OTTAWA, Nov. 29 /CNW Telbec/ - Plaintree Systems Inc. ("Plaintree" or
"Company"), filed its unaudited financial statements for the quarter ended
September 30, 2007 and the accompanying management's discussion and analysis.
Product revenue for the quarter was $108,677, up from $37,990 for the
corresponding quarter of the previous year. The Company also experienced a
significant decline in management services revenue for the quarter recording
$27,650 in management services revenue as compared to $489,800 for the
corresponding period of fiscal 2007. The Company reported that the primary
reason for the reduction in management services revenue was due to the
unavailability of Plaintree staff available for such services due to increased
Plaintree requirements that necessitated the Company's management team to
spend the bulk of their time on Plaintree related business. It is expected
that overall management services revenue will continue to decrease for the
balance of the year. There is no guarantee that the Company will be able to
increase management services revenue to past levels.
The Company also recorded an extraordinary gain related to the sale of
its property and land of $142,475 which transaction closed during the quarter.
The net loss experienced by the Company for the quarter was $113,647 or
0.00 cents per share, compared to a net gain of $275,310 or (0.00) cents per
share for the corresponding quarter of the previous year.
For more information on these results, please refer to Plaintree's
financial statements together with the related management's discussion and
analysis report, copies of which can be obtained from the Company's website at
www.plaintree.com and/or under Plaintree's name at www.sedar.com.
Plaintree continues to investigate sources of financing. However, if the
Company is not successful in obtaining the necessary funding, continuation of
the existing business may not be viable. There can be no assurance that the
Company will be able to raise additional capital or that anticipated revenues
will materialize or be at a level sufficient to sustain Plaintree's
operations. Should these funding options not materialize, the Company may
About Plaintree Systems
Ottawa-based, Plaintree Systems Inc. (www.plaintree.com), founded in 1988
provides management services and specializes in developing optical wireless
communications equipment for the Local Area, Wide Area, Voice, Internet and
Plaintree is publicly quoted in the U.S. on the OTC BB (LANPF), with
90,221,634 shares outstanding.
This press release may include statements that are forward-looking and
based on current expectations. The actual results of the company may differ
materially from current expectations. The business of the company is subject
to many risks and uncertainties, including changes in markets for the
company's products, delays in product development and introduction to
manufacturing and intense competition. For a more detailed discussion of the
risks and uncertainties related to the company's business, please refer to
documents filed by the company with the U.S. Securities and Exchange
Commission, including the Company's Form 20-F dated September 28, 2007.
For further information:
For further information: Lynn Saunders, (613) 623-3434