Crossfield Capital Corp.

Crossfield Capital Corp.

August 30, 2005 16:57 ET

Crossfield Capital Corp.-Releases Q1 June 30, 2005 Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 30, 2005) - Crossfield Capital Corp. ("Crossfield" or the "Corporation") (TSX VENTURE:CXF) announced today the release of its consolidated financial results for its first quarter ended June 30, 2005. The comparable period for the quarter ended June 30, 2004 is that of the former Logan Metals Inc. only, and does not include the operations of WAM Industries Ltd.


- Increased revenues of $8.25 million in 2005 compared to $1.64 million in the comparable quarter of 2004; this represents 403% growth in revenues and indicates a broadened and expanding customer base as well as the positive result from the consolidation of WAM Industries Ltd. commencing in February 2005 to the operating results of Royal Laser Mfg Inc.

- EBITDA, adjusted for stock based compensation, increased to $1.09 million or 13% of revenues compared to $0.44 million in the comparable quarter of 2004; As the Corporation continues to experience revenue growth, it intends to take advantage of further economies of scale.

- Net income before taxes of $0.7 million, compared to $0.3 million in the comparable quarter in 2004.

Bill Iannaci, Crossfield's Chief Executive Officer commented: "We are pleased with the results of the Corporation during our first full quarter as a public company. The current run rate and growth in the business are in line with our business plan to become a much larger, integrated, OEM manufacturer of choice for our diverse customer base. We continue to focus on obtaining the quality certifications necessary to obtain a broader base of business, and are looking at other significant growth opportunities. We look forward to many highlights in the coming quarter and year."

As previously announced, the Corporation intends to change its name to Royal Laser Corp., which change will be submitted to the shareholders at the annual meeting on September 12, 2005.

The complete reports of the Corporation's financial statements and related notes for the three months ended June 30, 2005, together with Management's Discussion and Analysis of financial conditions have been filed on SEDAR and are available at

The Corporation, through its wholly owned operating subsidiaries Royal Laser Mfg Inc. and WAM Industries Ltd., manufactures custom wood and metal products and targets the multi-billion dollar high-end retail in-store development industry as well as the OEM industrial products and construction industries, in Canada, the United States and increasingly, overseas. Royal Laser and WAM employ state-of-the-art industrial technology to fabricate custom and standardized wood and metal products, including robotic wood finishing lines and advanced laser-based computer-integrated manufacturing systems. In addition to contract manufacturing services, Royal Laser and WAM provide value-added engineering and design services.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intend" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include risks and factors as are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. Actual results may differ materially from those currently anticipated. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressed qualified by this cautionary statement.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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