JER Envirotech Announces Record Financial Results for Q1 2009
January 30 2009 - 5:00PM
Marketwired
JER Envirotech International Corp. (TSX-V: JER) (FRANKFURT: KFTB)
("JER") is pleased to announce its unaudited financial results for
the first quarter ended November 30, 2008.
Highlights for the quarter were as follows:
* Achieved record revenues of $919,381, up 132% over the same
quarter in fiscal 2008 at $396,856. Q1 revenues are almost at par
with Q4 2008 at $1,126,515. The increase in sales is primarily
attributed to the growing use of the Company's biocomposite
pellets.
* Received the 2009 Frost & Sullivan North American
Technology Innovation of the Year Award in the field of
Biocomposites, in recognition of its outstanding development of low
cost 'green' biocomposites. The award is bestowed upon a company
that has carried out new research, which has resulted in
innovation(s) that have or are expected to bring significant
contributions to the industry in terms of adoption, change, and
competitive posture;
* Net loss for the quarter from continued operations was
$1,278,222 as compared to a net loss of $1,465,222, representing a
13% improvement over the same period last year.
"We are very pleased with our performance during Q1 2009 despite
a very challenging economic landscape, as it reflects the strong
growth we experienced in fiscal 2008," states Ed Trueman, JER's
President and CEO. "As a biocomposite manufacturer offering wood
and other natural fiber alternatives, we are in an enviable
position of supplying products to any number of industries,
including the manufacturing, decking and toy industries. JER is
focused on realization of its potential within the global
marketplace.
"Equally importantly, we enable our customers to manufacture
high quality products, while making socially and fiscally
responsible decisions. Combined with the ever-expanding reach of
our sales and marketing team as well as an increase in product
partnerships such as that with Sprig Toys earlier this year, these
factors are contributing to sustainable revenue growth, as
evidenced by strong results for Q1. During Q1 2009, JER's compound
business unit met management's performance expectations."
Quarter over quarter revenue performance for fiscal 2009, 2008,
2007 and 2006 was as follows:
-***-
Q1 Q2 Q3 Q4 Total
2006 $78,102 $151,158 $162,435 $36,227 $427,922
2007 $85,272 $52,825 $166,827 $581,964 $886,888
2008 $396,856 $423,859 $653,980 $1,130,525 $2,605,220
2009 $919,381 - - - $919,381
-****-
To view the associated graph please copy and paste this link
into your browser: http://www.usetdas.com/images/JER/jer.bmp
Announcement of CTO Retirement
"Mr. Peter Kelly has elected to retire as Chief Technology
Officer for JER. Mr. Kelly has served with outstanding distinction
over the last two years. We are also pleased that he has agreed to
serve as a special consultant to the business on an on demand
basis," states Edward Trueman. "We are very grateful for Peter's
contribution in advancing the Company's leadership and technology
position in the biocomposite marketplace."
About JER Envirotech International Corporation
JER is a global supplier of thermoplastic biocomposite compounds
and sheeting. The Company's patented technology utilizes waste or
by-product materials, such as wood fiber or rice hulls, to produce
environmentally-friendly alternative products for applications in
the construction, transport, automotive and toy industries. The
Company currently has a range of biocomposite formulations which it
developed in collaboration with the National Research Council -
Industrial Materials Institute of Canada.
JER is publicly-traded on the TSX Venture Exchange (TSX) under
the symbol "JER" and on the Frankfurt Stock Exchange under the
symbol "KFTB." For more information, visit
www.jerenvirotech.com.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. This news release contains
certain forward-looking statements that reflect the current views
and/or expectations of JER Envirotech International Corp. with
respect to its performance, business and future events. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, those relating to
changes in the market, potential downturns in economic conditions,
foreign exchange fluctuations, demand for thermoplastic
biocomposites, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. JER Envirotech International Corp. does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements.
Distributed by Filing Services Canada and retransmitted by
Marketwire
Contact: JER Envirotech International Corporation Mr. Ji Yoon
Chief Financial Officer International: +1 (604) 940-9262 Email
Contact Email: Email Contact Website: www.jerenvirotech.com
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