OTTAWA,
April 28, 2014 /CNW/ - Clearford
Industries Inc. ("Clearford" or the "Company"), (TSX-V: CLI), today
issued its audited financial results for the fiscal year ending
December 31, 2013. The statements are
presented in accordance with IFRS (all figures in Canadian dollars
unless otherwise noted).
Revenue for the year was $1,308,804 compared with $887,045 for the prior year. Operating loss
before finance costs were $3,275,775
for the year compared with $3,256,967
for the prior year. Financing costs for the year were $668,566 compared with $301,706 for the prior year, with net loss for
the year of $3,964,343 or
$0.06 per share compared with
$3,446,673 or $0.05 for the prior year.
Costs were reduced year over year in sales, marketing, general and
administrative expenses.
During the year the costs of engineering and
R&D increased during the year to $741,569 as the Smart Digester™ was brought to
final design and production. The Smart Digester™ will be a key
element in a significant product expected to be announced during
the second quarter of 2014.
Clearford ended 2013 with cash of $829,482 compared with $399,416 a year earlier. The Company's financial
statements and MD&A are available on www.SEDAR.com.
During the year the company completed
development of the Smart Digester™ designed to increase digestion
of bio-solids in the digester and to modulate the flow to the
SBS® system. Integrating the Smart Digester™ with the
SBS® system will reduce or potentially eliminate
pump-out of digesters, improve effluent quality and reduce peaking
requirements, resulting in lower capital and operating costs of
final effluent treatment. Performance tests for the Smart Digester™
were commenced in India during the
fourth quarter.
In cooperation with Lakepoint Builders Pvt. Ltd.
a subsidiary of the Hiranandani Group, at their Villas at
Devanahalli development, a Smart Digester™ and a standard septic
tank were installed to service latrines used by more than 100
workers at a construction site near Bangalore. The digester and septic tank
received sewage from the latrines. A third party is contracted to
monitor performance of each tank daily, measuring quality of inflow
sewage, quality of effluent and change in depth of sludge in each
tank.
These tests are designed to indicate extent of
digestion of bio-solids with related reduction in Biochemical
Oxygen Demand (BOD) reduction in Total Suspended Solids (TSS) and
the accumulation of sludge in the Smart Digester™ compared with the
standard septic tank. Results of these tests will be released
by early May.
During the year, Clearford signed it first
contract for delivery of the SBS® system in Colombia. The system was in construction and
substantially advanced during the year including integrated
rainwater collection and treatment, potable water delivery, the
SBS® System and "purple pipe" recycling system to
deliver treated effluent for reuse in toilets. It is expected that
the Colombia installation will be
up and running in spring of 2014 with first commercial installation
of Smart Digesters™.
"This has been a year of growth for Clearford as
we continued to establish a base in the Indian market and signed
and launched our first full project in Colombia. Once this site is commissioned in
the spring of this year, Clearford will have a fully functional end
to end solution which will validate the efficiency and
effectiveness of our solution and introduce the system in the
dynamic Colombia market" said
Kevin Loiselle, President and CEO of
Clearford. "The enhanced SBS® system will present a new
and highly efficient alternative to conventional sewage collection
and treatment both in developed countries and in the developing
world. We look forward to completion of the current test program
and to launch of the enhanced SBS® system in the next
few weeks", Mr. Loiselle said.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
About Clearford Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is the developer of the
patented Small Bore Sewer® (SBS®) based
solution, which enables the efficient collection and treatment of
sewage. Its superior operational and environmental performance is
achieved at a significantly lower operational cost when compared to
historic gravity sewers. Clearford's SBS® technology and
industry expertise provide the enabling platform to deliver on a
global basis, a turnkey, wastewater collection and treatment
solution that is ideally suited for; water-scarce regions,
communities with unreliable water distribution networks, and new
developments seeking a greener approach to full water and
wastewater management. For more information on Clearford,
please visit www.clearford.com.
Forward Looking Statements
This news release contains certain statements that constitute
forward-looking statements as they relate to the Company and its
management. Forward-looking statements are not historical
facts but represent managements current expectation of future
events, and can be identified by words such as "believe",
"expects", "will", "intends", "plans", "projects", "anticipates",
"estimates", "continues" and similar expressions. Although
management believes that the expectations represented in such
forward-looking statements are reasonable, there can be no
assurance that they will prove to be correct.
By their nature, forward-looking statements
include assumptions and are subject to inherent risks and
uncertainties that could cause actual future results, conditions,
actions or events to differ materially from those in the
forward-looking statements. If and when forward-looking
statements are set out in this news release, Clearford will also
set out the material risk factors or assumptions used to develop
the forward-looking statements. Except as expressly required by
applicable securities law, the Company assumes no obligation to
update or revise any forward looking statements. The future
outcomes that relate to forward-looking statements may be
influenced by many factors, including, but not limited to: industry
cyclicality; the ability to secure third party agreements;
successful integration of Clearford's system with third party
technology; competition; reduction in demand for products;
collection from customers; relationships with suppliers; product
liability; intellectual property; reliance on key personnel;
environmental; interest rates; uninsured and underinsured losses;
operating hazards; risks of future legal proceedings; income tax
matters; credit facilities; availability and terms of financing;
distribution of securities; restrictions on potential growth;
effect of market interest rates on price of securities; and
potential dilution.
SOURCE Clearford Industries Inc.
