ARISE Technologies Corporation Announces Second Quarter Financial Results.KITCHENER, Ontario -- ARISE Technologies Corporation (TSX-V: APV APV See: Adjusted Present Value ) announced yesterday the financial results for the second quarter ended June 30, 2004. The Company's overall Q2 Sales of $599,328 declined 4% from $623,726 in Q2 2003. Sales from the TEAM project were nil in the second quarter due to delays in starting phase two of the project compared to $111,736 or 18% of sales in Q2 2003. The Company's Q2 2004 Net Loss was $520,654 compared to $248,522 in Q2 2003. The Company experienced an increase in expenses due to a non-cash expense associated with the issuance of 250,000 shares for the EMJ EMJ Emergency Medicine Journal Distribution Partnership Agreement, increased expenses related to thin-film photovoltaic research at the University of Toronto Research at the University of Toronto has been responsible for the world's first electronic heart pacemaker, artificial larynx, single-lung transplant, nerve transplant, artificial pancreas, chemical laser, G-suit, the first practical electron microscope, the first cloning of T-cells, and higher costs associated with being a public company. Ian MacLellan, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. today stated, "The second quarter was challenging, thus we made some major changes in our approach such as implementing the EMJ partnership on May 31st. The main reason for lower sales in Q2 was the tight cash position of the Company which reduced the level of our inventory for prospective customers, industry wide shortages in solar photovoltaic modules due to dramatic growth in Germany, Japan and the US which increased delivery times from our suppliers, and a cold wet spring which slowed the start of the installation season in Ontario. Over the last several months, we have responded to this situation by reorganizing the Company to increase customer satisfaction, lower our cost structure and position us on a new approach to reach profitability. Despite these challenges, sales of the Value Added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. Distribution part of the business still grew 17% over the same period last year. We expect that the TEAM project will pick up over the next three quarters as we complete it by March 31, 2005. We have the strongest project backlog in the history of the Company and recently hired a new engineer to help with the increased workload. We continue to be optimistic about the future of solar energy and the growth prospects for ARISE". About ARISE ARISE (Appropriate, Renewable, Intelligent, Sustainable, Energy) is dedicated to accelerating the use of solar energy in mainstream North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. markets. It has a value added distribution network of over 150 solar energy dealers across Canada. ARISE is also commercializing proprietary solar energy components including a patented thin-film solar cell technology that is being developed in partnership with Komag, Inc. and the University of Toronto. The company's stock and warrants are listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbols APV and APV.WT. Additional information is available at www.sedar.com and www.arisetech.com. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. ARISE Technologies Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:APV) (TSX VENTURE:APV.WT) |
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