TSX - V : CNP
SOREL-TRACY, QC, Aug. 28 /CNW Telbec/ - Conporec inc. ("Conporec" or "the
Company") (TSX Venture Exchange: CNP), announces today its results for the
second quarter ended June 30, 2007.
Pursuant to the restructuring of its debt and having therefore
consolidated its financial bases during the first quarter of 2007, Conporec is
now in a position to pursue and implement major projects in order to increase
its value. During this quarter, the Company acquired the Parc Industriel La
Prade at Bécancour (Ca) with an objective to create the first site fully
dedicated to environmental technologies application, especially composting
technologies. The business development team was involved in the
prequalification phase for three projects in France and two projects in
North America, while negotiations are still ongoing on several other projects.
All these projects should lead to concrete results in the next few months.
Also, as a result of its R&D efforts, the Company obtained a certification for
its Sorel-Tracy facility compost, a first in Canada. Conporec has submitted
the end-of-project report for its Delaware County facility which is now fully
operational. The Sorel-Tracy plant continues to process waste in relation to
its Toronto (Ca) and MRC Bas-Richelieu (Ca) contracts.
The second quarter results reflect the increased resources allocated to
the development of the Company. The Company therefore reported net losses of
$1,022,000 ($0.01 per common share, fully diluted) for the second quarter,
compared to net losses of $823,000 ($0.01 per share) for the same quarter in
2006. Overall, after two quarters, Conporec's net profits total $4,891,000
($0.04 per common share, fully diluted), including the extraordinary profit
resulting from the debt and debenture write-off, compared to a lost of
$2,102,000 for the same six-month period in the previous year. Revenues for
the second quarter totalled $1,841,000, which is comparable to the same
quarter in 2006, or $3,644,000 for the half year period. At June 30, 2007, the
Company had a net working capital of over $700,000, including $2,179,000 in
cash and cash equivalents. Its long-term debt and shareholders' equity amount
to $290,000 and $15,757,000 respectively. The acquisition of Parc La Prade
inc. combined with related infrastructure works conducted since the
transaction, account for the increase in long-term assets since December 31,
"We continue to be focused on our business development activities and the
implementation of our leading edge technology. These efforts are consistent
with our business plan, and the results presented are in line with our annual
budget, giving us every reason to be optimistic about the future, especially
given the Tournan-en-Brie project that is expected to resume, and the
negotiations of our Australia contract that should be concluded in the near
future", stated CEO Jean Beaudoin.
Conporec Inc. develops and operates various patented composting and
sorting-composting technologies for the treatment and recycling of municipal
solid waste. Conporec has sorting-composting facilities completed or under
construction in Canada, France, and the United States, and also close to
thirty composting facilities in Canada. Conporec is a socially responsible
organization listed on the TSX Venture Exchange.
Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
The TSX Venture Exchange has not approved the information contained
herein and accepts no responsibility for it, nor the validity of the
For further information:
For further information: Jean Beaudoin, Chairman of the Board and CEO,
Conporec Inc., (450) 746-9996, (418) 527-9996; Frédéric Bérard, HKDP
Communications and Public Affairs, (514) 395-0375, ext. 230; Source: Conporec