Formation Fluid Announces Third Quarter Results
31 May 2014 - 6:55AM
Marketwired
Formation Fluid Announces Third Quarter Results
CALGARY, ALBERTA--(Marketwired - May 30, 2014) - Formation Fluid
Management Inc. (TSX-VENTURE:FFM) ("Formation Fluid" or the
"Company") is pleased to announce that its third quarter financial
statements for the nine month period ending March 31, 2014 reported
an operating profit of $675,258 on revenues of $2.58 million. The
Company did not generate any revenues in the third quarter itself
due to seasonal winter shutdown of operations, however we commenced
operations earlier than previously expected in April on another
water remediation contract and anticipate profitable operations for
the fourth quarter of fiscal 2014 as well as for the full year
ending on June 30, 2014. The Company's full financial statements
and management discussion and analysis are available online at
SEDAR at www.sedar.com.
The Company is also pleased to announce that construction of
additional water processing plants is well underway. These plants
will provide the necessary water processing capacity to continue
with the Company's planned growth.
About Formation Fluids
Formation Fluid Technology has developed a waste water treatment
plant that uses a proprietary process to clean waste water. The
system is mobile and can be scaled to process required volumes.
This system treats water to meet or exceed CCME Guidelines
(Canadian Environmental Quality Guidelines), resulting in reusable
water that can be used for: Boilers, Frac Water, Water Floods, and
Drilling Operations. Formation Fluids is seeking to service a
significantly underdeveloped segment within the oil and gas
industry; its waste water treatment system is intended to cost
effectively deal with produced water while satisfying the need to
reuse and recycle an increasing valuable resource. For more
information, please visit: www.formationfluid.com or contact
Investor Relations at 403 887-8874.
On behalf of the Board of Directors.
Ken Rose, Chief Executive Officer
Neither 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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including
references to the Company's receipt of applicable approvals, may
constitute forward-looking information under applicable Canadian
securities legislation. These statements relate to future events
and are prospective in nature. All statements other than statements
of historical fact may constitute forward-looking statements or
contain forward-looking information. Forward-looking statements are
often, but not always, identified by the use of words such as
"may", "will", "project", "predict", "potential", "plan",
"continue", "estimate", "expect", "targeting", "intend", "could",
"might", "seek", "anticipate", "should", "believe" or variations
thereof. Forward-looking information may relate to management's
future outlook and anticipated events or results and may include
statements or information regarding the future plans or prospects
of the Company. Forward-looking information is subject to a variety
of known and unknown risks, uncertainties and other factors that
could cause actual events or results to differ from those reflected
in the forward-looking statements. The Company believes that the
expectations reflected in the forward-looking statements contained
in this news release are reasonable, but no assurance can be given
that they will prove to be correct. Actual results and future
events may differ materially from those anticipated and accordingly
forward-looking statements should not be unduly relied upon.
Forward-looking statements contained in this document speak only as
of the date of this news release. Except as required by applicable
law, the Company disclaims any obligation to update any
forward-looking information.
Formation Fluid Management Inc.Investor Inquiries1 (403)
887-8874info@fftinc.cawww.formationfluid.com
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