| November 14, 2002
TURBOSONIC TECHNOLOGIES, INC. (OTC
Bulletin Board – TSTA), a leading provider of air pollution control technology,
today announced it has returned to profitable operations with increased revenues and an
operating profit for the first quarter of fiscal 2003.
The Company’s unaudited results for the first quarter of fiscal year 2003 are summarized as follows:
| |
Three Months Ended |
| |
9/30/02 |
9/30/01 |
| |
_______US Dollars_______ |
| Total Revenues |
$ 2,229,183
|
$ 2,104,073
|
| Net Income (Loss) |
31,984
|
44,073
|
| Net Loss Income Per Share |
0.003
|
0.004
|
| Weighted Average Number of Shares Outstanding |
10,507,250 |
10,132,776 |
Commenting on the Company's record results, Edward Spink, TurboSonic's
Chairman and CEO, said "we are very pleased our operations have returned to profitability after
a very difficult year. Product enquiries and proposals have been steadily increasing and the US
economy seems to be improving, all of which should contribute to a profitable year for 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 Incineration,
Power Generation, Wood Products 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
|
