BURNABY, BC, Dec. 10 /CNW/ - International Water-Guard Industries Inc. today announced its financial results for the fiscal year ended September 30, 2009.
The Company reports fiscal 2009 revenue of $4,898,157, an 18% increase over the prior year's revenue of $4,156,469. Fiscal 2009 net earnings were $312,016 compared to a net loss of $97,045 in the prior year.
This year's results showed net earnings of 0.7c per share compared to a net loss of 0.3c in the prior year, on both a basic and fully diluted basis.
"Prudent cost management and hard work in market development enabled us to hold our own. Assisted by a favorable exchange rate, we had a record year. Considering the world financial crisis, IWG weathered the storm not only intact but even stronger than before. We have entered financial 2010 with $1.3M in the bank and no debt," said IWG president & CEO David Fox. "We intend to develop our business within current markets, and through exploration of new opportunities, levering off our industry expertise, corporate structure and financial stability.
"IWG's growth will be both organic, and through potential M&A activities," Fox explained. "To assist us, we have retained Haywood Securities to advise on corporate development."
International Water-Guard is a Canadian aerospace company focusing on aircraft potable water treatment and full water system solutions. IWG has expertise in all aspects of water treatment, and has the products and know-how to provide high quality water for passengers and crew, and light weight, space saving solutions for the aircraft operator.
On behalf of the Board of Directors
International Water-Guard Industries Inc.
"David C. Fox"
President and CEO
This news release contains certain forward looking statements that reflect the current views and/ or expectations of IWG with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied. Except as required under applicable securities legislation, IWG assumes no future obligation to update these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
TSX VENTURE: IWG
SOURCE IWG Technologies Inc.
For further information: For further information: International Water-Guard Industries Inc., Unit One - 3771 North Fraser Way, Burnaby, BC, V5J 5G5, Canada, Tel: (604) 255-5555, 1-800-667-0331, Fax: (604) 255-5685, www.water.aero; Investor Relations: The Howard Group Inc., Bob Beaty/Grant Howard, Toll Free: 1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.com