Telecom Corporation were consolidated into the loss from discontinued operations account. Expenses on continuing operations for the year ended December 31, 2009 decreased to $243,199 from $1,412,045 for the year ended December 31, 2008. A net loss of $344,367 including the loss from discontinued operations of R.A. Misener Telecom Corporation was realized for year period ended December 31, 2009 as compared to a net loss of $1,984,892 for the comparable year ended in 2008. Cash flow, excluding non-cash expenditures, was positive $819,942 for the year ended December 31, 2009 compared to a negative cash flow, excluding non-cash expenditures, of $14,414 for the year ended December 31, 2008.
On December 16, 2009, Avalite entered into a Definitive Agreement to complete a business combination with True Production Services Inc. The Corporation and True have jointly signed the formal filing documents for submission to the TSX for approval. A special shareholder's meeting will be held prior to June 15, 2010 with the transaction closing to follow.
The TSX NEX does not accept responsibility for the adequacy or accuracy of this release.
SOURCE AVALITE INC.
For further information: For further information: R.A. (Ralph) Misener, President and CEO, Tel: (613) 791-7780, Email: firstname.lastname@example.org