Clearford Announces Fiscal 2012 Q1 Financial Results and Appointment of Chief Financial Officer
OTTAWA – ( May 30, 2012 ) – Clearford Industries Inc. (“Clearford” or the “Company”), (TSXV: CLI) today announced financial results for quarter ending March 31, 2012 (all figures in Canadian dollars unless otherwise noted).
During the first quarter of the year Clearford announced the signing of its first international contract in Peru as well as a C$5.5 million financing agreement which will allow it to continue to progress on its project opportunities for the foreseeable future. The Company began delivery of the Peru contract in the second quarter.
For the quarter ended March 31, 2012 the Company recorded a net loss of $854,018 or $0.01 per share as compared to a net loss of $1,009,417 or $0.02 per share for the same period of the prior year. The Company reported no revenue and expenses of $854,018 in the quarter compared to revenue of $86,577 and expenses of $1,033,376 in the same period of the prior year. The decrease in loss mainly relates to cost containment measures undertaken by the Company at the end of the previous fiscal year.
For the quarter ended March 31, 2012, cash used in operations was $961,816 compared to cash used in continuing operations of $613,772 for the same period in the prior year.
Appointment of Chief Financial Officer
Bruce Linton, Chief Executive Officer, also announced the appointment of Mark McGuire to the position of Chief Financial Officer. “Mark McGuire joined the Company in January 2012 as Vice President of Finance and Administration, bringing more than 20 years of finance experience, ten of them in a public company. His experience will support Clearford as the Company expands its international product markets.” said Mr. Linton. Mr. McGuire replaces Mark Goudie in the CFO position. “Mr. Goudie agreed to provide his support to the Company as we completed our search for a permanent Chief Financial Officer. He was of great assistance to the Company and played a very valuable role in finalizing financial arrangements which has placed the Company on a sound financial footing.” continued Mr. Linton.”
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™) based solution, which enables the efficient collection and treatment of sewage. Its superior operational and environmental performance is achieved at a significantly lower operational cost when compared to historic gravity sewers. Clearford’s SBS™ technology and industry expertise provide the enabling platform to deliver, on a global basis, a turnkey, wastewater collection and treatment solution that are ideally suited for water-scarce regions, those with unreliable water distribution networks, and new developments seeking a greener approach to full 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