Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - Reports a 6-month Fiscal Period Revenue Increa
June 24 2008 - 9:30AM
PR Newswire (US)
BELLINGHAM, Wash., June 24 /PRNewswire-FirstCall/ -- Essential
Innovations Technology Corp. (OTC:ESIV) (BULLETIN BOARD: ESIV)
(FRANKFURT: E6S) a United States-based Geoexchange Company, is
pleased to report that it has seen a dramatic increase in positive
revenue growth from its wholly-owned manufacturing subsidiary when
compared to the same 6-month period from the last fiscal year. "As
it relates specifically to the sales revenues for our manufacturing
subsidiary, Essential Innovations Corp. ("EIC"), we're very happy
to report revenue growth of 61% for the 6 months ended April 30,
2008. In particular, this is representative of the strongest second
quarter in our firms' history with our manufacturing business
recording $200,867 USD in direct sales of our proprietary
Geoexchange equipment during the period. As we look ahead to
results for the third quarter of Fiscal 2008, given that EIC
presently has some $500,000 CAD (+/-) worth of equipment in
production or as backlog, we anticipate that EIC can achieve a
quarterly growth rate on par with, or even greater than this
current rate, when the EIC sales figures for the quarter ended July
31, 2008, are formally reported later this year," said Jason
McDiarmid, President/CEO, ESIV. Essential Innovations Technology
Corp. provides cutting-edge Geoexchange solutions for residential,
commercial and industrial applications as both a manufacturer of
proprietary geothermal heat pump technology and as a Geoexchange
energy service company. The Company was incorporated in April 2001,
and it has four wholly owned subsidiaries located in British
Columbia, Canada and in Hong Kong, SAR, China. Geoexchange
technology harnesses the earth's clean, renewable thermal energy
stored just below the surface or in large bodies of water for
purposes of heating, cooling, domestic hot water and/or
dehumidification. A Geoexchange system is used to "exchange" the
earth's natural heating and cooling properties between a building
and the ground. This non-combustion transfer of energy is the
source of performance and environmental superiority, as Geoexchange
systems need only a small amount of electrical energy to then
capture, move and concentrate a large amount of free energy
provided by the earth. Forward-Looking Statements This news release
contains "forward-looking statements," as that term is defined in
Section 27A of the United States Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Statements in this
press release, which are not purely historical, are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Investors are
cautioned that such forward-looking statements involve risks and
uncertainties. These statements include, but are not limited to,
statements that do not describe historical facts and statements
that include the word "believes," "anticipates," "expects,"
"plans," "intends," "designs," "projects," "assumes," or similar
language, as well as statements regarding consumer or marketplace
acceptance of the Company's new or existing products; comments
concerning marketing and consumer acceptance of proprietary
products; the potential benefits of Essential Innovations'
products; initiatives undertaken by the Essential Innovations'
divisions; the Company's research, manufacturing and facilities
expansion programs; and the Company's growth, revenue, or projected
earnings; all such statements which may or may not occur in the
future. These forward-looking statements are made as of the date of
this news release, and Essential Innovations Technology Corp.
assumes no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that the beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no absolute
assurance that such belief, plans, expectations or intentions will
prove to be completely accurate. Investors should consult all of
the information set forth herein and should also refer to the risk
factors disclosure outlined in our periodic reports filed from time
to time with the Securities and Exchange Commission. DATASOURCE:
Essential Innovations Technology Corp. CONTACT: Investor Relations
Inquiries, Allegiant Financial Group, 1-866-669-8098; or Jason
McDiarmid, President & CEO of ESIV, +1-360-392-3902, fax,
+1-360-733-3941, Web site: http://www.eitechcorp.com/
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