Clearford Announces 2010 Results
Ottawa, Ontario – (April 29, 2011) – Clearford Industries Inc. (“Clearford” or the “Company”),(TSX-V:CLI) today reported its operating and financial results for the fiscal year ending December 31, 2010.
Review of 2010
Clearford focused in 2010 on intellectual property protection and business development activities in Part II countries, as defined by the World Bank. Specific activities in India, Maldives, Peru, Colombia, and China have resulted in Clearford being selected for project delivery subject to final contract terms and financing. Regional Development Banks and other international aid and charitable organizations combine resources with national, state and local governments to fund sanitation systems which are key to improving the health and quality of life for nearly 45% of the world’s population. Across this diverse geography, Clearford is offering a proprietary wastewater collection and treatment system with substantially lower capital and operating cost than traditional sewer and central treatment systems. Key features of the system include:
• Distributed anaerobic digestion of solids and collection of effluent.
• Biogas for energy and consistent quality and flow of effluent for treatment.
• Effective operation with low and variable water use/sewage flow.
• Installation with hand labour and/or light equipment.
• Minimal operational expertise and very low maintenance.
• Approved within existing regulations.
Clearford configures its patented system to meet local requirements and contracts with national and regional construction firms for its installation.
Mr. Bruce Linton, President & CEO stated “a meaningful and growing list of retro-fit and new construction projects have selected the Clearford system. The remaining requirement is to establish funding from the available sources.”
For the fiscal year ended December 31, 2010 the Company recorded a net loss of $2,684,751 or $0.07 per share as compared to a net loss of $2,026,638 or $0.08 per share for the prior year. The Company reported revenue of $171,658 and expenses of $2,818,102 in the current year compared to revenue of $4,000 and expenses of $2,245,711 in the prior year. The increase in loss mainly relates to increased costs incurred in support of the Company’s international initiatives.
The Company recorded a net loss for the fourth quarter ended December 31, 2010 of $1,045,000 or $0.02 per share as compared to a net loss of $680,000 or $0.02 per share for the same period of the prior year and a net loss of $530,000 or $0.01 per share for the third quarter of 2010. This increase in expenses during the quarter mainly related to international initiatives, professional fees and investor relations.
For the year ended December 31, 2010, cash used in operations was $2,675,318 compared to cash used in operations of $1,536,474 for the prior year. The change in cash used in operations was due to increased costs incurred in support of international initiatives, the settlement in the prior year of the working capital adjustment relating to the divestiture of Brooklin Concrete, as well as operating expense prepayments.
All figures are reported in Canadian dollars and in accordance with Canadian GAAP.
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) is the developer of the patented Small Bore Sewer ™ (SBS™), a watertight small diameter wastewater collection system that provides servicing with superior operational and environmental performance at a significantly lower cost when compared to historic gravity sewers. Clearford’s SBS™ technology and industry expertise provide the enabling platform to deliver, on a global basis, turnkey, fixed-price wastewater collection, treatment and energy generation solutions that are ideally suited for water-scarce regions, those with unreliable water distribution networks, and new developments seeking a greener approach to water and wastewater management. For more information on Clearford, please visit www.clearford.com.
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management. Forward-looking statements are not historical facts but represent managements current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, Clearford will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third party agreements; successful integration of Clearford’s system with third party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution.
For further information:
Clearford Industries Inc.
Phone: (613) 762-8402