OTTAWA, Sept. 29 /CNW Telbec/ - Thermal Energy International Inc. (TSX-V:TMG) (www.thermalenergy.com) (the "Company" or "Thermal Energy") today announced its year end financial results for the Fiscal Year 2009 which ended May 31, 2009.
Thermal Energy recorded revenues of $3,958,922 and a gross profit of $2,363,629 for fiscal year 2009, a decrease of 20% compared to revenues of $4,926,208 in fiscal year 2008 and an increase of 289% over gross profit of $608,024 in fiscal year 2008. The net loss for the year increased to $3,282,820 ($0.020/share), from a net loss of $2,372,508 ($0.025/share) for the previous year. The working capital of $3,791,332 at the end of fiscal year 2009 increased significantly compared to the working capital deficiency of $2,093,061 at the end of fiscal year 2008. All figures are in Canadian dollars. Full financial results including Management's Discussion and Analysis and accompanying notes to the financial results, are available on www.SEDAR.com and www.thermalenergy.com.
Highlights for fiscal year 2009 include:
- Closing an oversubscribed brokered private placement with gross
proceeds of $15,000,000. This placement was the largest in the
Company's history and was subscribed to by a number of renewable
energy and sustainability focused funds in Canada, United States and
Europe thereby providing the Company excellent cross border exposure.
- Completion of the acquisition of Gardner Energy Management Ltd. of
Bristol, U.K and its unique GEM venture orifice steam trap. This
acquisition provides Thermal Energy a number of significant strategic
and market synergies, including: an excellent complementary fit with
Thermal Energy's existing products, a European base of operations and
sales force, a strong customer list of multinational companies, a
shorter sales cycle, and a more consistent revenue stream.
- Since fiscal year 2008 Thermal Energy has added sales staff and
agents in Canada, United States, United Kingdom, Ireland, Germany,
Italy, Belgium, The Netherlands, Scandinavia, China, India,
Malaysian, Australia and the Middle East.
- Subsequent to year end Thermal Energy announced it has concluded an
agreement with Kemco Systems Inc of Clearwater, Florida to become the
exclusive distributor of Kemco products in all areas globally except
North and South America. Kemco has a 30 year track record of
providing high efficiency, environmentally friendly water heaters,
heat recovery products, and water treatment systems to the laundry,
textile, food & beverage, ready mix concrete, automotive and other
"Fiscal 2009 was a landmark year for Thermal Energy's evolution as a diversified global energy services solution provider", said President and CEO William Crossland "The acquisition of Gardner Energy Management Ltd. and the exclusive distribution rights for the Kemco product line provides Thermal Energy with a broad suite of complementary water, energy and emission saving products with a strong international sales network. This places Thermal Energy in an excellent position to capitalize on the growing global trend of energy and water efficiency".
Annual General Meeting
The Annual General Meeting of shareholders of Thermal Energy is scheduled to take place November 19, 2009 at the Brookstreet Hotel, 525 Legget Drive, Ottawa (Kanata), Ontario, at 9 a.m. Shareholders who plan to attend the Annual General Meeting in person are asked to arrive ahead of time to complete registration in order that the meeting can commence on time.
Update on status of trading halt
The Company's securities were halt traded by the TSX Venture Exchange on July 22, 2009, pending clarification of the company's affairs. The Company is unable to provide further information at this time other than it continues to work diligently with the Exchange to have all matters resolved as soon as possible. The Company would also like to thank the shareholders for their patience during this time and would like to confirm that despite the halt, the Company remains focused on enhancing revenues and associated profitability of our core business.
NOTE: This press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections. Such statements including those about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors could cause results to differ materially from those stated. The Company disclaims any obligation to publicly update or revise any such statements, except as required by applicable securities laws.
About Thermal Energy
Thermal Energy International Inc. is an innovative technology company providing custom energy and emission reduction, and bioenergy solutions. Headquartered in Ottawa, Canada, TEI is a designer, design build developer, fabricator, owner, operator and supplier of proprietary and patented energy conservation, renewable energy and environmental technology solutions. Thermal Energy is a fully accredited professional engineering firm, and offers advanced process and applications engineering services. The Company is a proud member of the Chicago Climate Exchange (CCX). FLU-ACE(TM), DRY-REX(TM), THERMALONOx(TM), THERMAL AUD(TM) and GEM(R) are trademarks of Thermal Energy International.
To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Thermal Energy International Inc.
For further information: For further information: William Crossland, President and CEO, (613) 723-6776