OTTAWA, Aug. 27, 2012 /CNW/ - Clearford Industries Inc. ("Clearford" or the "Company"), (TSXV: CLI) today announced financial results for quarter ending June 30, 2012 (all figures in Canadian dollars unless otherwise noted).
For the quarter ended June 30, 2012 the Company recorded a net loss of $1,038,255 or $0.02 per share as compared to a net loss of $1,385,856 or $0.03 per share for the same period of the prior year. The Company reported no revenue and expenses of $1,038,255 in the quarter compared to Nil revenue and expenses of $1,385,856 in the same period of the prior year. The decrease in loss mainly relates to cost containment measures undertaken by the Company at the end of the previous fiscal year.
For the quarter ended June 30, 2012, cash used in operations was $1,188,828 compared to cash used in continuing operations of $755,478 for the same period in the prior year.
Subsequent to the quarter end the Company announced a license and financing agreement with a Customer in Ontario. It also reported its first contract in India to implement its Small Bore SewerTM (SBSTM) collection system at The Villas at Devanahalli (www.hiranandaniupscale.com) which is a luxury development in Bengaluru, which is a suburb of Bangalore, in southern India.
"With the signing of these 2 contracts, along with the previously announced Peru project in March 2012, we expect these projects to begin generating revenue in the current quarter as well as providing us with important reference sites to showcase the value of our SBS Solution to other customers in these regions" said President and COO Kevin Loiselle.
The Company would also like to clarify that the contract it had with Ubika Corporation to provide shareholder relation services for the Company from April 1, 2011 to July 31, 2011 was not renewed in August 2011. The contract was not renewed as the Company had determined that these services were no longer required.
About Clearford Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is the developer of the patented Small Bore Sewer™ (SBS™) based solution, which enables the efficient collection and treatment of sewage. Its superior operational and environmental performance is achieved at a significantly lower operational cost when compared to historic gravity sewers. Clearford's SBS™ technology and industry expertise provide the enabling platform to deliver on a global basis, a turnkey, wastewater collection and treatment solution that is ideally suited for; water-scarce regions, communities with unreliable water distribution networks, and new developments seeking a greener approach to full water and wastewater management. 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.
For further information:
Clearford Industries Inc.
Phone: (613) 762-8402