OTTAWA,
May 16, 2014 /CNW/ - Clearford
Industries Inc. ("Clearford" or the "Company"), (TSXV: CLI), today
issued its unaudited financial results for the 3 month period
ending March 31, 2014. The statements
are presented in accordance with IFRS (all figures in Canadian
dollars unless otherwise noted).
Revenue for the quarter was $298,245 compared with $71,852 for the same quarter last year and
$315,612 in the prior quarter. The
Company's operating loss before financing costs was $752,370 for the quarter compared with
$852,723 for the same quarter last
year and $1,062,961 in the prior
quarter. Net financing costs for the quarter were $299,272 compared with $113,346 for the same quarter last year and
$246,188 in the prior quarter,
resulting in a net loss for the quarter of $1,051,642 or $0.02
per share compared with a net loss of $966,069 or $0.01
for the same quarter last year and a net loss of $1,303,832 or $0.02
per share in the prior quarter.
During the quarter the Company received
$2.24 million from Canadian Water
Projects Inc. related to the long-term loan it announced in
September 2013 representing the
remaining credit available on this loan. Clearford ended the 2014
first quarter with $1,033,991 of cash
compared with $783,482 at
December 31, 2013. The Company's
financial statements and MD&A are available on
WWW.SEDAR.COM.
Kevin Loiselle,
President of Clearford sees 2014 as the beginning of
substantial participation by Clearford in the Canadian and
international demand for cost-effective and sustainable water and
waste water systems. "Key results in this quarter were the
substantial completion of installation of Clearford One™ in
Cayunda, Colombia and preparation
of plans for installation of Clearford One™ and delivery of water
and wastewater systems and services for Fetherston Mobile Home Park
in North Grenville Ontario. Clearford One™ integrates 25 years of
experience and product development into a unified system for
collection and distributed treatment of wastewater. Clearford One™
was announced on April
29th and the Fetherston agreement for
installation and operation of Clearford One™ was announced on
April 30th. Response to
this system in Colombia,
India and here in Ontario is very encouraging" 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 a provider of unified
water management and sanitation systems. Clearford One™ is based on
Clearford's proprietary ClearDigest™ smart digester, SBS®
ClearConvey™ small bore sewer, and ClearRecover™ treatment
facilities customized to meet the requirements of each location.
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.
