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Paige Innovations Inc. fourth quarter and year end (1995) results - all dollar amounts are stated in U.S. dollars.

KING CITY, Ontario--(BUSINESS WIRE)--March 8, 1996--PAIGE INNOVATIONS INC.(TSE: PAG ) Paige Innovations Inc. is pleased to report quarterly unit sales in excess of 1 million units for the third time this year. Our licensees reported unit sales of 1,007,000 units for the quarter compared to 776,000 units sold in the same quarter in 1994. The extension cord market experienced growth of 36 percent and accounted for 80 percent of the overall increase. Revenues for the fourth quarter of $337,000 were comprised of royalties of $219,000 (65 percent of total revenue) and $118,000 in direct sales (35 percent of total revenue). Revenues in the comparable period last year were $301,000 (royalties of $226,000, sales of $75,000).

Gross profit for the fourth quarter was $234,000 compared to $205,000 for the same quarter in 1994. Total operating costs and expenses for the quarter were $309,000, $142,000 (31 percent) less than the $451,000 expended for the comparable period a year ago. The fourth quarter net loss was $75,000 (1 cent per common share) compared to a loss of $246,000 (2 cents per common share) for the same period last year. Unit sales for the year were 3,712,000 units compared to 2,684,000 units sold in 1994. Gross profit of $878,000 was generated on revenues of $1,130,000, compared to gross profit of $1,199,000 on revenues of $2,817,000 in 1994. Net loss for the year was $590,000 (four cents per common share). Net loss for 1994 was $650,000 (five cents per common share).

The company ended the year with working capital of $2,029,000, including $1,641,000 in cash.

Newly appointed president Maurice Tousson said "The focus for 1996 will be on additional measures to reduce manufacturing costs. These measures will allow our licensees to further reduce the cost differential against conventional plugs and offer sharper pricing. The company has invested heavily in the areas of product and market development in the past 18 months. We are looking for return on this investment. The initial results in Taiwan have been satisfactory and we are looking forward to a significantly expanded program in 1996. Our new Flatplug for the Japanese market has passed the necessary regulatory approvals and the extension cord market test is scheduled to commence in May of this year. On the expense side, we continue to rationalize our overhead expenses and expect to finish 1996 with a 20 percent reduction in this area."

Paige Innovations Inc. develops and markets innovative electrical products for global consumption and has licensees in Canada, the United States, Mexico, the United Kingdom, Malaysia, Taiwan, Singapore and the Peoples Republic of China. -0-

 PAIGE INNOVATIONS INC.
 BALANCE SHEET (in thousands of U.S. $)
 TWELVE MONTHS ENDED DECEMBER 31, 1995


ASSETS 1995 (Audited) 1994
 -------- --------


Current assets:
 Cash $1,641 $1,408
 Accounts receivable 427 1,567
 Inventory 304 179
 Other Assets 65 99
 -------- --------
 Total current assets: 2,437 3,253


Fixed Assets 237 257
Patents 343 260
 -------- --------
 $3,017 $3,770
 -------- --------
 -------- --------




LIABILITIES & SHAREHOLDERS' EQUITY


Current Liabilities $408 $565


Long term debt 0 6




Shareholders' equity:
 Capital stock 5,814 5,814
 Retained earnings (3,205) (2,615)
 -------- --------
Total shareholders' equity 2,609 3,199
 -------- --------
 $3,017 $3,770
 -------- --------
 -------- --------




 PAIGE INNOVATIONS INC.
 STATEMENT OF CHANGES IN FINANCIAL POSITION
 (in thousands of U.S. $)
 TWELVE MONTHS ENDED DECEMBER 31, 1995




 3 Months Ended 12 Months Ended
 December 31, 1995 December 31 ,995
 ----------------- -----------------
 1995 1994 1995 1994
 -------- -------- -------- --------
 (Unaudited) (Audited)
 ----------- ---------
Operations:
 Net income (loss) ($75) ($246) ($590) ($650)
 Add items not
 affecting cash:
 Depreciation 24 11 79 73
 Change in non-cash
 working capital 72 (398) 892 (491)
 -------- -------- -------- --------
 21 (633) 381 (1,068)
 -------- -------- -------- --------


Financing:
 Equity financing 0 0 0 1,719
 Long-term debt (6) 9 (6) (4)
 -------- -------- -------- --------
 15 (624) 375 647


Capital Spending:
 Fixed Assets (49) (12) (43) (90)
 Patents (37) (11) (99) (155)
 -------- -------- -------- --------


Increase (decrease)
 in cash (71) (647) 233 402


Cash - beginning of
 period 1,712 2,055 1,408 1,006
 -------- -------- -------- --------
Cash - end of period $1,641 $1,408 $1,641 $1,408
 -------- -------- -------- --------
 -------- -------- -------- --------




 PAIGE INNOVATIONS INC.
 STATEMENT OF EARNINGS AND DEFICIT
 TWELVE MONTHS ENDED DECEMBER 31, 1995
 (in thousands of U.S. $ except for E.P.S.
 and number of shares)


 3 Months Ended 12 Months Ended
 Dec. 31, 1995 Dec. 31, 1995
 --------------- ---------------
 1995 1994 1995 1994
 ---- ---- ---- ----
 (Unaudited) (Audited)
 ----------- ---------


Sales $118 $75 $261 $2,372
Royalties 219 226 869 445
 ---------- ---------- ---------- ----------
Total Revenue 337 301 1,130 2,817


Cost of Sales 103 96 252 1,618


 ---------- ---------- ---------- ----------
Gross Profit 234 205 878 1,199
 ---------- ---------- ---------- ----------
Operating costs
 and expenses:
Selling and
 administration 181 312 855 1,488
International
 market
 development 33 51 257 64
Research and
 development 71 77 277 224


Depreciation 24 11 79 73
 ---------- ---------- ---------- ----------
Total operating costs
 and expenses 309 451 1,468 1,849
 ---------- ---------- ---------- ----------
Income (loss) before
 income taxes ($75) ($246) ($590) ($650)
 ---------- ---------- ---------- ----------
 ---------- ---------- ---------- ----------
Earnings (loss)
 per share ($0.01) ($0.02) ($0.04) ($0.05)
 ---------- ---------- ---------- ----------
 ---------- ---------- ---------- ----------
Number of Outstanding
 Shares 13,879,504 13,879,504 13,879,504 13,879,504
 ---------- ---------- ---------- ----------




CONTACT: Paige Innovations Inc.

David Ricci, 905/833-0983

905/833-4282 (Fax)
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Date:Mar 8, 1996
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