TORONTO, Dec. 17 /CNW/ - Tenth Power Technologies Corp. (TSX-V:TPI)
today announced the financial results of its third fiscal quarter end
October 31, 2010.
Revenues for the third quarter of $1.0 million improved by 42% over the
second quarter, and gross margins improved to 38% from 30% from the
same period last year. Net loss for the quarter was $158,967 ($0.01 per
share) compared to net loss of $204,201 ($0.02 per share) for the same
period last year.
Significant events during the third quarter included the hiring of a new
CFO in September and the completion of private debenture financing of
$550,000 on October 31, 2010. The integration of the WhiteHat division
was completed. The Company also saw signs of recovery as several key
customers began making investments in IT security infrastructure that
had been deferred due to restraints brought on by the economic
ABOUT TENTH POWER TECHNOLOGIES CORP.
Tenth Power Technologies Corporation is a Canadian based-technology and
solutions company. Tenth Power supplies secure business solutions to
clients in the telecommunications, financial services, manufacturing,
government and health care sectors. TPTC augments proprietary software
with product licensing and strategic acquisition of industry-leading
services, to design solutions that safeguard information and electronic
communications. The suite of products includes identity and signature
authentication, Internet security, safe communication platforms and a
secured collaboration environment. TPTC also provides IT security
consulting and managed services. The corporate office is located in
SOURCE Tenth Power Technologies Corp.
For further information: For further information:
Tenth Power Technologies Inc.
(416) 920-2010 ext: 159