February 15, 2002
TurboSonic Technologies Reports Second Quarter and Six Month Operating Results
|Three Months Ended||Six Months Ended|
|US Dollars||US Dollars|
|Net (Loss) Income||$||(203,311)||$||71,015||$||(159,238)||$||(11,227)|
|Net Income Per Share||$||(0.019)||$||(0.007)||$||(0.015)||$||(0.001)|
|Weighted Average Number of Shares Outstanding||10,507,250||10,000,000||10,507,250||10,000,000|
Commenting on the Company's results, Edward Spink, TurboSonic's Chairman and CEO, said, "the decline in sales and earnings for the six month and three month periods was primarily due to a delay in the placement of orders as a result of the economic uncertainty in our target markets caused by the worldwide recession. Product enquiries and proposals currently are at an all time high level and bode well for the future; and we expect order placement to return to more normal levels over the remainder of 2002."
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 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