October 5, 1999
TURBOSONIC TECHNOLOGIES, INC. (OTC Bulletin Board - TSTA) today announced the following audited
operating results for its fiscal year ending June 30, 1999:
| Year Ended |
| 6/30/99 |
6/30/98 |
| _______US Dollars_______ |
| Total Revenues |
$ 3,856,842 |
$ 2,848,560 |
| Net Income (loss) |
$ 169,311 |
($1,041,895) |
| Net Income (loss) Per Share |
$0.02 |
($0.12) |
| Weighted Average Number of Shares Outstanding |
10,000,000 |
8,609,707 |
Edward F. Spink, TurboSonic's Chairman and CEO, stated: "I am very pleased that the Company has
demonstrated a significant turn-around in its operating results, with a profit of $169,000 in fiscal
1999 as compared to a loss of $1,042,000 in the prior fiscal year. The significant sales increase of
approximately 35% over the prior year confirms that our efforts to commercialize several new products
and establish new markets for our products continue to be successful. Furthermore, we reduced our
selling, general and administrative expenses by $546,000 in fiscal 1999 to 36.4% of revenues as
compared to 68.5% for the prior fiscal year, thereby favorably impacting our financial ratios."
Mr. Spink also stated that the Company's discussions with several multi-national companies to
develop strategic alliances that will further its worldwide marketing initiatives were progressing.
The Company is also in discussions with a Canadian technology development company to form a joint
venture whose purpose would be to commercialize its technology in conjunction with the Company's
air pollution control technology.
TurboSonic Technologies designs and markets proprietary air pollution control technologies to
industrial customers worldwide. Its products are designed to meet and exceed the strictest emissions
regulations, improve performance, reduce operating costs and recover valuable by-products. Industries
served include Pulp & Paper, Metals & Mining, Cement, Waste Processing & Incineration, Power Generation
and Petrochemicals.
Certain statements in this press release are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual results, performance or
achievements to be materially different from the results, performance or achievements expressed or
implied by the forward looking statement. Factors that impact such forward looking statements include,
among others, changes in worldwide general economic conditions, changes in interest rates, government
regulations, and worldwide competition.
For further information, contact:
Patrick Forde, President
TurboSonic Technologies, Inc.
550 Parkside Drive, Suite A-14, Waterloo, Ontario, Canada N2L 5V4
Phone: (519) 885-5513, Fax: (519) 885-6992
|
