PowerComm Inc. Reports 2009 Year End Results

    EDMONTON, June 26 /CNW/ - PowerComm Inc. (PCG:TSX) ("PowerComm" or the
"Corporation") today announced its results for the fiscal year ended March 31,
2009 ("Fiscal 2009"). The Corporation is reporting a loss in Fiscal 2009 of
$10,837,000 or $0.15 per share on a fully diluted basis. A large portion of
the loss is a result of the Corporation writing off the entire goodwill
component on its balance sheet.
    Operations showed Revenues growing to $71,000,000 with three of the four
operating segments showing growth. The fourth quarter results were notably
disappointing with the economic slowdown affecting all sectors of the
    The Corporation implemented cost cutting measures late in the third and
fourth quarters of Fiscal 2009 and into the first quarter of the fiscal year
ending March 31, 2010 ("Fiscal 2010"). "Our goal was to reduce overheads and
fixed costs by $4,000,000 annually," said Wayne Rutherford, President and CEO.
"The effect of these reductions will be realized throughout Fiscal 2010," he
    In the first quarter of Fiscal 2010, PowerComm was in violation of
covenants relating to its revolving bank loan and has entered into an
agreement with its lender whereby the lender has agreed to forbear from
demanding or commencing any action to collect the loan until October 15, 2009.
    In addition, the Corporation announced the resignation of Mr. Phillip
Lachambre from the Board of Directors citing personal reasons. "We would like
to thank Phil for his exceptional assistance to the company, and wish him well
in his future endeavours," said Mr. Rutherford, President and CEO. "We expect
to be announcing a replacement director shortly," he concluded.
    Complete financial information, including the Corporation's Fiscal 2009
audited financial statements, management discussion and analysis and annual
information form may be viewed at the Corporation's profile at www.sedar.com.

    Reader Advisory

    The news release contains certain forward-looking statements, including
management's assessment of future plans and operations and capital
expenditures and the timing thereof, that involve substantial known and
unknown risks and uncertainties, certain of which are beyond PowerComm's
control. Such risks and uncertainties include, without limitation, risks
associated with the Corporation's ability to market successfully to current
and new customers; supply and demand for PowerComm's services and products and
industry activity levels; capital expenditure programs; projections of
commodity prices and costs; the Corporation's ability to obtain material and
equipment from suppliers; operating risk liability; expansion of services and
products by internal growth or acquisition; the Corporation's ability to
obtain additional financing on satisfactory terms; the impact of general
economic and industry conditions; changes in laws and regulations (including
the adoption of new environmental laws and regulations) and changes in how
they are interpreted and enforced; competitive conditions; the lack of
availability of qualified personnel or management; fluctuations in foreign
exchange or interest rates, stock market volatility; and obtaining required
approvals of regulatory authorities. PowerComm's actual results, performance
or achievements could differ materially from those expressed in, or implied
by, these forward-looking statements and, accordingly, no assurances can be
given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits, including the
amount of proceeds, that PowerComm will derive therefrom. Readers are
cautioned that the foregoing list of factors is not exhaustive. All subsequent
forward-looking statements, whether written or oral, attributable to PowerComm
or persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as of the date of this news release
and PowerComm does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be required by
applicable securities laws.

For further information:

For further information: Wayne R. Rutherford, President and Chief
Executive Officer or J.D. Snowdon, Executive Vice President Corporate Services
at (780) 465-7038 or at info@powercomm.ca

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