Radiant Energy Corporation Announces 2009 Year End Results
27 February 2010 - 11:18AM
Marketwired
Radiant Energy Corporation (TSX VENTURE: RDT) ("Radiant" or the
"Company") (amounts in U.S. dollars), the developer and marketer of
radiant aircraft de-icing systems, announced its results for the
year ended October 31, 2009, which are also available on SEDAR.
The Company reported a loss of $2,048,453, or $0.01 per share
for the year ended October 31, 2009 compared with a loss of
$3,831,130, or $0.02 per share for the year ended October 31, 2008.
The loss reported for 2009 from the Company's continuing operations
was $1,838,622 compared with a loss for the 2008 year of
$3,534,365. Revenues of $431,948 for the year ended October 31,
2009 were sixty percent higher than in 2008. Operating expenses
decreased substantially during 2009 as a result of a reduction of
accruals related to the dismantling of a de-icing facility expensed
in the prior year, lower amounts recorded on the granting of stock
options, lower professional fees and other cost reductions. The
results of the Company's Norwegian operation are reported as a
discontinued operation in the Company's consolidated financial
statements. Losses from the discontinued operation of $209,831
resulted from foreign exchange translation.
For the three months ended October 31, 2009, the Company
reported a loss of $431,876 compared with income $759,169 for the
three-month period ended October 31, 2008. The loss from continuing
operations of $344,726 for the three-month period in 2009 was
$513,533 lower than the loss of $858,259 in 2008, as a result of
lower operating costs, the positive impact of a foreign exchange
translation gain and a decrease in losses from debt settlements. A
loss of $87,150 for the discontinued operation for the three month
period ended October 31, 2009 resulted from foreign exchange
translation. This compared with a large gain in the prior year
period of $1,617,428 resulting from debt settlement gains, gains
related to the disposal of the de-icing facility and foreign
exchange translation gains.
About Radiant Energy Corporation
Radiant is the developer and marketer of Radiant Deicing
Systems. The Company's product is the only non-glycol based
alternative approved by the US Federal Aviation Administration for
the pre-flight ground deicing of aircraft. Aircraft deicing with
Radiant's technology offers savings to airports and airlines over
the use of conventional glycol-based deicing systems, reducing
aircraft treatment costs and significantly reducing the negative
impact of glycol on the environment.
This press release contains "forward-looking statements",
including statements regarding the business and anticipated
financial performance of Radiant Energy Corporation, which involve
risks and uncertainties. All statements, other than statements of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements, regarding
financial and business prospects and financial outlook) are
forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of the Company based on
information currently available to the Company. Forward-looking
statements are subject to a number of risks, uncertainties and
assumptions that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, among other things,
changes in general economic and market conditions, changes to
regulations affecting the Company's activities, and uncertainties
relating to the availability and costs of financing needed in the
future. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the
inherent uncertainty therein.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Radiant Energy Corporation David Williams President
and Chairman 416.922.8778
Radiant Energy Corp (TSXV:RDT)
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