September 11, 2000
—
filed under:
Financial News,
FY 2000
TurboSonic Technologies Announces Record Sales Up 60% And Profitable Operating Results For The Year Ended June 30, 2000
TURBOSONIC TECHNOLOGIES, INC. (OTC Bulletin Board – TSTA) today announced the following operating results for its fiscal year ending June 30, 2000:
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
| 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
