OTTAWA, April 28, 2014 /CNW/ - Clearford Industries Inc. ("Clearford" or the "Company"), (TSX-V: CLI),
today issued its audited financial results for the fiscal year ending
December 31, 2013. The statements are presented in accordance with IFRS
(all figures in Canadian dollars unless otherwise noted).
Revenue for the year was $1,308,804 compared with $887,045 for the prior
year. Operating loss before finance costs were $3,275,775 for the year
compared with $3,256,967 for the prior year. Financing costs for the
year were $668,566 compared with $301,706 for the prior year, with net
loss for the year of $3,964,343 or $0.06 per share compared with
$3,446,673 or $0.05 for the prior year.
Costs were reduced year over year in sales, marketing, general and
During the year the costs of engineering and R&D increased during the
year to $741,569 as the Smart Digester™ was brought to final design and
production. The Smart Digester™ will be a key element in a significant
product expected to be announced during the second quarter of 2014.
Clearford ended 2013 with cash of $829,482 compared with $399,416 a year
earlier. The Company's financial statements and MD&A are available on www.SEDAR.com.
During the year the company completed development of the Smart Digester™
designed to increase digestion of bio-solids in the digester and to
modulate the flow to the SBS® system. Integrating the Smart Digester™ with the SBS® system will reduce or potentially eliminate pump-out of digesters,
improve effluent quality and reduce peaking requirements, resulting in
lower capital and operating costs of final effluent treatment.
Performance tests for the Smart Digester™ were commenced in India
during the fourth quarter.
In cooperation with Lakepoint Builders Pvt. Ltd. a subsidiary of the
Hiranandani Group, at their Villas at Devanahalli development, a Smart
Digester™ and a standard septic tank were installed to service latrines
used by more than 100 workers at a construction site near Bangalore.
The digester and septic tank received sewage from the latrines. A third
party is contracted to monitor performance of each tank daily,
measuring quality of inflow sewage, quality of effluent and change in
depth of sludge in each tank.
These tests are designed to indicate extent of digestion of bio-solids
with related reduction in Biochemical Oxygen Demand (BOD) reduction in
Total Suspended Solids (TSS) and the accumulation of sludge in the
Smart Digester™ compared with the standard septic tank. Results of
these tests will be released by early May.
During the year, Clearford signed it first contract for delivery of the
SBS® system in Colombia. The system was in construction and substantially
advanced during the year including integrated rainwater collection and
treatment, potable water delivery, the SBS® System and "purple pipe" recycling system to deliver treated effluent
for reuse in toilets. It is expected that the Colombia installation
will be up and running in spring of 2014 with first commercial
installation of Smart Digesters™.
"This has been a year of growth for Clearford as we continued to
establish a base in the Indian market and signed and launched our first
full project in Colombia. Once this site is commissioned in the spring
of this year, Clearford will have a fully functional end to end
solution which will validate the efficiency and effectiveness of our
solution and introduce the system in the dynamic Colombia market" said
Kevin Loiselle, President and CEO of Clearford. "The enhanced SBS® system will present a new and highly efficient alternative to
conventional sewage collection and treatment both in developed
countries and in the developing world. We look forward to completion of
the current test program and to launch of the enhanced SBS® system in the next few weeks", Mr. Loiselle said.
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®) based solution, which enables the efficient collection and treatment
of sewage. Its superior operational and environmental performance is
achieved at a significantly lower operational cost when compared to
historic gravity sewers. Clearford's SBS® technology and industry expertise provide the enabling platform to
deliver on a global basis, a turnkey, wastewater collection and
treatment solution that is ideally suited for; water-scarce regions,
communities with unreliable water distribution networks, and new
developments seeking a greener approach to full 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:
Clearford Industries Inc.
Phone: (613) 762-8402