Tarquin Group Announces Third Quarter 2008 Financial Results



    OTTAWA, Feb. 29 /CNW Telbec/ - Tarquin Group Inc. (TSX VENTURE: TQN), a
diversified industrial technology company (referred to as "Tarquin Group" or
the "Company"), today announced results for its third quarter of fiscal year
2008, ended December 31, 2007. All figures presented are calculated in
accordance with generally accepted accounting principles (GAAP) in Canada and
presented in Canadian dollars.
    Revenue for the quarter was $3,114,756, compared to $752,852 in the same
quarter for 2007. Net loss for the quarter was $595,391 or a basic and diluted
loss per share of $0.033. The net loss for the same quarter in fiscal 2007 was
$137,091 or a basic and diluted loss per share of $0.021.
    The loss before interest, taxes, depreciation and amortization (EBITDA)
in the second quarter of 2008 was $129,761, as compared to a loss before
interest, taxes, depreciation and amortization of $39,223 in Q1 2007.
    Revenue for the nine months ended December 31, 2007 was $7,100,371,
compared to $1,797,964 in the same period for 2007. Net loss for the period
was $1,982,395 or a basic and diluted loss per share of $0.110. The net loss
for the same period in fiscal 2007 was $556,058 or a basic and diluted loss
per share of $0.084.
    The loss before interest, taxes, depreciation and amortization (EBITDA)
for the nine months ended September 30, 2007 was $769,146, as compared to a
loss before interest, taxes, depreciation and amortization of $334,501 in the
same period for fiscal 2007.
    These results report nine months of operation for Process Photonics Inc.
and the period of May 22, 2007 to December 31, 2007 for Dipix Technologies
Inc., both subsidiaries of Tarquin Group. The comparable results are for three
and nine months of Process Photonics Inc.
    "The growth in revenue for this fiscal year is the result of our
corporate strategy of acquisitions. We are satisfied with these third quarter
results and the management teams in the subsidiaries are committed to
continuing to improve our operating results," said Tarquin Group CEO Don
Gibbs. "However, much of the equipment sold by our subsidiaries is capital
equipment for manufacturing plants and the lead-times, timing and volume of
these orders can be unpredictable and could lead to some volatility in our
short-term results" Mr. Gibbs continued.
    Tarquin Group also provided an update on its previously announced
intention to seek private placement funding. While Tarquin Group has continued
to seek funding in support of its business model, it has only been able to
raise $500,000 since the end of the Second quarter, all from existing
investors, and its losses for this period have exceeded that amount. Access to
additional capital in the near-term is critical to the Company's ability to
execute on its strategy and there can be no certainty that this funding will
be available to the Company or that the terms of such funding would be
acceptable to the Company. In addition, should the operating results of the
Company deteriorate, the time by which this capital would be needed could be
shortened. The Company continues to explore potential funding sources and is
also reviewing the alternatives available to it in the event that further
funding cannot be secured in the near term.
    Tarquin Group also announces the resignation of Daniel Hachey from the
board of directors, effective as of February 28, 2008. Tarquin Group thanks
Mr. Hachey for his time and service as a board member during the Company's
early stages.

    About Tarquin Group

    Tarquin Group Inc. (TSX VENTURE: TQN) is a diversified industrial
technology company providing solutions to the global manufacturing market.
Acting strategically in desirable niche markets worldwide, Tarquin's structure
and processes ensure superior product solutions for customers while driving
profitable growth for all its stakeholders. Tarquin's member and target
companies are niche market leaders in the fields of laser applications and
test, measure and control solutions for manufacturing. For more information
visit: www.tarquingroup.com.

    Forward Looking Statements

    This news release contains forward-looking information. These statements
relate to future events or future performance and reflect management's current
expectations and assumptions. A number of factors could cause actual events,
performance or results to differ materially from the events, performance and
results discussed in the forward-looking statements. These forward-looking
statements are made as of the date hereof and Tarquin Group Inc. does not
assume any obligation to update or revise them to reflect new events or
circumstances.

    The TSX-Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.




For further information:

For further information: Media and Investor relations: Donald Gibbs,
CEO, Tarquin Group Inc., (609) 234-6010, dgibbs@tarquingroup.com

Organization Profile

TARQUIN GROUP INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890