February 9, 2000
TURBOSONIC TECHNOLOGIES, INC. (OTC Bulletin Board - TSTA) today announced the following
unaudited operating results for its three month and six month fiscal periods
ending December 31, 1999:
|
Three Months Ended |
Six Months Ended |
|
12/31/99 |
12/31/98 |
12/31/99 |
12/31/98 |
|
_______US Dollars_______
|
_______US Dollars_______
|
| Total Revenues |
$ 1,622,189 |
$ 1,016,421 |
$ 2,649,153 |
$ 2,000,300 |
| Net Income |
$ 70,814 |
$ 46,883 |
$ 1,047 |
$ 48,254 |
| Net Income Per Share |
$ 0.007 |
$ 0.005 |
$ 0.000 |
$ 0.005 |
| Weighted Average Number of Shares Outstanding |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
Edward F. Spink, TurboSonic's President and CEO, stated that "Our Fiscal 2000 sales to date,
when combined with our backlog of US$1,476,000, a total of US$4,125,000, already exceeds our total
revenues of US$3,857,000 for fiscal 1999. Based upon anticipated orders for the remainder of this
fiscal year, we project that our total revenues for fiscal 2000 will exceed US$5,500,000. Working
capital has also shown a significant increase of US$101,570 to US$583,784." Mr. Spink went on to
say that "the projected revenues for fiscal 2000, if achieved, would almost double those of fiscal
year 1998 and would reflect annual increases of 35% and 43%, respectively. Therefore, in my opinion,
based upon these actual and projected results, our shares are undervalued and are not reflective of
the true value of our Company."
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
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