ESIV - Organizational Update
12 May 2007 - 4:51AM
PR Newswire (US)
BELLINGHAM, Wash., May 11 /PRNewswire-FirstCall/ -- Essential
Innovations Technology Corp. (OTC Bulletin Board: ESIV; Frankfurt:
E6S) is pleased to provide this corporate update to its
shareholders and the investing public. Stated Jason McDiarmid,
President/CEO, "It has been some time since we reached out to the
shareholder community to provide any direct guidance on the Company
and our current focus. During the latter part of 2006 and into the
early part of 2007, it became evident that it was going to be
necessary to make some significant operational and administrative
changes to our organization, and in particular, to our subsidiary
Earth Source Energy, so that we will ultimately be a successful and
profitable enterprise. With this in mind, over our first two
quarters of Fiscal 2007, we had to focus most of our resources
towards the re-structuring, consolidation of physical operations
and overall optimization of Earth Source Energy. Having now made a
majority of these changes, as we enter our third quarter of the
Fiscal Year, we are much stronger, better managed and we have a
definite path to profitability for Earth Source Energy. The need to
place much of our business emphasis on the stabilization of the
operations of our subsidiary Earth Source Energy, detracted from
our ability to maintain basic attention to our public market
position and our other core business elements, those being,
manufacturing, distribution and dealer support of our proprietary
geothermal heat pump technology, and that of providing unique
financing options for long-term geothermal loop-field
infrastructure installation and management. This said, as we move
out of this time of internal reorganization we do so amidst many
opportunities for our Company in North America and in Asia. We wish
to express to our shareholder base and the investment community in
general that it should be noted that since this same time last year
we have experienced substantial revenue growth, and an overall
reduction of our operational losses, and with the momentum to be
able to take advantage of the projects and distribution potential
that we have in our business pipeline, we are confident that the
organization as a whole can become profitable towards the end of
2007/early 2008. Throughout 2006, during a period of more
consistent news updates, we had provided some guidance as it
related to our participation with specific projects such as
Wakefield, Diamondview Estates, and CIPEA (China), as well as
information about agreements we have in place for the rights to a
unique geothermal loop-technology for which the Company has
obtained certain exclusivity. We wish to report here that all of
the above continue forward in an exceedingly promising manner, each
one representing an extremely positive step in our corporate
evolution. Beyond these explicit project and technology
opportunities, we are actively working on many residential and
commercial projects in the Canadian marketplace, while consulting,
designing and negotiating on multiple further large-scale projects
in the USA, Mexico, the Middle East and China. We would also like
to report that we remain driven to continue to develop global
manufacturing & distribution initiatives, and we are striving
to finalize contracts and negotiations that relate specifically to
a high-profile sustainable community project in the Lower Mainland
of British Columbia whereby alongside highly reputable third-party
project development and financing partners, the Company is to
provide certain elements of the engineering, drilling,
installation, and equipment supply for this long-term geothermal
utility solution. Although the Company has had to go through some
arduous experiences in recent months to solidify and regain a
foothold on the current and future performance of the organization,
on this day, we remain ever more optimistic with the fact that
enormously positive results lie ahead for our Company and the
long-term shareholders of ESIV." Essential Innovations Technology
Corp. provides cutting-edge Geoexchange solutions for residential,
commercial and industrial applications as both a Geoexchange energy
service company and as a manufacturer of proprietary geothermal
heat pump technology. Geoexchange technology harnesses the earth's
clean, renewable thermal energy stored just below the surface or in
large bodies of water for purposes of heating, cooling, domestic
hot water and/or dehumidification. A Geoexchange system is used to
"exchange" the earth's natural heating and cooling properties
between a building and the ground. This non-combustion transfer of
energy is the source of performance and environmental superiority,
as Geoexchange systems need only a small amount of electrical
energy to then capture, move and concentrate a large amount of free
energy provided by the earth. Essential Innovations Technology
currently has operations in the USA, Canada and Hong Kong;
exclusive distributors in Canada; exclusive sales agents or sales
agents in Mexico, Hungary, China and Alaska; and the Company is now
actively seeking manufacturing partners, further distributors,
dealers and project opportunities throughout the North American and
international marketplace for its proprietary Geoexchange systems
and solutions. Forward-Looking Statements This news release
contains "forward-looking statements," as that term is defined in
Section 27A of the United States Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Statements in this
press release, which are not purely historical, are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Investors are
cautioned that such forward-looking statements involve risks and
uncertainties. These statements include, but are not limited to,
statements that do not describe historical facts and statements
that include the word "believes," "anticipates," "expects,"
"plans," "intends," "designs," "projects" or similar language, as
well as statements regarding consumer or marketplace acceptance of
the Company's new or existing products; comments concerning
marketing and consumer acceptance of proprietary products; the
potential benefits of Essential Innovations' products; initiatives
undertaken by the Essential Innovations' divisions; the Company's
research, manufacturing and facilities expansion programs; and the
Company's growth, revenue, or projected earnings; all such
statements which may or may not occur in the future. These
forward-looking statements are made as of the date of this news
release, and Essential Innovations Technology Corp. assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Although we believe that the
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no absolute assurance that
such belief, plans, expectations or intentions will prove to be
completely accurate. Investors should consult all of the
information set forth herein and should also refer to the risk
factors disclosure outlined in our periodic reports filed from time
to time with the Securities and Exchange Commission. DATASOURCE:
Essential Innovations Technology Corp. CONTACT: Jason McDiarmid,
President & CEO of Essential Innovations Technology Corp.,
+1-360-392-3902, or fax, +1-360-733-3941, Web site:
http://www.eitechcorp.com/
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