TORONTO, Feb. 24 /CNW/ - HydraLogic Systems Inc. (TSXV: HLS; OTC Pink
Sheet: HYSYF) ("HydraLogic" or "the Company") today provided an update on
operational improvements and business initiatives for 2009.
The Company previously reported the best historical revenues and
operating performance ending Q3 08. Operating expense during this period was
down $882,481 and the total net loss was cut by 74.2% compared to the same
period in 07. The Company's efforts to reduce operational costs continue to
positively impact the balance sheet. The savings will become fully realized
through the next two quarters as the Company's severance commitments are
satisfied and the systems integration and physical facility changes run their
course. Overall, these efforts have amounted to a reduction of nearly
$1,500,000 over the previous year.
Bug Defence - Company-owned and operated Bug Defence Home Services
divisions in Houston, Texas and Fort Lauderdale, Florida have established
leadership positions in the installation and service of whole property
mosquito control. These models of success are the foundation of the Company's
plans to franchise operations throughout North America. Additionally, the
Company's green EPA exempt mosquito repellent has been developed for use in a
range of portable delivery systems including vapour based technologies being
prepared for retail shelves. A soft retail launch is being coordinated ahead
of full scale marketing efforts in 2010. The Bug Defence business is also
attracting international interest as evidenced by the signing of two exclusive
distribution agreements for its products with the largest pest control service
and distribution companies in Mexico and India. This advancement into new
channels of distribution and the emergence of Canada's first, federally
sanctioned, mosquito control service platforms are anticipated to
significantly increase the Company's revenue.
HLS Ecolo - The Company's manufacturing division of custom engineered
odour control formulations and delivery systems reported record year-over
gains in 2008 by way of increased revenue as well as significant reductions in
operating costs. These achievements were made possible through the advancement
of strategic key accounts and focused attention to bottom line growth
initiatives. Market development and interactive distributor support materials
will be brought on-line in 2009 to further streamline operations and enhance
business to business transactions with key accounts while exciting
advancements in product development and strategic account acquisitions are
planned for the future growth of this division.
The Company's management goals for 2009 are to improve profitability and,
despite the economic environment, advance new programs to promote accelerated
growth. The Company is also taking further steps to strengthen and expand its
communication with the investment community and shareholders.
About HydraLogic Systems Inc.
HydraLogic creates proprietary environmental formulations for its own
misting systems to serve the multi-billion dollar mosquito and odour control
sectors; presently operating two manufacturing plants in the U.S., one in
Canada, and serving 20 other countries in Asia, Europe, and the Caribbean.
Through its Bug Defence (www.bugdefence.com) and HLS Ecolo (www.hlsecolo.com)
distribution and service businesses, the Company is a leader in providing
profitable revenue-generating platforms applicable to many markets around the
globe. HydraLogic Systems Inc. is listed for trading on the TSX Venture
Exchange - symbol: HLS.
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This press release contains certain "forward-looking statements". These
statements relate to future events or future performance and reflect
expectations and belief regarding growth, results of operations, performance,
business prospects, opportunities or industry performance and trends. These
forward-looking statements reflect current internal projections, expectations
or beliefs and are based on information currently available. A number of
factors could cause actual events or results to differ materially from the
results discussed in the forward-looking statements. Although it is believed
that the forward- looking statements contained in this press release are based
upon reasonable assumptions, investors cannot be assured that actual results
will be consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this press release, and
HydraLogic Systems Inc. assumes no obligation to update or revise them to
reflect new events or circumstances, except as required pursuant to applicable
For further information:
For further information: please visit www.hydralogic.com or contact:
HydraLogic Systems Inc., Michael Beckley, President & CEO, Tel: (416) 740-3900
ext. 400, Email: email@example.com; CHF Investor Relations, Jacqueline
Wagenaar, Account Manager, Tel: (416) 868-1079 ext. 289, Email: