OTTAWA, April 28, 2014 /CNW/ - Clearford Industries Inc. ("Clearford" or the "Company"), (TSX-V: CLI), today issued its audited financial results for the fiscal year ending December 31, 2013. The statements are presented in accordance with IFRS (all figures in Canadian dollars unless otherwise noted).
Revenue for the year was $1,308,804 compared with $887,045 for the prior year. Operating loss before finance costs were $3,275,775 for the year compared with $3,256,967 for the prior year. Financing costs for the year were $668,566 compared with $301,706 for the prior year, with net loss for the year of $3,964,343 or $0.06 per share compared with $3,446,673 or $0.05 for the prior year.
Costs were reduced year over year in sales, marketing, general and administrative expenses.
During the year the costs of engineering and R&D increased during the year to $741,569 as the Smart Digester™ was brought to final design and production. The Smart Digester™ will be a key element in a significant product expected to be announced during the second quarter of 2014.
Clearford ended 2013 with cash of $829,482 compared with $399,416 a year earlier. The Company's financial statements and MD&A are available on www.SEDAR.com.
During the year the company completed development of the Smart Digester™ designed to increase digestion of bio-solids in the digester and to modulate the flow to the SBS® system. Integrating the Smart Digester™ with the SBS® system will reduce or potentially eliminate pump-out of digesters, improve effluent quality and reduce peaking requirements, resulting in lower capital and operating costs of final effluent treatment. Performance tests for the Smart Digester™ were commenced in India during the fourth quarter.
In cooperation with Lakepoint Builders Pvt. Ltd. a subsidiary of the Hiranandani Group, at their Villas at Devanahalli development, a Smart Digester™ and a standard septic tank were installed to service latrines used by more than 100 workers at a construction site near Bangalore. The digester and septic tank received sewage from the latrines. A third party is contracted to monitor performance of each tank daily, measuring quality of inflow sewage, quality of effluent and change in depth of sludge in each tank.
These tests are designed to indicate extent of digestion of bio-solids with related reduction in Biochemical Oxygen Demand (BOD) reduction in Total Suspended Solids (TSS) and the accumulation of sludge in the Smart Digester™ compared with the standard septic tank. Results of these tests will be released by early May.
During the year, Clearford signed it first contract for delivery of the SBS® system in Colombia. The system was in construction and substantially advanced during the year including integrated rainwater collection and treatment, potable water delivery, the SBS® System and "purple pipe" recycling system to deliver treated effluent for reuse in toilets. It is expected that the Colombia installation will be up and running in spring of 2014 with first commercial installation of Smart Digesters™.
"This has been a year of growth for Clearford as we continued to establish a base in the Indian market and signed and launched our first full project in Colombia. Once this site is commissioned in the spring of this year, Clearford will have a fully functional end to end solution which will validate the efficiency and effectiveness of our solution and introduce the system in the dynamic Colombia market" said Kevin Loiselle, President and CEO of Clearford. "The enhanced SBS® system will present a new and highly efficient alternative to conventional sewage collection and treatment both in developed countries and in the developing world. We look forward to completion of the current test program and to launch of the enhanced SBS® system in the next few weeks", 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 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.
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Clearford Industries Inc.
Phone: (613) 762-8402