OTTAWA, May 28 /CNW Telbec/ - Clearford Industries Inc. ("Clearford" or
the "Company", TSX-V: CLI) today announced financial results for the first
quarter of 2009, which ended March 31, 2009, with the loss reduced by 85% from
a year ago (all figures in Canadian dollars and in accordance with Canadian
The Company recorded a net loss for the first quarter ended March 31,
2009 of $468,530 or $0.02 per share as compared to a net loss of $3,303,268 or
$0.13 per share for the same period of the prior year and a net loss of
$1,148,649 or $0.04 per share for the fourth quarter of 2008. The net loss for
the prior year's same quarter includes a loss from the discontinued Brooklin
operations of $2,756,907 and a loss from the Wastewater operations of
$546,361. The Company reported no revenue in the quarter.
For the first quarter of 2009, cash used in continuing operations was
$489,352 compared to cash used in continuing operations of $578,027 for the
same period of the prior year and cash used in continuing operations of
$746,170 for the fourth quarter of 2008.
The Clearford Small Bore Sewer (TM) (SBS(TM)) collects municipal sewage
and delivers to a treatment system a consistent flow of water containing low
suspended solids. On April 20, 2009, Clearford announced its intention to
provide integrated SBS(TM) and treatment systems utilizing MBR filtration
systems from Filter Innovations Inc. and Reverse Osmosis systems from Aslan
Technologies Inc. to recover potable quality water from municipal sewage.
Agreements with Filter Innovations Inc. and Aslan Technologies Inc. are in
process. Launch of the integrated sewage collection and treatment system is
expected to be announced during the third quarter of this year. Additional
capital will be required which the Company anticipates raising, in part,
during the third quarter of this year.
While Clearford, Filter Innovations and Aslan believe that significant
and near term opportunities exist for this integrated solution, there can be
no assurance that customer agreements will be reached or that such agreements
will be profitable should they be implemented.
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) designs and implements the
patented Small Bore Sewer (TM) (SBS(TM)), a watertight small diameter
wastewater collection system for developers, municipalities and communities
who need to create, expand or upgrade their sewage systems. The SBS(TM)
solution provides servicing with superior operational and environmental
performance at a significantly lower cost when compared to historic gravity
sewers. With its first installation in 1989, the SBS(TM) has since had several
installations within Canada and the U.S. For more information on Clearford
Industries Inc., please visit www.clearford.com.
For further information:
For further information: Mr. John Kelly, President and CEO, Clearford
Industries Inc., (613) 599-6474 ext. 307; www.clearford.com