OTTAWA, May 16, 2014 /CNW/ - Clearford Industries Inc. ("Clearford" or the "Company"), (TSXV: CLI), today issued its unaudited financial results for the 3 month period ending March 31, 2014. The statements are presented in accordance with IFRS (all figures in Canadian dollars unless otherwise noted).
Revenue for the quarter was $298,245 compared with $71,852 for the same quarter last year and $315,612 in the prior quarter. The Company's operating loss before financing costs was $752,370 for the quarter compared with $852,723 for the same quarter last year and $1,062,961 in the prior quarter. Net financing costs for the quarter were $299,272 compared with $113,346 for the same quarter last year and $246,188 in the prior quarter, resulting in a net loss for the quarter of $1,051,642 or $0.02 per share compared with a net loss of $966,069 or $0.01 for the same quarter last year and a net loss of $1,303,832 or $0.02 per share in the prior quarter.
During the quarter the Company received $2.24 million from Canadian Water Projects Inc. related to the long-term loan it announced in September 2013 representing the remaining credit available on this loan. Clearford ended the 2014 first quarter with $1,033,991 of cash compared with $783,482 at December 31, 2013. The Company's financial statements and MD&A are available on WWW.SEDAR.COM.
Kevin Loiselle, President of Clearford sees 2014 as the beginning of substantial participation by Clearford in the Canadian and international demand for cost-effective and sustainable water and waste water systems. "Key results in this quarter were the substantial completion of installation of Clearford One™ in Cayunda, Colombia and preparation of plans for installation of Clearford One™ and delivery of water and wastewater systems and services for Fetherston Mobile Home Park in North Grenville Ontario. Clearford One™ integrates 25 years of experience and product development into a unified system for collection and distributed treatment of wastewater. Clearford One™ was announced on April 29th and the Fetherston agreement for installation and operation of Clearford One™ was announced on April 30th. Response to this system in Colombia, India and here in Ontario is very encouraging" Mr, Loiselle said.
Neither the 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.
About Clearford Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is a provider of unified water management and sanitation systems. Clearford One™ is based on Clearford's proprietary ClearDigest™ smart digester, SBS® ClearConvey™ small bore sewer, and ClearRecover™ treatment facilities customized to meet the requirements of each location. For more information on Clearford, please visit www.clearford.com.
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management. Forward-looking statements are not historical facts but represent managements current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, Clearford will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third party agreements; successful integration of Clearford's system with third party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution.
SOURCE: Clearford Industries Inc.
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Clearford Industries Inc.
Phone: (613) 762-8402