Radiant Energy Corporation Announces Results for Third Quarter 2010
30 September 2010 - 10:05AM
Marketwired
Radiant Energy Corporation, (TSX VENTURE: RDT) ("Radiant" or the
"Company") (amounts in U.S. dollars), the developer and marketer of
radiant heat based aircraft de-icing systems, announced its results
for the three and nine months ended July 31, 2010, which are also
available on SEDAR.
The Company reported a loss of $323,005, or $0.04 per share for
the three months ended July 31, 2010, compared with a loss of
$463,751, or $0.05 per share for the three months ended July 31,
2009. There was no revenue for the period, as the operations are
seasonal. On May 3, 2010, the Company received approval from the
TSX Venture Exchange to implement a share consolidation of its
issued and outstanding common shares on the basis of one (1) post-
consolidation common share for every twenty five (25)
pre-consolidation common shares, and the shares began trading on
the consolidated basis on May 5, 2010. Earnings (loss) per share
amounts for the current and prior periods reflect the share
consolidation.
The Company reported income of $22,914, or $0.00 per share for
the nine months ended July 31, 2010, compared with a loss of
$1,616,577 or $0.19 per share for the nine-months ended July 31,
2009. The loss from continuing operations of $1,382,763 for the
nine month period was $111,133 lower than the loss of $1,493,896
for the prior year nine month period. Income for the current year
period was from the dissolution of Company's discontinued
operation, resulting in the recording of income of $1,405,677
relating to the reversal of previously recorded accruals. Revenue
for the nine-month period of $37,000 was substantially lower than
the prior year of $431,948 due to the change in operating
arrangements for the de-icing facility.
About Radiant Energy Corporation
Radiant is the developer and marketer of Radiant De-icing
Systems. The Company's product is the only non-glycol based
alternative approved by the US Federal Aviation Administration for
the pre-flight ground de-icing of aircraft. Aircraft de-icing with
Radiant's technology offers savings to airports and airlines over
the use of conventional glycol-based de-icing 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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