OTTAWA, Aug. 23 /CNW Telbec/ - Plaintree Systems Inc. ("Plaintree" or
"Company"), today reported its results for the first quarter of fiscal 2008
ended June 30, 2007.
Product revenue was $59,051, up from $42,823 for the corresponding
quarter of the previous year. The Company recorded management services revenue
to related parties for the period of $513,500 compared to $497,700 for the
corresponding period of fiscal 2007. Other income, primarily made up of
partnership income was up by $230,619 to $308,415 in 2008 from $77,796 in
The net profit for this period was $543,446 or 0.01 cents per share,
compared to a net profit of $147,455 or (0.00) cents per share for the
corresponding quarter of the previous year. This quarter's profit was largely
due to the management services revenue to related parties and a general
reduction in operating expenses.
For more information on these results, please refer to Plaintree's
financial statements together with the related management's discussion and
analysis report, copies of which can be obtained from the Company's website at
www.plaintree.com and/or under Plaintree's name at www.sedar.com.
Plaintree continues to investigate sources of financing. However, if the
Company is not successful in obtaining the necessary funding, continuation of
the existing business may not be viable. There can be no assurance that the
Company will be able to raise additional capital or that anticipated revenues
will materialize or be at a level sufficient to sustain Plaintree's
operations. Should these funding options not materialize, the Company may
About Plaintree Systems
Ottawa-based, Plaintree Systems Inc. (www.plaintree.com), founded in 1988
provides management services and specializes in developing optical wireless
communications equipment for the Local Area, Wide Area, Voice, Internet and
Plaintree is publicly quoted in the U.S. on the OTC BB (LANPF), with
90,221,634 shares outstanding.
This press release may include statements that are forward-looking and
based on current expectations. The actual results of the company may differ
materially from current expectations. The business of the company is subject
to many risks and uncertainties, including changes in markets for the
company's products, delays in product development and introduction to
manufacturing and intense competition. For a more detailed discussion of the
risks and uncertainties related to the company's business, please refer to
documents filed by the company with the U.S. Securities and Exchange
Commission, including the Company's Form 20-F dated August 25, 2006.
For further information:
For further information: Lynn Saunders, (613) 623-3434