Battery Tech. Inc. Sales Growth Due To Dema, Gets Distribution For Smartlight; Cash Position Strong.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 23, 2001 Battery Technologies Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information .)(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTIOF.OB) (www.bti.ca) today announced improved financial results for the three month period ended June 30, 2001, as compared to prior quarters. Operating results for the second quarter of 2001 were in line with expectations and reflected for the first time, the results of the Dema Group, acquired May 25, 2001. The impact of the purchase of the company on BTI results and approximately one month of income data show up in the period. The company reported a sales increase of +68% and a significant reduction in 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. for the quarter at $393,000 (or $0.00 per share), an improvement over the loss of $974,000 (or $0.02 per share) for the same period last year. Year to date results, a loss of $0.01 per share were an improvement over the first half results last year, a loss of $0.03 per share. The performance was due to an increase in revenue, primarily related to the Demacell business, as well as growth in contract research revenue, offset slightly by decreased royalties from licensees. Expenses declined versus the same period last year, primarily through reductions in S, G & A and Research and Development. BTI's cash position continues strong through the quarter with 'cash on hand and equivalents' of $1.7 million compared with $410,000 one year ago. Mr. J. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Pope, President and 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. of BTI commented that "We are encouraged by the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of Dema on our results and expect that this trend towards higher revenue and a reduction in losses will continue as we integrate Demacell into BTI and see the results of our sales and marketing efforts. We look forward to our strategy building a solid base that will deliver improved shareholder value. We are also very pleased that within the last few days we have signed a distribution agreement with Sweden's largest general retailer, ICA Ica (ē`kä), city (1993 pop. 108,724), capital of Ica dept., SW Peru, on the Pan-American Highway. It is a commercial center for the cotton, wool, and wine produced in the region. There are several summer resorts nearby. , for the sale of our Demacell Smartlight. This represents a major business opportunity and results from a very successful test market where Smartlight achieved more than one third of the market." Also, as recently announced, BTI signed an exclusive joint development agreement with RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Technologies ("RBC") of College Station, Texas College Station is a city in Brazos County, Texas, situated in Central Texas. It is located in the heart of the Brazos Valley. The city is located within the most populated region of Texas, near to three of the 10 largest cities in the United States - Houston, Dallas, and San (www.rbctx.com) for the purpose of conducting R & D into new, rechargeable re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re alkaline alkaline /al·ka·line/ (al´kah-lin) (-lin) 1. having the reactions of an alkali. 2. having a pH greater than 7.0. al·ka·line adj. 1. chemistries. Mr. Pope added: " Our tight focus on the two key platforms of direct RAM marketing and research in cell performance, target those two areas that can have the best impact on our performance. We are confident the two recent business developments of Dema and RBC will deliver that, and accordingly; we have decided to suspend any further discussions of an acquisition of Accucell Deutschland at this time, so as to concentrate on the large opportunities at hand." Summarized Balance Sheet and Statement of Operations See Income statement. and Deficit information appears below. Further detailed quarterly results will be available in the Report to Shareholders to be distributed to registered shareholders within a few days.
SUMMARIZED BALANCE SHEET AS AT JUNE 30, 2001 AND DECEMBER 31, 2000
(in 000's CDN dollars)
2001 2000
--------------------
Current
Cash and cash equivalents 1,707 410
Accounts receivable, prepaid
expenses and deposits 802 509
Inventory 1,243 -
--------------------
3,752 919
--------------------
Deferred charges 99 521
Capital equipment, net 497 496
Intangible assets 727 763
Goodwill 284 -
--------------------
Total Assets 5,359 2,699
--------------------
Current Liabilities
Accounts payable and accrued liabilities 1,543 1,155
Bank loans 349 8,357
--------------------
Total liabilities 1,892 9,512
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Shareholders deficit 3,467 (6,813)
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Total liabilities and shareholders' deficit 5,359 2,699
--------------------
SUMMARIZED STATEMENT OF OPERATIONS AND DEFICIT FOR THE THREE and SIX
MONTHS ENDED JUNE 30, 2001 AND 2000 (in 000's CDN dollars, except per
share amounts)
Three Months Ended Six Months Ended
June 30 June 30
2001 2000 2001 2000
-------------------------------------
Revenue
Product Sales 157 - 183 -
Royalties, contract research
revenue and government grants 152 184 330 402
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309 184 513 402
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Expenses
Cost of sales 83 - 101 -
Selling, general and
administrative 362 502 625 712
Research and development 124 206 317 391
Depreciation and amortization 119 164 219 295
Interest and other expenses (4) 286 92 475
-------------------------------------
684 1,158 1,354 1,873
-------------------------------------
Loss for the period 375 974 841 1,471
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Loss per share $0.00 $0.02 $0.01 $0.03
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BTI is the inventor INVENTOR. One who invents or finds out something. 2. The patent laws of the United States authorize a patent to be issued to the original inventor; if the invention is suggested by another, he is not the inventor within the meaning of those laws; but in that , developer and owner of the unique, patented rechargeable alkaline manganese manganese (măng`gənēs, măn`–) [Lat.,=magnet], metallic chemical element; symbol Mn; at. no. 25; at. wt. 54.938; m.p. about 1,244°C;; b.p. about 1,962°C;; sp. gr. 7.2 to 7. (RAM(TM)) battery technology on which it holds 43 patents related to chemistry, product design and manufacturing processes. BTI is engaged in the worldwide commercialization of the RAM(TM) technology and other portable energy products through its licensees and the Dema Group, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. based in Scandinavia engaged in the sales, marketing and distribution of battery and energy related products to European markets. RAM(TM)is a registered trademark of Battery Technologies Inc., Richmond Hill, Ontario Richmond Hill (2006 population 162,704) is a town in York Region north of Toronto, Ontario, Canada. It is part of the Greater Toronto Area. History The area was first surveyed by Lieutenant-Governor John Graves Simcoe in 1794 while he was constructing Yonge Street. , Canada. RZA RZA Ruler Zig-Zag-Zig Allah RZA Requested Zenith Angle (R) is a registered trademark of RBC Technologies, College Station, Texas. All other brands, product names, company names or trademarks are the property of their respective owners. |
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