Ergoresearch Ltd

Ergoresearch Ltd

May 28, 2009 12:54 ET

Ergoresearch Discloses Financial Results for Third Quarter Ended March 31, 2009

MONTREAL, QUEBEC--(Marketwire - May 28, 2009) - Ergoresearch Ltd "Ergoresearch" (TSX VENTURE:ERG) continues the achievement of its business plan, by announcing that its sales for the third quarter ended on March 31, 2009 reached $1 319 702 up 131% from the same quarter last year. Ergoresearch has witnessed a complete turnaround, delivering record years for the last years with profits of $423 247 for the year ended June 30, 2008, of $210 111 for the year ended June 30, 2007 and of $159 502 for the year ended June 30, 2006. With profits of $15 261 for the third quarter alone, the company remains on the route of profitability thus achieving the goals it had set for itself.

This third quarter is the second during which Ergoresearch consolidated results from its most recent acquisition. As announced, on October 6, 2008, the company acquired the assets of Orthoconcept Quebec inc, through a subsidiary company, 9200-8127 Quebec Inc., renamed Orthoconcept (2008) inc., held by Ergoresearch Inc. in the proportion of 51%.

Orthoconcept Inc., a Quebec based company established in Laval was founded in 1990 and specializes in providing orthotic and prosthetic devises in Quebec. It holds the rights to the Orthoconcept, Podoconcept, orthobuy and Newskinparts trademarks. It has established itself as a leader in the industry by the quality of its products and the services provided by its employees. The marketing and administrative synergies have already produced eloquent results in this third quarter.

Mr. Sylvain Boucher, President & C.E.O. of Ergoreasearch stated: "Since the new management team has been appointed, it maintains its record breaking financial accomplishment with the announcement of record sales for the third quarter. Inspired by such an excellent performance we can only continue on the road to profitability." Mr Boucher added: The integration of the Orthoconcept operation unfolded very well and the company performed very well despite the recession and a difficult financial context. The healthcare industry is one of necessity and this, added to Ergoresearch's important competitive advantages due to its intellectual property, allow us to see the future with optimism. Ergoresearch will pursue the achievement of its business plan in the coming year and will keep searching for new opportunities and does not exclude other acquisition projects.

Ergoresearch also announces today that, according to the Toronto Stock exchange policies, its Board of Directors has approved, on April 30, 2009, an amendment to the Company's Stock Option Plan. Among other things, the amendment increases the number of shares available for issuance from 2,000,000 to 5,000,000 which represent less than 10% of the issued and outstanding common shares of the Corporation. As well, all options issued under the plan are now set to expire up to a maximum of 10 years from the date of the grant.

Forward-looking statements

Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on Management's expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur. Such risks factors include, but are not limited to, those related to the Company's ability to finance its activities, competition, fluctuations in operating results, the impact of general economics, industry and market conditions, the ability to recruit and retain qualified employees, fluctuations in cash flow, expectations regarding market demand for particular products and the dependence on new product development.

The reader should not give great importance to forward-looking statements as (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypothesis taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.

Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Ergoresearch Ltd ( through its subsidiaries ( and (, is a leading general and foot orthotics manufacturer as well as being on the leading edge of durable medical equipment development in the orthopaedic industry. The Company owns patented technologies that confer competitive advantages in the industry and relies on its undeniable knowledge of consolidation in the healthcare industry.

The TSX Venture exchange has not reviewed and does not accept responsability for the adequacy or accuracy of this press release.

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