Cost reduction iniatives help reduce operating losses by 47,2%
TERREBONNE, QC,
For the fourth quarter of the fiscal year, ended
------------------------------------------------------------------------ ------------------------------------------------------------------------ Selected financial information For the three-month and fiscal year ended September 30, ---------------------------------------------------------------------- Q4/2009* Q4/2008* 2009 2008 ---------------------------------------------------------------------- Revenues 171,549 438,188 951,551 1,455,279 Net Loss (375,203) (1,378,268) (1,573,999) (3,066,529) Basic and diluted loss per share (0.01) (0.03) (0.04) (0.08) * unaudited ---------------------------------------------------------------------- ------------------------------------------------------------------------ ------------------------------------------------------------------------
Additional fiscal year highlights
- Power Tech signs a letter of intent to purchase all outstanding shares of a construction, and agricultural wear and tear parts manufacturer wishing to seize the opportunities created by a large number of regional niche players in Northeast Canada, the transaction would bring potential operational and business development synergies. - Power Tech completes a private placement financing for a gross amount of $ 648,250. - Significant commercial milestones attained: - First units of Series 5000 PicBucket(R) sold in North America targeting 20 to 30 ton excavators, one of the largest and most lucrative markets. - First deliveries to our European OEM partner, Montabert S.A.S complementing orders from our North-American OEM partner, NPK Construction Equipment. - Ten units sold in Saudi Arabia, through a local distributor offering a technological showcase that will allow for the development of the large Saudi Arabian and Persian Gulf markets. ------------------------------------------------------------------------ ------------------------------------------------------------------------
Additional financial details about the Fiscal year ended September 30, 2009
Additional financial details in regards to the fiscal year ended
Outlook
The Company's current focus is to successfully complete the purchase of all outstanding shares of a construction, and agricultural wear and tear parts manufacturer. The company believes it can clearly benefit by consolidating regional niche players in Northeast
The Company's immediate goal is to secure the necessary financing to complete this transaction. As such there are no guarantees that such a financing can be completed, nor any guarantees it can be completed in a timely manner. Management is however dedicating every necessary effort to ensure the completion of this transaction as soon as possible.
Overall the Company wishes to fund its capital requirements mainly by way of cash flows generated from operations and, if necessary through additional capital. The Company's ability to generate sufficient short-term and long-term capital depends on various factors, including general economic conditions, technological advancements, market acceptance of its products and competition. Generally speaking, there can be no assurance that the Company will generate short and long-term capital under terms and conditions satisfactory to the Company.
Disclaimer in regards to Forward looking statements disclaimer
Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
About Power Tech (www.powertechci.com)
Power Tech is the only company in the world that manufactures and commercializes percussion technology with interchangeable tools and accessories for the construction, demolition and military industries.
Power Tech's percussion technology is a technological breakthrough that combines the power of a hydraulic hammer with the stripping force and manoeuvrability of a conventional bucket. Power Tech's products are marketed under the PicBucket(R) and PicHammer(R) names as well as under world renowned private label brands through OEM agreements with large manufacturers.
The trademarks PicBucket(R), PicHammer(R) and the Power Tech logo are registered trademarks of Power Tech
%SEDAR: 00020841EF
For further information: Mr. Carol Murray President and Chief Executive Officer, Power Tech Corporation Inc., (450) 963-6400 #101, Fax: (450) 963-4411, [email protected]
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