Enablence Technologies Inc.

Enablence Technologies Inc.

December 18, 2007 18:24 ET

Enablence Technologies Inc. Announces Second Quarter Results for October 31, 2007

OTTAWA, ONTARIO--(Marketwire - Dec. 18, 2007) - Enablence Technologies Inc. ("Enablence Technologies" or the "Company") (TSX VENTURE:ENA) today announced financial results for the second quarter of fiscal 2008, ended October 31, 2007. Highlights of the quarter include:

- Company's cash & short term investment position increased to $67,526,858 at October 31, 2007 compared to $10,435,387 at October 31, 2006; the increase in cash was a result of the first public offering closed on October 25, 2007 with the proceeds intended to be used for working capital, expansion of product lines, vertical integration, research, marketing and general corporate purposes;

- Company's total assets increased to $76.8 million at October 31, 2007 compared to $11.8 million at October 31, 2006.

- The Company's net loss for the quarter was $2,269,595 compared to $1,091,128 for the quarter ended October 31, 2006. The net loss for Q2 2008 excluding non cash charges attributable to stock based compensation and amortization was $1,307,011 which remains in line with management's expectations for the quarter;

- The Company's loss per share was $0.02 for the quarter ended October 31, 2007, up from $.01 for the same quarter in 2006; and

- The Company has deferred the granting of options to management until February 25, 2008. This date coincides with the termination of the lock up period associated with the October 25, 2007 financing. The Company has lifted the restriction imposed on July 25, 2007 on employees from exercising options previously granted. However, the restrictions on directors, officers and management's ability to exercise those options will continue until February 25, 2008.

"Enablence Technologies continues to grow strategically and we have strengthened our asset base and ability to meet longer term expectations as we prepare for volume production" says Arvind Chhatbar, the Chief Executive Officer of Enablence.

About Enablence Technologies Inc.

Enablence Technologies products are used in optical modems that are located inside the consumer's homes (i.e. for the delivery of high speed data/voice/video). Enablence Technologies designs and manufactures optical components, in particular triplexers and diplexers, using its proprietary Planar Lightwave Circuit (PLC) "dispersion bridge" platform, for the Fiber-to-the-Home (FTTH) market. These devices are filters that are embedded on a chip that are capable of processing optical signals at a low cost.

Forward Looking Statements

The statements in this press release may contain forward looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Corporation's expectations and projections. The TSX Venture Exchange has not approved this press release and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Enablence Technologies Inc.
    Arvind Chhatbar
    President and Chief Executive Officer