OTTAWA, Aug. 28 /CNW Telbec/ - Clearford Industries Inc. ("Clearford" or
the "Company", TSX-V: CLI) today announced financial results for the second
quarter of 2009, which ended June 30, 2009, (all figures in Canadian dollars
and in accordance with Canadian GAAP).
The Company recorded a net loss for the second quarter ended June 30,
2009 of $411,214 or $0.02 per share as compared to net income of $447,217 or
$0.02 per share for the same period of the prior year and a net loss of
$468,530 or $0.02 per share for the first quarter of 2009. The net income for
the prior year's same quarter includes income from the discontinued Brooklin
operations of $920,622 and a loss from the Wastewater operations of $473,405.
The Company reported no revenue in the quarter.
For the six months ended June 30, 2009 the Company recorded a net loss of
$879,744 or $0.03 per share as compared to a net loss of $2,856,051 or $0.11
per share for the same period of the prior year. The net loss for the prior
year's period included a loss from the discontinued Brooklin operations of
$1,836,285 and a loss from the Wastewater operations of $1,019,766.
For the second quarter of 2009, cash used in continuing operations was
$498,191 compared to cash used in continuing operations of $525,792 for the
same period of the prior year and cash used in continuing operations of
$489,352 for the first quarter of 2009. For the six months ended June 30,
2009, cash used in continuing operations was $987,543 compared to cash used in
continuing operations of $1,103,819 for the same period of the prior year.
The Clearford Small Bore Sewer(TM) (SBS(TM)) collects municipal sewage
and delivers to a treatment system a consistent flow of water containing low
suspended solids. Clearford previously announced its intention to provide
integrated SBS(TM) and treatment systems utilizing MBR filtration systems from
Filter Innovations Inc. and Reverse Osmosis systems from Aslan Technologies
Inc. to recover potable quality water from municipal sewage. Agreements with
Filter Innovations Inc. and Aslan Technologies Inc. are now in the process of
being finalized. Launch of the integrated sewage collection and treatment
system is expected to be announced during the third quarter of this year.
Additional capital will be required which the Company anticipates raising, in
part, during the third quarter of this year.
While Clearford, Filter Innovations and Aslan believe that significant
and near term opportunities exist for this integrated solution, there can be
no assurance that customer agreements will be reached or that such agreements
will be profitable should they be implemented.
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) designs and implements the
patented Small Bore Sewer(TM) (SBS(TM)), a watertight small diameter
wastewater collection system for developers, municipalities and communities
who need to create, expand or upgrade their sewage systems. The SBS(TM)
solution provides servicing with superior operational and environmental
performance at a significantly lower cost when compared to historic gravity
sewers. With its first installation in 1989, the SBS(TM) has since had several
installations within Canada and the U.S. For more information on Clearford
Industries Inc., please visit www.clearford.com.
For further information:
For further information: Mr. Bruce Linton, President and CEO, Clearford
Industries Inc., Phone: (613) 599-6474 ext. 301, www.clearford.com