Radiant Energy Corporation Announces 2008 Year End Results
March 06 2009 - 9:11PM
Marketwired
Radiant Energy Corporation (TSX VENTURE: RDT) ("Radiant" or the
"Company") (amounts in U.S. dollars), the developer and marketer of
radiant aircraft de-icing systems, announced its results for the
year ended October 31, 2008, which are also available on SEDAR.
The Company reported a loss of $3,831,130, or $0.02 per share
for the year ended October 31, 2008 compared with a loss of
$6,255,826, or $0.06 per share for the year ended October 31, 2007.
Losses in 2007 were impacted significantly by the write-off of a
deicing facility in Norway of $3,136,985. The results of the
Company's Norwegian operations have been reported as a discontinued
operation in the Company's consolidated financial statements
following a decision during the year to cease the operation. The
loss reported for 2008 from the Company's continuing operations was
$3,534,365 compared with a loss for the 2007 year of $1,712,936.
Revenues of $270,760 for the year ended October 31, 2008 were
marginally higher than in 2007, however expenses incurred to
operate the deicing facility were much higher, as were operating
expenses which increased as a result of a new management team,
marketing initiatives and professional fees. Losses from the
discontinued operation were reduced significantly in 2008, as the
negative impact of a large expense recorded in respect of a VAT tax
assessment in Norway were offset by gains from debt settlements,
the disposal of the deicing facility and foreign exchange
translation gains.
For the three months ended October 31, 2008, the Company
reported income of $759,169 compared with a loss of $2,062,211 for
the three-month period ended on October 31, 2007. The loss from
continuing operations of $858,259 for the three-month period in
2008 was $548,801 higher than the loss of $309,458 in 2007. The
Company incurred a debt settlement loss of $153,893 in the 2008
fourth quarter compared with debt settlement gains of $373,561 in
the prior year. Income of $1,617,428 was reported from the
discontinued operation for the three-month period ended October 31,
2008, higher by $3,370,181 when compared with a loss of $1,752,753
in 2007. Losses in the previous year resulted from the write-off of
the Norway facility, while income in the three month period ended
October 31, 2008 resulted from debt settlement gains, gains related
to the disposal of the facility and foreign exchange translation
gains.
About Radiant Energy Corporation
Radiant is the developer and marketer of Radiant Deicing
Systems. The Company's product is the only non-glycol based
alternative approved by the US Federal Aviation Administration for
the pre-flight ground deicing of aircraft. Aircraft deicing with
Radiant's technology offers savings to airports and airlines over
the use of conventional glycol-based deicing systems, reducing
aircraft treatment costs and significantly reducing the negative
impact of glycol on the environment.
This press release contains "forward-looking statements",
including statements regarding the business and anticipated
financial performance of Radiant Energy Corporation, which involve
risks and uncertainties. All statements, other than statements of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements, regarding
financial and business prospects and financial outlook) are
forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of the Company based on
information currently available to the Company. Forward-looking
statements are subject to a number of risks, uncertainties and
assumptions that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, among other things,
changes in general economic and market conditions, changes to
regulations affecting the Company's activities, and uncertainties
relating to the availability and costs of financing needed in the
future. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the
inherent uncertainty therein.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Radiant Energy Corporation Larrie Shepherd President
and Chief Executive Officer (416) 922-8778
Radiant Energy Corp (TSXV:RDT)
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