AADCO Automotive Inc. (AA: TSX - Venture Exchange)
BRAMPTON, ON, Nov. 30 /CNW/ - AADCO Automotive Inc. ("AADCO"), a supplier
of used automotive parts, today announced its financial results for the year
ended June 30, 2007 and for the three month period ended September 30, 2007.
The year end results were delayed while the Company determined the impact of a
pending transaction to sell the assets of the business. This transaction was
previously disclosed in a press release dated November 19, 2007.
The Company reported a loss of $3,362,000 for the year ended June 30,
2007 including write downs related to the pending sale of the assets and
interest and financing charges. This loss compares to a loss of $3,544,000 in
the prior year. The loss for the quarter ended September was $239,000 compared
to a loss of $297,000 in the same period last year. Details of the results and
other filings have been posted at Sedar.com.
The Company is working to have the cease trade order on the shares lifted
as soon as possible.
The TSX - Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This press release includes forward-looking statements, including
statements relating to the Company's marketing strategy, future sales growth,
profitability, competitive position, and release of new products. The words
"plan", "expect", "believe", "intend", "anticipate", "forecast", "target",
"estimate" and similar expressions identify forward-looking statements.
Forward-looking statements are based on assumptions made by and information
currently available to the Company. Investors are cautioned that these
forward-looking statements are neither promises nor guarantees, and are
subject to risks and uncertainties that may cause future results to differ
materially from those expected. The Company does not undertake to review or
update these forward-looking statements.
For further information:
For further information: AADCO Automotive Inc., (905) 789-9313 x 224,
Charles Hodgkinson, CEO, firstname.lastname@example.org