Noveko International Inc. Announces Results for the First Quarter Ended September 30, 2007



    Ticker Symbol: EKO / TSX Venture Exchange

    MONTREAL, Nov. 29 /CNW Telbec/ - Noveko International Inc. ("Noveko" or
the "Company") announces results for the first quarter ended September 30,
2007. During the quarter, the Company continued to focus on its priorities,
especially on setting up the production and accelerating the marketing of its
antimicrobial face masks and air filters and getting ready to launch its new
ultrasound scanners, while also taking advantage of a further growth
opportunity with the acquisition of Laboratoire SyMa Inc. closed on July 26,
2007.
    "Noveko remains concentrated on preparing for its future growth and our
development initiatives affected our first-quarter results and could continue
to impact our performance in upcoming periods. In August 2007, we were pleased
to win our first orders totaling $2.7 million for antimicrobial face masks and
air filters. These products are currently being manufactured and we expect to
complete the delivery of these orders in early 2008. Our most promising
milestones in recent months are definitely the Health Canada establishment
licences for our antimicrobial face masks and for SyMa's Azuro(TM) product
line, along with the FDA authorization granted to SyMa to market its products
in the United States. These licences and authorization give us access to major
markets in North America for Noveko Inc.'s and SyMa's products. Many
opportunities lie ahead for us and our teams continue to focus on implementing
the most efficient initiatives to respond to market demand," indicated André
Leroux, Chairman of the Board and Chief Executive Officer.

    Operating Results for the First Quarter Ended September 30, 2007
    ----------------------------------------------------------------

    
    Three-Month Periods Ended September 30, 2007 and 2006
    (in thousands of $, except per-share amounts) (unaudited)

                                                     2007             2006
    -------------------------------------------------------------------------
    Revenues                                        2,802            2,887
    Gross margin                                      944            1,249
    EBITDA (loss before amortization,
     financial expenses and income taxes)          (1,952)             149
    Net loss                                       (2,195)            (358)
    Comprehensive loss                             (2,298)            (402)
    Loss per Class A share
     (basic and diluted)                            (0.04)           (0.01)
    Weighted average number of
     Class A shares outstanding
      basic and diluted (in thousands)             51,698           39,788
    -------------------------------------------------------------------------


    For the first quarter ended September 30, 2007, consolidated revenues
decreased slightly from the corresponding period of the previous year. ECM
achieved satisfactory revenues for the quarter, despite a slight decline due
mainly to less favourable conditions in the hog market. Furthermore, in recent
months, ECM has focused on preparing for the launch of its new products,
specifically an ultrasound scanner for veterinary medicine, and two ultrasound
scanners for veterinary and human medicine whose features will enable it to
strengthen its leadership worldwide in veterinary medicine and to develop the
human medicine market with high-end platforms. BLI's revenues amounted to
$1.5 million, down slightly due primarily to the revision of its pricing
strategy for its cutting service; during the period nevertheless, BLI won
orders from new clients that should be reflected in revenues in upcoming
periods.
    In August 2007, the subsidiary Noveko Inc. won its first orders of
antimicrobial face masks for $2.3 million and of antimicrobial air filters for
$0.4 million. These sales were not recognized in the first quarter as these
products are being manufactured and the deliveries are expected to be
completed early in 2008. The contribution to revenues of SyMa acquired on
July 26, 2007 amounted to $52,428 for its first two months as a subsidiary.

    Selling and administrative expenses more than doubled to $2.3 million due
to the following main factors:

         - the expenses related to the accelerated marketing of the
           derivative products from the antimicrobial filtration technology,
           specifically antimicrobial face masks and air filters; and
         - the hiring of specialized resources at different levels of
           responsibility at head office as well as sales agents in the
           subsidiaries, notably in anticipation of the launch of new
           products.

    In addition, stock-based compensation represented an expense of $0.6
million for the first quarter, as opposed to a nil amount for the comparable
period of 2006.
    Considering these factors, Noveko recorded an operating loss before
amortization, financial expenses and income taxes of $2.0 million, compared
with EBITDA of $148,838 for the first quarter ended September 30, 2006. The
subsidiary BLI posted EBITDA of approximately $0.1 million for the period,
compared with EBITDA of approximately $0.2 million for the corresponding
quarter of the previous year.
    Amortization expenses amounted to $0.2 million, down from $0.3 million in
the same period a year earlier. This decrease is due mainly to the writedown
of some of BLI's assets and the fact that the development expenses related to
the products of ECM's Agroscan line had already been fully amortized whereas
no amortization was recognized for the newly designed platforms currently
being marketed.
    Financial expenses declined by about $0.2 million to approximately
$0.1 million, due primarily to investment income of close to $0.2 million for
the period and a reduction in indebtedness.
    The net loss amounted to $2.2 million, compared with a net loss of
$0.4 million for the first quarter of the previous year. Considering a net
change in unrealized losses on the translation of financial statements of
self-sustaining foreign operations of $0.1 million for the first quarter ended
September 30, 2007 and of $43,311 for the first quarter ended September 30,
2006, a net loss of $2.3 million represents comprehensive loss for the period
ended September 30, 2007, compared with comprehensive loss of $0.4 million for
the quarter ended September 30, 2006 (in conformity with the accounting
standards adopted on July 1, 2007).
    The loss per Class A share (basic and diluted) amounted to $0.04 on a
weighted average of 51,697,758 outstanding shares (basic and diluted),
compared with a loss per share of $0.01 on 39,788,230 shares in the same
period a year earlier. The increased weighted average number of outstanding
shares is due to the various share issues over the past 12 months, as
described in detail in note 8 ("Capital Stock") accompanying Noveko's
financial statements.

    Principal Cash Flows
    --------------------

    Operating activities, after net change in non-cash working capital, used
cash flows of $1.9 million, compared with $0.7 million in the first quarter
ended September 30, 2006. This change is due primarily to the increase in the
net loss, less the adjustments in stock-based compensation, accreted interest
on secured convertible debentures, amortization, loss on fair value of
short-term investments and net change in non-cash working capital. The net
change in non-cash working capital amounted to $0.6 million, remaining at the
same level as in the first quarter ended September 30, 2006.
    Financing activities provided cash flows of $82,984, compared with
$0.7 million for the corresponding quarter of the previous year. This change
is due mainly to the fact that during the period, the Company issued Class A
shares for proceeds of $0.4 million, whereas the proceeds from its Class A
share issue totaled over $0.8 million in the first quarter ended September 30,
2006. In addition, bank indebtedness increased by $73,444 during the quarter,
versus $0.3 million in the first quarter last year. The Company paid interest
of $56,747 on secured convertible debentures, compared with $68,288 for the
same period a year earlier, due to the fact that an amount of $1.3 million of
debentures was converted into Class A shares. Share issuance fees increased to
$25,090, compared with $5,398 for the first quarter the previous year.
Finally, the Company made a net principal repayment on long-term debt of
$0.3 million.
    Investing activities used cash flows of $0.9 million, including a cash
payment of $0.5 million for the acquisition of Laboratoire SyMa Inc. A
consideration of $1.3 million was allocated to the purchase of a building
housing the head office as well as office equipment and information
technology. In addition, the Company recorded short-term investments for an
amount of $1.0 million.
    Also considering a $11,908 foreign exchange loss on cash in foreign
currencies, the period's aggregate cash inflows and outflows used net cash
flows of $2.7 million, whereas cash inflows and outflows for the first quarter
of the previous year used net cash flows of $0.2 million. Noveko ended the
first quarter with a cash and cash equivalents deficiency of $77,094, as
opposed to cash of $0.4 million as at September 30, 2006.

    Financial Position
    ------------------

    Balance Sheet Highlights as at September 30, 2007
    -------------------------------------------------------------------------
                                             September 30,         June 30,
                                                     2007             2007
    -------------------------------------------------------------------------
    Total assets                                   47,192           42,243
    Shareholders' equity                           32,166           27,351
    Total interest-bearing debt (1)                 6,963            8,367
    Cash, cash equivalents and
     short-term investments                        13,146           16,960
    -------------------------------------------------------------------------
    (1) Including long-term debt and its current portion, bank advances and
        bank loans, as well as convertible debentures.


    The changes in Noveko's financial position between June 30, 2007 and
September 30, 2007 mainly reflect the period's results, the purchase of a
building for a consideration of $1.2 million and the acquisition of all the
issued and outstanding shares of Laboratoire SyMa Inc., concluded on July 26,
2007. In addition to a cash consideration of $0.5 million, this acquisition
was settled by the issue of 745,156 Class A shares for a value of over
$4.9 million. These transactions explain the increase in fixed assets,
intangible assets and goodwill over June 30, 2007.
    As at September 30, 2007, total assets amounted to $47.2 million, up by
11.7% or $4.9 million over June 30, 2007. Working capital totaled
$16.7 million for a current ratio of 3.4:1 as at September 30, 2007, compared
with $20.0 million and a 4.2:1 ratio as at June 30, 2007.
    As at September 30, 2007, shareholders' equity amounted to $32.2 million,
up from $27.4 million as at June 30, 2007, primarily reflecting the increase
of approximately $7.0 million in capital stock subsequent to the share issues
and of $0.3 million in contributed surplus, less the increase of $2.2 million
in the period's deficit and of $0.1 million in other comprehensive income, in
conformity with the accounting standards adopted on July 1, 2007.
    Considering the period's debt repayments, long-term debt including the
current portion totaled $3.8 million as at September 30, 2007, compared with
$4.0 million as at June 30, 2007. Total interest-bearing debt (consisting of
bank advances and bank loans, current portion of long-term debt, long-term
debt and secured convertible debentures) amounted to $7.0 million as at
September 30, 2007, compared with $8.4 million as at June 30, 2007, a decrease
of $1.4 million reflecting the $1.4 million decline in debentures from
June 30, 2007, due mainly to the conversion of approximately $1.4 million in
debentures into Class A shares.

    Capital Stock Information
    -------------------------

    During the first quarter ended September 30, 2007, the Company issued
745,156 Class A shares for a total of $4,932,933 in consideration of the
acquisition of all the issued and outstanding shares of Laboratoire SyMa Inc.
    Noveko also issued 344,738 Class A shares subsequent to the exercise of
344,738 stock options for a cash consideration of $332,822 and a transfer of
$224,529 from contributed surplus, as well as 76,000 Class A shares subsequent
to the exercise of 76,000 complete warrants for a cash consideration of
$76,000 and a transfer of $30,400 from warrants.
    In addition, the Company issued 1,547,728 Class A shares subsequent to the
exercise of the conversion right of $1,362,000 of convertible debenture.
Amounts of $1,228,655 and $183,718 were transferred from the secured
convertible debentures and from the portion of secured convertible debentures
included in equity, respectively.
    Considering these issues, Noveko's capital stock consisted of 53,329,503
Class A shares as at September 30, 2007, compared with 50,615,881 as at
June 30, 2007.

    Highlights of the First Quarter Ended September 30, 2007
    --------------------------------------------------------

    Acquisition of a Building - In July 2007, Noveko acquired a building from
a company whose shareholders exercise significant influence on the Company.
This acquisition was recorded at fair market value and settled by a cash
consideration of $1.2 million.
    Acquisition of Laboratoire SyMa Inc. - In July 2007, Noveko closed the
acquisition of all the shares of SyMa, which specializes in the manufacture of
sanitizers, more specifically the exclusive antimicrobial products sold under
the Azuro trademark. The acquisition was settled by a cash consideration of
$0.5 million and by the issue of 745,156 Class A shares of the Company for a
value of $4.9 million.
    Establishment Licence Granted by Health Canada - In August 2007, Noveko
was granted an establishment licence by Health Canada, giving it the green
light for the Canadian marketing of its antimicrobial face masks to healthcare
institutions (hospitals, medical clinics, dental clinics, etc.), government
organizations, civil relief units and the general public.
    First Order of Antimicrobial Air Filters - In August 2007, Noveko won its
first order of $0.4 million of antimicrobial air filters from large hog
breeding farms in Ontario and the United States.
    First Canadian Order of Antimicrobial Face Masks - In August 2007, Noveko 
won its first order of $2.3 million of antimicrobial face masks from
Medi-Select, a leader in the distribution of medical equipment and supplies.
    Conversion of Debentures - In July and September 2007, convertible
debentures for an amount of $1,362,000 were converted into 1,547,728 Class A
shares.
    Noveko Head Office Move - In September 2007, Noveko moved its head office
from Lachine, Quebec to a recently acquired building located in Terrebonne,
Quebec in order to achieve efficiency gains and to better accommodate its
future growth.

    Events Subsequent to Balance Sheet Date
    ---------------------------------------

    Agreement with China National Service Corporation - In October 2007,
Noveko signed an agreement with China National Service Corporation ("CNSC"),
one of China's most prominent state-owned companies, dealing with the
businesses of international cooperation, service and Chinese government
sponsored projects worldwide. This agreement aims to promote Noveko's
antimicrobial filtration technology to all levels of Chinese government and
its related food and health organizations, to obtain the government
authorizations required for the marketing of Noveko's antimicrobial face masks
and antimicrobial air filters, and to develop the supporting sales and
distribution channels in China. CNSC is responsible for providing Noveko with
monitoring and enforcement services in the Chinese market to prevent any
infringement of Noveko's intellectual property rights and trademarks.
    First Pig Farm in China Equipped with Noveko's Antimicrobial Air Filters -
In October 2007, Noveko signed a cooperation agreement with the Ma'anshan
Agriculture Committee (Anhui Province, China) to equip a first pig farm with
Noveko's antimicrobial air filters in the coming months in order to
demonstrate this technology's performance and to market it on a larger scale.
    Grant of Stock Options - On October 25, 2007, the Company granted to
directors, consultants and employees, stock options to acquire a total number
of 2,000,000 Class A shares, at a price of $6.80 per share. These options can
only be exercised on the basis of one-sixth (1/6) of the total number of
options per every completed three-month period following their grants and will
expire in five years.
    Amendment to Stock Option Plan - On November 20, 2007, the TSX Venture
Exchange approved the amendment to the stock option plan adopted by the
Company's Board of Directors increasing the number of Class A shares that may
be issued followed the exercise of options granted or to be granted under the
plan from 8,242,776 to 10,698,780 Class A shares. This amendment is subject to
the approval by the Company's shareholders at the Annual General and Special
Meeting of Shareholders to be held on December 12, 2007.
    Health Canada Establishment Licence and DIN Delivered for SyMa's Azuro
Products - FDA Authorization to Market its Products in the United States -
Signature of Two Agreements with New Clients - In November 2007, SyMa was
issued a Health Canada establishment licence and DIN (drug identification
number) for all its products, more specifically the Azuro(TM) medical
(70% alcohol and 0.5% chlorhexidine gluconate) - allowing it to sell them in
healthcare institutions across Canada. It also received FDA authorization to
market its Azuro(TM) products in the United States. In addition, SyMa entered
into an agreement with METRO INC., under which it will supply its line of
Azuro(TM) products to the METRO and METRO Plus supermarkets as well as the
Super C discount supermarkets, representing more than 280 stores operating in
Quebec. It also signed a three-year agreement with the Fédération des Caisses
Desjardins du Québec, whereby it will supply its line of Azuro(TM) products to
the network of Desjardins credit unions and their service centres,
representing more than 1,400 Desjardins branches across Canada.
    Exercise of Warrants - In October and November 2007, 675,000 warrants from
the 1st June, 2007 offering were exercised, representing a proceeds of $2.3
million.

    Profile
    -------

    Noveko International Inc. currently has four subsidiaries: S.A.S. ECM,
Noveko Inc., Laboratoire SyMa Inc. ("SyMa") and Bolduc Leroux Inc. ("BLI").
ECM specializes in the design and marketing of portable real-time ultrasound
scanners for use in veterinary and human medicine. Noveko Inc. develops the
Company's biomedical and environmental business, specifically its patented
antimicrobial filtration technology and derivative products (Noveko(TM)
antimicrobial face masks and air filters). SyMa specializes in the manufacture
of sanitizers, more specifically the antimicrobial products (for hands, feet
and surfaces) sold under the Azuro(TM) trademark. For its part, BLI
specializes in the custom processing and distribution of steel products based
on client specifications and designs. It has also developed and markets a line
of downdraft particle extraction tables for various markets. Operating since
September 2002, the Company was listed on the TSX Venture Exchange on
February 3, 2004.

    The information set forth in this press release includes certain
forward-looking statements. Such statements are based on assumptions exposed
to major risks and uncertainties. Although Noveko deems the expectations
reflected in these forward-looking statements to be reasonable, the Company
cannot provide any guarantee as to the materialization of the expectations
reflected in these forward-looking statements. The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy
of this release.


    Consolidated balance sheets

    As at September 30, 2007 and June 30, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                             September 30          June 30
                                                     2007             2007
    -------------------------------------------------------------------------
                                               (unaudited)        (audited)
    Assets
    Current assets:
      Cash and cash equivalents            $            -   $    2,668,494
      Short-term investments                   13,223,455       14,291,887
      Accounts receivable                       3,129,099        2,494,052
      Inventories                               3,920,300        3,276,904
      Prepaid charges                             185,378          502,982
      Investment in Canadian Immigrant
       Investor Program                         3,123,138        3,087,423
    -------------------------------------------------------------------------
                                               23,581,370       26,321,742

    Fixed assets                                6,831,763        5,605,250
    Intangible assets                           4,622,938        1,656,586
    Other assets                                  806,291          911,354
    Future income taxes                           831,229          680,706
    Goodwill                                   10,517,972        7,067,385
    -------------------------------------------------------------------------
                                           $   47,191,563   $   42,243,023
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and shareholders' equity

    Current liabilities:
      Bank overdraft                       $       77,094   $            -
      Bank advances                                14,158           18,287
      Bank loan                                   141,660                -
      Accounts payable and accrued
       liabilities                              2,869,720        2,422,273
      Loans under Canadian Immigrant Investor
       Program                                  3,123,138        3,087,423
      Current portion of long-term debt           626,567          801,029
    -------------------------------------------------------------------------
                                                6,852,337        6,329,012

    Long-term debt                              3,203,623        3,158,442
    Secured convertible debentures              2,977,231        4,389,576
    Future income taxes                         1,991,978        1,014,814

    Shareholders' equity:
      Capital stock                            40,579,779       33,570,722
      Portion of the secured convertible
       debentures included in equity              735,017          918,735
      Warrants                                  4,637,046        4,667,446
      Contributed surplus                       1,666,142        1,325,504
      Deficit                                 (14,889,260)     (12,672,254)
      Accumulated other comprehensive loss       (562,330)        (458,974)
    -------------------------------------------------------------------------
                                               32,166,394       27,351,179

    Financial statement disclosure
    Subsequent events
    -------------------------------------------------------------------------
                                           $   47,191,563   $   42,243,023
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated statement of operations

    Three-month periods ended September 30, 2007 and 2006
    (unaudited)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                             September 30     September 30
                                                     2007             2006
    -------------------------------------------------------------------------

    Revenues                               $    2,802,348   $    2,887,354

    Cost of sales                               1,858,041        1,637,941
    -------------------------------------------------------------------------
                                                  944,307        1,249,413

    Operating expenses:
      Administrative and selling expenses       2,281,545        1,079,128
      Stock-based compensation                    565,167                -
      Research and development                     59,490           21,545
      Research and development tax credits        (10,000)               -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                2,896,202        1,100,673
    -------------------------------------------------------------------------
    Income (loss) before amortization,
     financial expenses and income taxes       (1,951,895)         148,740

    Amortization                                  234,748          292,698
    Financial expenses                             95,624          251,094
    -------------------------------------------------------------------------
                                                  330,372          543,792
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Loss before income taxes                   (2,282,267)        (395,052)

    Income taxes:
      Current (recovered)                               -           75,074
      Future                                      (87,190)        (111,794)
      -----------------------------------------------------------------------
                                                  (87,190)         (36,720)
    -------------------------------------------------------------------------
    Net loss                               $   (2,195,077)  $     (358,332)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and diluted earnings per share   $        (0.04)  $        (0.01)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number of outstanding
     shares, basic and diluted                 51,697,758       39,788,230
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated statements of comprehensive loss

    Three-month periods ended September 30, 2007 and 2006
    (unaudited)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                             September 30     September 30
                                                     2007             2006
    -------------------------------------------------------------------------
    Net loss                               $   (2,195,077)  $     (358,332)

    Other comprehensive loss, net of income
     taxes:
      Change in unrealized losses on
       translantion of financial statements
       of self-sustaining foreign
       operations                                (103,356)         (43,311)
    -------------------------------------------------------------------------
    Comprehensive loss                     $   (2,298,433)  $     (401,643)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated statement of deficit and contributed surplus

    Three-month periods ended September 30, 2007 and 2006
    (unaudited)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                             September 30     September 30
                                                     2007             2006
    -------------------------------------------------------------------------

    DEFICIT

    Deficit, beginning of period           $  (12,672,254)  $   (5,693,747)
    Restatement related to the new
     accounting policies regarding
     financial instruments                          3,161                -
    -------------------------------------------------------------------------
    Restated balance                          (12,669,093)      (5,693,747)

    Net loss                                   (2,195,077)        (358,332)

    Share issuance fees                           (25,090)          (5,398)
    -------------------------------------------------------------------------
    Deficit, end of period                 $  (14,889,260)  $   (6,057,477)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    CONTRIBUTED SURPLUS

    Contributed surplus, beginning of
     period                                $    1,325,504   $       85,673
    Fair market value of stock options
     granted                                      565,167                -
    Fair value of stock options exercised        (224,529)               -
    -------------------------------------------------------------------------
    Contributed surplus, end of period     $    1,666,142   $       85,673
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated statement of cash flows
    Three-month periods ended September 30, 2007, and 2006
    (unaudited)

    -------------------------------------------------------------------------
                                             September 30     September 30
                                                     2007             2006
    -------------------------------------------------------------------------

    Cash flows from operating activities:
      Net loss                             $   (2,195,077)  $     (358,332)
      Adjustments for:
        Future income taxes                       (87,190)        (111,794)
        Accreted interest on secured
         convertible debentures                   147,909           86,148
        Stock-based compensation                  565,167                -
        Amortization                              234,748          292,698
        Amortization - deferred financing
         costs                                          -           17,515
        Loss (gain) on disposal of fixed
         assets                                         -           (2,062)
        Loss on fair value of short-term
         investments                               45,754                -
        Exchange loss                               1,583            7,400
        ---------------------------------------------------------------------
                                               (1,287,106)         (68,427)
      Net change in non-cash working
       capital                                   (626,654)        (612,791)
      -----------------------------------------------------------------------
                                               (1,913,760)        (681,218)

    Cash flows from financing activities:
      Net changes in bank advances                (68,216)         254,211
      Incease in bank loan                        141,660                -
      Interest paid on secured convertible
       debentures                                 (56,747)         (68,288)
      Procceds of Class A shares and warrants
       issued                                     408,822          840,000
      Share issuance fees                         (25,090)          (5,398)
      Principal repayment on long-term debt      (317,445)        (353,382)
      -----------------------------------------------------------------------
                                                   82,984          667,143

    Cash flows from investing activities:
      Business acquisition, including bank
       overdraft assumed                         (525,403)               -
      Acquisition of fixed assets              (1,314,461)         (92,580)
      Acquisition of intangible assets             (7,500)               -
      Proceeds from disposal of short-term
       investment                               1,003,490                -
      Proceeds from disposal of fixed assets            -            9,763
      Deferred development costs                  (59,030)        (119,710)
      -----------------------------------------------------------------------
                                                 (902,904)        (202,527)

    Exchange loss on cash in foreign
     currencies                                   (11,908)         (11,875)
    -------------------------------------------------------------------------
    Net change in cash and cash
     equivalents                               (2,745,588)        (228,477)

    Cash and cash equivalents, beginning
     of period                                  2,668,494          626,094
    -------------------------------------------------------------------------
    Cash and cash equivalents, end of
     period                                $      (77,094)  $      397,617
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Cash flows related to operating activities include interests paid for
    $171,467 ($158,785 in 2006) and income taxes paid for $46,340 (received
    for $11,400 in 2006).




For further information:

For further information: André Leroux, Chairman of the Board and Chief
Executive Officer; Alain Bolduc, President and Chief Operating Officer, Noveko
International Inc., (514) 344-3030; http://www.noveko.com

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