ZEOX Releases 2009 Financial Results
30 October 2009 - 1:39AM
Marketwired
Mr. Garold R. Spindler, CEO and Chairman of the Board of ZEOX
Corporation, (TSX VENTURE: ZOX) (FRANKFURT: ZED) announces the
Company has released its annual audited financial statements for
the year ended June 30, 2009. The Company is completing a
restructuring of its businesses to position ZEOX for growth in
2010. As a result of the restructuring, substantial non-cash write
downs have been taken to appropriately reflect asset values. As
such, the Company's shareholders' equity decreased to ($626,782)
from $8,332,842 at June 30, 2008. Total assets were $5,546,168
compared to $13,776,974 at June 30, 2008. The Company reports a
2009 operating loss of $4,780,593 and an additional loss on write
downs of $5,027,481 for a total loss of $9,808,074 ($0.17 per
share) compared to a total loss of $2,831,172 ($0.05 per share) in
2008. Revenues increased from $851,651 in 2008 to $992,265 for
2009.
The financial results for the year ended June 30, 2009 reflect
an organization transitioning from a research and development focus
to a business model based on exploiting reserves and full scale
mining, processing and distribution operations. The Company is
currently focusing on financial and production capacity to
implement operations supporting the successful commercialization of
zeolite-based product formulations globally.
"The operating results for 2009 are unacceptable and cannot
continue. Hence, we have implemented a new business model focused
on profitable revenue growth and less reliance on research and
development. We have taken several steps to rationalize expenses
and are beginning to see an uptick of revenues", stated Spindler,
the Company's new Chairman and CEO. Additionally, in order to
improve communication with all stake holders and the investment
community, the Company will be hosting an investor conference call
next week on November 2nd to more fully describe management's
strategy and vision. Details of the call will be released later in
the week.
For a more complete business and financial profile of the
Company, management encourages investors to view the Company's
documents posted on www.SEDAR.com and on the Company's website
www.zeoxcorporation.com.
On behalf of the Board of Directors
Garold R. Spindler, CEO and Chairman of the Board
Legal Notice Regarding Forward-Looking Statements: This news
release contains "Forward-Looking Statements" within the meaning of
applicable Canadian securities legislation. Forward-Looking
Statements are indicated expectations or intentions.
Forward-Looking Statements in this News Release include that the
Company is positioning for growth in 2010; that ZEOX is
transitioning to a full scale mining, processing and distribution
company, and working on the successful commercialization of unique
zeolite-based product formulations globally. Factors that could
cause actual results to be materially different include that
markets may not develop as quickly as anticipated or at all, ZEOX
may not be able to raise sufficient capital to carry out
development, competitive products may capture some or all of its
market or productive capacity may not be large enough to handle
market demand. Investors are cautioned against placing undue
reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: ZEOX Corporation Michael Shea CFO 203-210-5614
203-761-4953 (FAX) mshea@zeoxcorp.com www.zeoxcorporation.com
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