May 14, 2002
TurboSonic Technologies Reports Third Quarter and Nine Month Operating Results
|Three Months Ended||Nine Months Ended|
|US Dollars||US Dollars|
|Net (Loss) Income||$||(116,258)||$||338,128||$||(275,496)||$||(349,355)|
|Net Income Per Share||$||(0.011)||$||(0.034)||$||(0.026)||$||(0.035)|
|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, "I am pleased to report that revenues for the third quarter were significantly higher than the second quarter and earnings are also improving. I previously reported that product enquiries and proposals are at an all time high level and that I expected order placement to return to more normal levels. I can now report that we are seeing a significant increase in orders, indicating profitability should return in fiscal 2003."
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