ARISE Technologies Corporation Announces Third Quarter Financial Results And Over $200,000 Of Additional Funding.KITCHENER, Ontario Coordinates: The City of Kitchener (IPA [ˈkɪ.tʃə.nɝ]) is a city in southwestern Ontario, Canada. -- 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 APV See: Adjusted Present Value ) today announced financial results for the third quarter ended September 30, 2004. The Company's Sales in Q3 were $448,169 decreasing 46% from $827,111 in Q3 2003. Gross profits decreased by 41% to $74,558 or 17% of Sales compared to $126,748 or 15% of sales. The Company's Q3 2004 Operating Loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. increased by 7% to $333,455 which compared to $310,931 in Q3 2003. The net loss for the quarter was $397,895, an increase of 12% over the loss $355,381 in Q3 2003. 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, "We are disappointed with the decline in sales due to our tight working capital, implementing changes in our business strategy and industry product shortages. Most of the solar dealers who we sell to also reported a slow summer due to the cool weather. We are encouraged that the changes in our business strategy in Q2 and Q3 are showing improved margins and we believe we are now on a path to profitability. We are also very encouraged with the orders and prospects for 2005. I attribute this to having a very committed team, the addition of several new people to strengthen the team and that there is a growing interest in solar energy in general". ARISE also announced that it has secured an additional round of over $200,000 of funding and debt conversions through several transactions that will require 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. approval. With this second tranche in November, ARISE raised over $50,000 of cash under a private placement of common shares at $0.25 per common share. ARISE has also reached agreements with certain creditors to convert over $150,000 of debt into equity at $0.25 per common share. ARISE is currently in discussions with several parties and intends to seek to continue to raise funds to implement the next step in our business plan. Ian MacLellan, President & CEO of ARISE, stated today "Achieving additional funding and debt conversions in excess of $550,000 which amount includes approximately $225,000 in cash in total in November will assist ARISE as we start to implement the next step of our business plan and will also help improve our balance sheet. I am very pleased with the impact that the new Corporate Development Team has had with our financing approach and results. We set out in September to realize an aggregate of $500,000 in new funding and debt conversions and I am very pleased that we exceeded that target". 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 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 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 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, . The company's stock and warrants are listed on the TSX Venture Exchange 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 VENTURE:APV) (TSX VENTURE:APV.WT) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion