DoveCorp Enterprises Inc.
TSX VENTURE : DOV

DoveCorp Enterprises Inc.

August 15, 2006 15:09 ET

DoveCorp Announces 2006 Q3 Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 15, 2006) - DoveCorp Enterprises Inc. (the "Company")(TSX VENTURE:DOV) today announced its financial results for the first nine months of 2006.



Financial Highlights (in $millions)
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2006 2005
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Revenue $ 7.8 $ 4.2
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Gross Loss $ 0.8 $ 0.5
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Net Loss $ 4.1 $ 2.9
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Net Loss per Share $ 0.05 $ 0.07
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Revenue increased 80% in the nine months ended June 30th, 2006.

Major Developments during the quarter ended June 30, 2006:

- Signed a five-year licensing agreement with Wal-Mart Canada

- Completed installation of two new ironing systems

About DoveCorp:

DoveCorp is a leader in Canada's dry-cleaning and laundry industry, with the only ISO 9001 dry cleaning registration in the world. For more than 10 years, its flagship Dove Cleaners division has been widely recognized by various fashion and industry magazines as among the best premium dry cleaning and laundry services in Canada. At the same time, its Dove Depot, Meena Cleaners, and Natural Cleaners divisions excel in the mass market. DoveCorp's recent acquisition of Cadet Cleaners, a leader in the Greater Toronto Area for 50 years, has brought the number of DoveCorp's retail locations to 98. In addition, Dove Cleaners Commercial is a full-service provider of linen, uniforms, and mat rentals. The company also provides out-sourced dry cleaning and laundry services.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release. The TSX Venture Exchange has in no way passed on the merits of the transaction described herein.

Forward-looking statements

This document contains forward-looking statements relating to DoveCorp's financial performance, operations or to the environment in which it operates, which are based on DoveCorp's operations, estimates, forecasts, and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the company's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in the company's corporate filings, (posted at www.sedar.com). Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, DoveCorp cannot be certain that actual results will be consistent with these forward-looking statements, and the company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

DOVECORP ENTERPRISES INC. 35 SUNTRACT ROAD TORONTO, ON M9N 2V8

This press release shall not constitute an offer to sell of the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.


Contact Information

  • DoveCorp Enterprises Inc.
    Sam Mizrahi
    President and CEO
    (416) 782-8788 x 223
    sam@dovecorp.com
    or
    DoveCorp Enterprises Inc.
    Christopher Hunt
    Director of Corporate Communications
    (416) 782- 8788 x 262
    chris.hunt@dovecorp.com