OTTAWA, Feb. 26 /CNW Telbec/ - Seprotech Systems Incorporated (SET-X; "Seprotech") announces the following unaudited results for the first quarter of fiscal year 2010:
Three Months Ended
$ 000 $ 000
Revenue 1,711 2,369
Net Income (Loss) 57 10
Earnings (Loss) per share 0.00 0.00
"We are pleased to announce that Seprotech has returned to profitability in the quarter", said Martin J. Hauschild, President & CEO. "The first quarter of fiscal year 2010 reflects the full impact of Management's cost reduction efforts and other financial measures undertaken in the prior fiscal year. In addition the results reflect revenue generated from a multi-year contract with the Department of National Defence that came into full production late in the summer of 2009 and strong spare parts and technical support sales."
"The overall economic environment was extremely challenging throughout 2008 and the first half of the 2009 calendar year for the entire infrastructure sector in North America," continued Hauschild. "However, we are beginning to see an improvement in our sales inquiries which is the key first step in sales growth."
"As the economic recovery takes hold and infrastructure spending resumes, the demand for water and wastewater treatment equipment should also increase. The economic benefits of our treatment technology are well recognized by our clients and we remain well positioned to take advantage of an increase in infrastructure spending," concluded Hauschild.
Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including CrystalBlue(TM) membrane-based water recycling systems and the ROTORDISK(R) wastewater treatment systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE BluMetric Environmental Inc.
For further information: For further information: Mr. Matthew Anderson, Investor Relations, Tel: (613) 523-1641, Fax: (613) 731-0851