30/04/2009

Clearford Announces Results for the Fiscal Year 2008

Ottawa, Ontario – (April 30, 2009) – Clearford Industries Inc. (“Clearford” or the “Company”, TSX-V: CLI) today announced financial results for the fourth quarter and fiscal year of 2008, which both ended December 31, 2008 (all figures in Canadian dollars and in accordance with Canadian GAAP).

As a result of the previously announced divestiture of the Brooklin Concrete Division (“Brooklin Division”) on July 31, 2008, the results of operations of Brooklin for the fiscal year 2008 have been segregated to discontinued operations on the Statement of Operations. These results include Brooklin’s operating results from January to July as well as the gain on the Brooklin divestiture of $12,341,363, which is net of a working capital adjustment of $389,800. This gain has been partially offset by expenses relating to the divestiture and the full repayment of bank and convertible debenture debt, which includes $2,369,314 of transaction costs, $1,942,285 of debenture settlement expenses and $768,376 for the write-off of previous financing costs. The working capital adjustment of $389,800 was negotiated and settled during March 2009. This adjustment, which was effectively a reduction in the purchase price, will be settled through the return of 27,000 escrow units to the purchaser.

The Brooklin Division recorded net income from discontinued operations before tax for fiscal year 2008 of $6,124,352 compared to a net loss from discontinued operations of $1,390,608 for the prior year. The Wastewater Division recorded $293,305 of revenue for the fiscal year 2008 compared to $902,664 for fiscal year 2007 and recorded a loss from continuing operations before tax of $2,901,388 for fiscal year 2008 as compared to a loss from continuing operations of $2,204,347 for the prior year. The increase in the loss for the Wastewater division was mainly a result of the decrease in value of marketable securities that the Company received as partial compensation for the divestiture of the Brooklin Division. An income tax expense of $1,397,000 was recorded against the net income from the Brooklin Division discontinued operations which has been fully offset by an income tax recovery of $1,397,000 on the Wastewater Division continuing operations. Total net income for the Company for the fiscal year 2008 was $3,222,964 or $0.13 per share compared to net loss of $3,594,955 or $0.14 per share for the prior year.

The Brooklin Division recorded a net loss from discontinued operations before tax for the fourth quarter ended December 31, 2008 of $389,800 representing the accrual of the settlement of the working capital adjustment for the Brooklin Divestiture, compared to a net loss of $478,244 for the same period of the prior year. The Wastewater Division recorded $43,006 of revenue for the fourth quarter ended December 31, 2008 as compared to $777,664 of revenue for the same period of the prior year and recorded a loss from continuing operations before tax of $758,849 for the fourth quarter as compared to a loss from continuing operations of $443,537 for the same period of the prior year. Total net loss for the Company for the fourth quarter ended December 31, 2008 was $1,148,649 or $0.04 per share compared to a net loss of $921,781 or $0.03 per share for the same period of the prior year.

For the fiscal year 2008, cash used in continuing operations was $2,573,058 compared to cash used in continuing operations of $1,471,753 for the prior year and cash provided by Brooklin was $2,343,687 compared to cash used of $1,054,720 for the prior year.

Proceeds of the Brooklin disposition have provided value in the form of exchangeable units in Armtec Infrastructure Income Fund ("Armtec Units"). Value of the Armtec Units has been reduced by approximately 30% percent as at December 31, 2008 as a result of capital market conditions. Restrictions on the timing of sale of these units expose the Company to continuing market risk.

As previously announced on April 20, 2009, the Company has entered into a letter of intent to create a strategic alliance with two leading edge Ontario-based environmental companies – Filter Innovations Inc. and Aslan Technologies Inc. This strategic alliance, once formed, will provide the capability to supply communities with integrated water management solutions encompassing wastewater collection, treatment and conservation, and water distribution including potable water.

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. (TSX-V: CLI) designs and implements the patented Small Bore Sewer™ (SBS™), a watertight small diameter wastewater collection system for developers, municipalities and communities who need to create, expand or upgrade their sewage systems. The SBS™ 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 .

For more information contact:
Mr. John Kelly
President and CEO
Clearford Industries Inc.
Phone: (613) 599-6474 ext. 307
www.clearford.com