Ergoresearch Ltd

Ergoresearch Ltd

February 26, 2009 15:05 ET

Ergoresearch Discloses Financial Results for Second Quarter Ended December 31, 2008

MONTREAL, QUEBEC--(Marketwire - Feb. 26, 2009) - Ergoresearch Ltd "Ergoresearch" (TSX VENTURE:ERG) continues the achievement of its business plan, by announcing that its sales for the second quarter of fiscal year 2008-2009 almost tripled compared to the results for the same period last year reaching $1 617 615. Ergoresearch has witnessed a complete turnaround, delivering record years for the last years with profits of $423 247 for the year ended June 30, 2008, of $210 111 for the year ended June 30, 2007 and of $159 502 for the year ended June 30, 2006. With profits of $191 265 for the second quarter alone, the company is bound to achieve results beyond expectations.

As previously announced, following the first quarter, Ergoresearch concluded the arms length acquisition of 100% of the assets of Orthoconcept Inc., a Quebec based company established in Laval. Founded in 1990, Orthoconcept specializes in providing orthotic and prosthetic devises in Quebec. It holds the rights to the Orthoconcept, Podoconcept, orthobuy and Newskinparts trademarks. It has established itself as a leader in the industry by the quality of its products and the services provided by its employees. The synergies pursuant to this acquisition have already produced astounding results in this second quarter.

The assets of Orthoconcept have been purchased through a subsidiary company, 9200-8127 Quebec Inc., renamed Orthoconcept (2008) inc., held by Ergoresearch Inc. in the proportion of 51%.

Mr. Sylvain Boucher, President & C.E.O. of Ergoreasearch stated: "Since the new management team has been appointed, it maintains its record breaking financial accomplishment with its best results to date. Inspired by such an excellent performance we can only continue on the road to profitability." Mr Boucher added: "The company performed very well despite the recession and a difficult financial context. The healthcare industry is one of necessity and this, added to Ergoresearch's important competitive advantages due to its intellectual property, allow us to see the future with optimism. Ergoresearch will pursue the achievement of its business plan in the coming year and will keep searching for new opportunities and does not exclude other acquisition projects."

Forward-looking statements

Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on Management's expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur. Such risks factors include, but are not limited to, those related to the Company's ability to finance its activities, competition, fluctuations in operating results, the impact of general economics, industry and market conditions, the ability to recruit and retain qualified employees, fluctuations in cash flow, expectations regarding market demand for particular products and the dependence on new product development.

The reader should not give great importance to forward-looking statements as (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypothesis taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.

Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Ergoresearch Ltd ( through its subsidiaries ( and (, is a leading general and foot orthotics manufacturer as well as being on the leading edge of durable medical equipment development in the orthopaedic industry. The Company owns patented technologies that confer competitive advantages in the industry and relies on its undeniable knowledge of consolidation in the healthcare industry.

The TSX Venture exchange has not reviewed and does not accept responsability for the adequacy or accuracy of this press release.

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