| September 11, 2000
TURBOSONIC TECHNOLOGIES, INC. (OTC
Bulletin Board – TSTA) today announced the following operating results for
its fiscal year ending June 30, 2000:
|
Year Ended |
|
06/30/2000 |
06/30/1999 |
|
_______US Dollars_______
|
| Total Revenues |
$ 6,181,562 |
$ 3,856,842 |
| Net Income before Extraordinary Item |
$ 30,940 |
$ 169,311 |
| Extraordinary Item |
$ --- |
$ 113,358 |
| Earnings Per Share |
$ 0.003 |
$ 0.017 |
| Weighted Average Number of Shares Outstanding |
10,000,000 |
10,000,000 |
Edward F. Spink, TurboSonic’s Chairman and CEO, stated: "This was an
excellent year for TurboSonic with record-breaking sales showing a 60%
increase over last year and more than double 1998 sales. The Company is on
track to meet its strong growth objectives. We sold four
Wet Electrostatic Precipitator (WESP)
units to Eastman Kodak
and one WESP unit to a company in the industrial ceramics business.
Furthermore, despite incurring significant redesign, engineering and
marketing costs in connection with returning the WESP technology to
its state-of-the-art status, we have continued to remain profitable.
The redesign was necessary to meet the new, more stringent
regulations which governments and public pressure are creating, resulting in
increasing demand for high-performance air pollution control equipment".
Mr. Spink added, "Our current business climate indicates a significant
growth in demand for the WESP technology, which was acquired through our
merger with Sonic Environmental Systems. The investment in redesign, the
increase in marketing resources and the hiring of additional engineering
personnel, positions the Company to meet the increasing demand from industry.
We are confident that this investment will lead to continued sales growth and
profitability in this and future years".
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
|