FirstGrowth Exploration & Development Services Corp.
OTC Bulletin Board : FGCDF

FirstGrowth Exploration & Development Services Corp.

November 30, 2007 08:00 ET

FirstGrowth Announces Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2007) - FirstGrowth Exploration & Development Services Corp. (TSX VENTURE:FGC)(FRANKFURT:G8Q)(OTCBB:FGCDF) (the "Company" or "FirstGrowth") is pleased to announce the third quarter financial results.

Gil Schneider, President & CEO states, "I am pleased to announce that our gross revenues for the third quarter is more than $2.6 million ($0.082 per share), and our revenue for the nine months ended September 30, 2007 is over $12 million ($0.422 per share) - comfortably in line with our projected guidance. We currently have a strong order book, a steady flow of incoming bids from our clients, and continued interest in our process-all of which is expected to be reflected in our year end results. We have done what we set out to do: We have sustained a high level of growth, approaching 100 percent year over year. We have broadened our reach in domestic and international markets. We have successfully accomplished all this while maintaining a positive EBITDA of $1,289,646 for the nine months ended September 30, 2007."

Third Quarter Results

Highlights of the last quarter include:

- In July the company announced the expansion of its business to Colombia. Since work began in August, the company has received a number of additional contracts. Currently, a full crew is working at capacity, with a large backlog of work. It is anticipated that an expanded presence will remain in South America permanently. VP of Operations, Andres Hernandez, a long-time executive with the company, will be overseeing developments from the branch office in Bogota, Colombia.

- FirstGrowth raised $4.2 million dollars to fund the Company's continued growth and for working capital. The majority of this financing was taken by Sprott Asset Management, a private independent fund management company with a portfolio valued at over $5 billion dollars. FirstGrowth is well capitalized with over $5.5 million in working capital approaching the fourth quarter with a cash position of over $4.4 million.

- On a year to date basis the Company has purchased in excess of $9.5 million in additional equipment to meet increasing demand and planned growth. We confirm further capital investments with the expansion of our multi-component Digital 3C services expected in 2008 with the introduction of a third crew for the North American market and a second crew in South America for a total of five digital multi-component crews.

- FirstGrowth announced in October that it had been awarded a contract to supply 3C digital imaging services to the Province of Quebec's Ministry of Natural Resources. This new contract supports the Company's strategic vision as a provider of optimal applied sciences solutions to the resource industry, with the strategic application of technology, techniques and intellectual property.

- As anticipated, the Company had a loss in the 3rd quarter of $531,172 and a year to-date loss of $1,327,866 (including stock based expenses). We are satisfied that our funds have been directed to scheduled business development in order to achieve our current growth rate.

Third Quarter Results
Three Months ended Nine Months ended
September 30, 2007 September 30, 2007
Revenue $ 2,616,991 $ 12,066,715
Gross Profit 659,777 3,222,695
Operating Expenses 1,219,915 4,469,724
Interests Earned 22,366 42,829
Gross Profit (loss) before Non-
controlling Interest and Tax (537,772) (1,205,280)
Basic and diluted EPS (0.02) (0.04)

Complete financials are available on Sedar and on the company's website.

About FirstGrowth EDS

FirstGrowth EDS is a resource exploration services company focused on the organic growth of its subsidiary, Kinetex Inc. In addition, FirstGrowth's goal is to make acquisitions in the resource services sector accretive to Kinetex's current seismic imaging services.

Calgary-based Kinetex has been a developer of advanced exploration techniques for over six years as an integrator of applied sciences to the resource industry, including oil & gas exploration and development, and precious and base mineral exploration and evaluation. One of Kinetex's primary services is targeted implementation and optimization of seismic imaging using the proprietary VectorSeis Recording System and Digital 3 Component Full Wave Imaging.

Kinetex continues to be focused on offering value added services which accelerate the advancement of both grass roots exploration and development.


Gil Schneider

The company seeks safe harbour.

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.

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