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28/05/2009 Clearford Announces Results for the First Quarter of Fiscal Year 2009 Ottawa, Ontario – (May 28, 2009) – Clearford Industries Inc. (“Clearford” or the “Company”, TSX-V: CLI) today announced financial results for the first quarter of 2009, which ended March 31, 2009, with the loss reduced by 85% from a year ago (all figures in Canadian dollars and in accordance with Canadian GAAP). The Company recorded a net loss for the first quarter ended March 31, 2009 of $468,530 or $0.02 per share as compared to a net loss of $3,303,268 or $0.13 per share for the same period of the prior year and a net loss of $1,148,649 or $0.04 per share for the fourth quarter of 2008. The net loss for the prior year’s same quarter includes a loss from the discontinued Brooklin operations of $2,756,907 and a loss from the Wastewater operations of $546,361. The Company reported no revenue in the quarter. For the first quarter of 2009, cash used in continuing operations was $489,352 compared to cash used in continuing operations of $578,027 for the same period of the prior year and cash used in continuing operations of $746,170 for the fourth quarter of 2008. The Clearford Small Bore Sewer ™ (SBS™) collects municipal sewage and delivers to a treatment system a consistent flow of water containing low suspended solids. On April 20, 2009, Clearford announced its intention to provide integrated SBS™ and treatment systems utilizing MBR filtration systems from Filter Innovations Inc. and Reverse Osmosis systems from Aslan Technologies Inc. to recover potable quality water from municipal sewage. Agreements with Filter Innovations Inc. and Aslan Technologies Inc. are in process. Launch of the integrated sewage collection and treatment system is expected to be announced during the third quarter of this year. Additional capital will be required which the Company anticipates raising, in part, during the third quarter of this year. While Clearford, Filter Innovations and Aslan believe that significant and near term opportunities exist for this integrated solution there can be no assurance that customer agreements will be reached or that such agreements will be profitable should they be implemented. 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. About Clearford Industries Inc. Clearford Industries Inc. operating unit, the Wastewater Systems Division, designs and implements the patented Small Bore Sewer™ (SBS™), a watertight small diameter wastewater collection system for developers, municipalities and First Nations communities who need to create, expand or upgrade their sewage systems. This solution provides servicing with superior operational and environmental performance at a significantly lower cost when compared to historic gravity sewers. With its first installation in 1989, the SBS™ has since had several installations within Canada and the U.S. For more information on Clearford Industries Inc., please visit www.clearford.com. About Filter Innovations Inc. Filter Innovations, founded in 1992, is a leading provider of innovative treatment solutions for wastewater, groundwater, process water, and air. Current turnkey solutions include Air Scrubber Systems, Odour Control Systems, Chemical Waste Treatment Systems, Dissolved Air Flotation Systems, Engineered Filter Systems, Membrane Biological Reactor Systems, and Ultra Filtration Systems. These systems are supplied with advanced control and telemetry systems that support remote system monitoring, remote system operation, remote data logging, and remote product support. For more information, please visit www.filterinnovations.com. About Aslan Technologies Established in 1992 and based in Burlington, Ontario, Aslan Technologies is a design and manufacturing company serving the chemical and water treatment industries. Drinking water installations include numerous resort, residential communities, and golf clubhouse facilities in Ontario – including Barrie Golf & C.C., King Valley Estates, King Valley Golf & C.C., Emerald Hills Estates, Emerald Hills Golf & C.C., Kingsview Estates, The Estates of Wyndance, and the Marriot “Red Leaves” Development. For more information, please visit www.aslantech.ca. For more information contact: |
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