Aquatic Reports 2nd Quarter Revenues Increase 204%, Inventories Increase 133% From 1st Quarter 2000.Business Editors VERNON, B.C.--(BUSINESS WIRE)--Jan. 17, 2001 Aquatic Cellulose (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AQCI) Aquatic Cellulose, a leader in the emerging aquatic timber harvesting industry, today reported results for the three months ended November 30, 2000. Revenues were up 204% compared to the quarter ended August 31st, 2000. Inventories were also up 133% compared to the quarter ended August 31st, 2000.
The quarter was highlighted by two events:
* Sales of Aquatic's environmentally friendly lumber in the U.S.
* Announced construction of new generation ATH-120's by Legacy
Systems, Inc.
Aquatic's lumber is harvested from nonliving inundated in·un·date tr.v. in·un·dat·ed, in·un·dat·ing, in·un·dates 1. To cover with water, especially floodwaters. 2. forests in the Amazon and is being marketed to a broad range of wood product manufacturers. Gary Ackles, 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. , stated, "Experience gained during the quarter has provided us better understanding of buyer needs as well as prepared us for this challenging marketplace. Leveraging that experience, we look forward to expanding sales and promotion of our environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] wood products in the U.S. and Internationally." "Construction of our ATH-120 is progressing according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan," stated Ackles. "I have been informed by Sheridan Westgarde, Chief Robotics Technician for Legacy Systems, that the process has evolved to software implementation and component manufacturing. I am pleased by this news and eagerly looking forward to Legacy's completion of our ATH-120 robotic arm in the near future." Ackles concluded, "During the quarter, we continued to transition our company and products to take full advantage of the growing ecological forest products market. Investments in our operation and technology have positioned us to enhance revenue generation and increase our global market presence." "These investments in key initiatives, coupled with disciplined expense control and an ongoing capital management program, will enable us to penetrate new markets and succeed in the long term." Financial results are available online at www.FreeEdgar.com About the Company Aquatic Cellulose International is a leading supplier of environmentally sensitive lumber made from submerged standing timbers. These timbers were inundated many years ago as a result of dam construction. Aquatic currently harvests in the Amazon at Tucurui Lake utilizing patented ATH (Aquatic Timber Harvester harvester, farm machine that mechanically harvests a crop. Small-grain harvesting has been mechanized to a certain extent since early times. In the modern period the first harvester to gain general acceptance was made by Cyrus McCormick in 1831 (see reaper). ) technology. The ATH, operated exclusively by Aquatic, is a robotic based harvesting system that performs underwater cutting and retrieving tasks with greater efficiency and safety than conventional diver based methods. Aquatic specializes in the recovery and processing of this lost resource to provide the finest old growth product without sacrificing living forests. To learn more about Aquatic and Amazon Line hardwoods, visit www.AquaticCellulose.com and join the company's growing e-mail list. This press release contains statements that constitute forward statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, the Company's dependence on one customer, seasonality of the Company's retrieval business and risk of future losses from operations. Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other risk factors identified. The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release. The NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). has neither approved nor disapproved of the information contained herein. |
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