PowerTech reports his results for its first quarter of 2010
TERREBONNE, QC, Feb. 25 /CNW Telbec/ - PowerTech Corporation Inc. "PowerTech" (TSX-V: PWB) today reported its results for the first quarter ended December 31, 2009. Revenues are to $65,676 compared to $423,059 for the same quarter last year. The unaudited net loss for the quarter increased to $457,878 ($0.01 per share) compared to a net loss of $325,170 ($0.01 per share) for the same period last year.
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Selected financial information
For the three-month period ended
December 31*
Q1/2010 Q1/2009
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Revenues $65,676 $423,059
Net loss ($457,878) ($325,170)
Basic and diluted loss per share ($0.01) ($0.01)
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* unaudited
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Additional Highlights
- Concluded a third "OEM type" white label agreement and received
orders for $300 000:
- This recently announced agreement reinforces PowerTech's current
international network and confirms worldwide acceptance for the
PicBucket(R) technology and generated immediate orders.
- Delivered the first specially designed Series 5000 PicBucket(R) for
concrete recycling.
- Signed letter of intent to acquire a wears parts manufacturer:
- The Company is completing the financing to conclude the acquisition
- This acquisition will generate many synergies and provide new
opportunities for both companies.
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Mr. Carol Murray, President and Chief Executive Officer of PowerTech stated: "We are somewhat disappointed with these results but we did expect such down turn due to the current worldwide economic conditions. Fortunately, previously taken measures to reduce operating costs to weather the storm was the right thing to do and it will serve us well when the market begins to recover. We remain excited with the growing acceptance of our technology as we continue to sign new OEM partners throughout the world."
Additional financial details about the quarter ended December 31, 2009
The financial information in regards to the three-month period ended December 31, 2009 should be read in conjunction with the financial statements and the interim management and discussion analysis dated December 31, 2009. These documents will be available at www.sedar.com within the regulatory filing requirements.
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 Canada which would allow for the elimination of many duplicate products and the potential for operational and business development synergies. This acquisition could create a springboard for future acquisitions that would quickly translate into an improved financial profile.
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.
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 PowerTech (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 Canada Inc.
%SEDAR: 00020841EF
For further information: Mr. Carol Murray, President and Chief Executive Officer, PowerTech Corporation Inc., (450) 963-6400 #101, Fax: (450) 963-4411, [email protected]
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