Seair Reports 3rd Quarter Results

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EDMONTON, July 26, 2012 /CNW/ - Seair Inc. (SDS:TSX Venture Exchange) today released its unaudited financial statements for the quarter and nine months ending May 31, 2012.

Revenue for the quarter ending May 31, 2012 was $976,550, a decrease of 44% from the third quarter of fiscal 2011. Revenue from Seair's fleet of portable wastewater treatment units was up $256,000 from the prior year and constituted 95% of total revenue for the quarter. An early spring break-up and the associated road bans led to an earlier than expected end to the primary winter rental period for the portable treatment units. Nonetheless, summer activity for the rental fleet is expected to be higher than years past as a result of unit deployments in early July 2012. Moreover, Seair is anticipating very strong fleet deployment again in winter 2012/13.

In the third quarter of fiscal 2011 there was over $1 million of revenue from produced water treatment and oil sands dewatering equipment sales with no corresponding revenue in the third quarter of fiscal 2012. Seair continues to pursue sales in these product lines but at this early stage of commercialization the frequency and magnitude of sales is unpredictable.

Gross profit for the quarter ending May 31, 2012 was $628,479 compared to $1,383,758 in the quarter ending May 31, 2011. This $755,279 decrease in gross profit is due to lower equipment sales revenue.

Total operating expenses increased by $761,203 to $1,899,531. Non-cash items (stock-based compensation and amortization of sewage treatment units) contributed $306,725 of this change (40%). Salaries and benefits also increased as a large portion of the seasonal portable wastewater treatment plant service crews were retained to accelerate unit maintenance, repair and preparation for redeployment in anticipation of increased summer activity levels and full deployment again in winter 2012/13.

Net loss for the quarter ending May 31, 2012 was $1,269,271 compared to net income of $228,320 for the corresponding quarter in fiscal 2011.

The complete financial statements are available at www.sedar.com.

About Seair

Seair develops proprietary equipment that diffuses gases, such as oxygen, ozone and carbon dioxide, into liquids. Seair's patented technologies can produce extremely small bubbles which are more efficient than other diffusion technologies. The result is a stable condition, where gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. This, in turn, facilitates gas-based treatment of complex and challenging wastewater and allows Seair to provide full water reuse and closed loop systems.

Seair applications include frac and produced water treatment, efficient aeration of industrial ponds, mine dewatering, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment, and oil sands/SAGD water solutions.

Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to [email protected] or visit the Seair website at www.seair.ca.

This news release contains forward-looking statements relating to the future operations of the Seair Inc. and other statements that are not historical facts.  Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions.  Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements.  Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect.  Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Seair Inc.  As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information.  Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.  Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this news release are made as of the date of this news release, and Seair Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

NEITHER THE 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.

SOURCE: SEAIR Inc.

Harold Kinasewich
Seair Inc.
T: 780 477 7188
F: 780 477 6622
E: [email protected]