SOURCE: Plaintree Systems Inc.

November 26, 2008 07:45 ET

Plaintree Systems Reports 2nd Quarter 2009 Results

OTTAWA--(Marketwire - November 26, 2008) - Plaintree Systems Inc. (Plaintree) (CNSX: NPT) (OTCBB: PTEEF) today reported results for the second quarter of fiscal 2009 ended September 30, 2008, representing the second quarter of combined results following the completion of the amalgamation of Plaintree with Hypernetics Limited and the Triodetic Group of Companies.

Consolidated revenue for all three product divisions of the Company for the second quarter of 2009 was $5,044,416. The consolidated financial statements of the new company include the accounts of Plaintree, Hypernetics and Triodetic Group of Companies. The company has adopted the continuity of interest method, whereby the current and comparative results are presented as if the companies have always been combined.

The net income attributed to common shares for this period was $1,290,071, or 0.10 cents per share.

"This has been our second quarter since the amalgamation and it has been our second quarter of stellar results," said David Watson, CEO. "The excellent reputation and reliability of all of Plaintree's divisions has helped us to maintain great results even during a period when the global economy was slowing. I wish, however, to advise shareholders that revenue and earnings figures in the new Plaintree are expected to fluctuate from quarter to quarter as Plaintree and Triodetic both sell on a contract basis which results in uneven income dispersal throughout the year."

During the quarter, Plaintree completed the listing of its common shares on the Canada National Stock Exchange (CNSX) (formerly the Canadian Trading and Quotation System Inc. (CNQ)) to again give the Company's shareholders a Canadian market on which to trade their shares. Plaintree's shares are traded under the symbol "NPT." Shareholders and Investors can access Company information on CNSX's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CNSX and SEDAR filings, visit the CNSX website at www.cnq.ca or the Company's website at www.plaintree.com. "Plaintree is pleased to again be trading on a Canadian exchange and I would encourage shareholders to use the CNSX for trading purposes," added David Watson, CEO and President.

For more information on these results, please refer to Plaintree's second quarter 2009 financial statements together with the related Management's Discussion and Analysis report, copies of which can be obtained from the Company's website at www.plaintree.com and/or under Plaintree's name at www.sedar.com.

About Plaintree Systems

Plaintree Systems Inc. specializes in developing optical wireless communications equipment for Local Area, Wide Area, Voice, Internet and Security Networks. Plaintree also has two other main divisions:

Hypernetics was established in 1972 and is a manufacturer of aero-space components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators.

Triodetic, with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings

Plaintree is publicly traded in Canada on the CNSX (NPT) and in the U.S. on the OTC BB (PTEEF), with 12,522,143 common shares and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the U.S. Securities and Exchange Commission and Canadian regulatory authorities, including the Company's Form 20-f dated September 26, 2008.

Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • For further information:
    (613) 623-3434 ext. 3002