Ergoresearch LTD

Ergoresearch LTD

December 20, 2011 12:25 ET

Ergoresearch LTD Annonces its Best First Quarter Ever

MONTREAL, QUEBEC--(Marketwire - Dec. 20, 2011) - Ergoresearch LTD (TSX VENTURE:ERG).

  • Revenues for the first quarter of 2012 increased and are 11,9 % higher than those for the same period in 2011, from $1 632 194 to $1 826 393.

  • Net profits before taxes of the Corporation increased by 195 % to $257 734 (14,1 % of the revenues) in the current quarter compared to $87 249 (5,3 % of revenues) in the same period last year.

  • Revenues generated by operations have increased by 103% to reach $141 178 compared to $69 636 for the same period last year.

  • The Corporation recorded a 19th consecutive profitable quarter.

Subsequent events

  • Opening of a new « Clinique du Pied Équilibre » clinic and of 3 satellite offices in the Mauricie region.
  • On October 17, our first living lab and knee arthritis patients were seen in the Corporation's new Laval facility.
  • Receipt of a $750 000 bank loan put in place to begin the Corporation's growth strategy.
  • Receipt of a $41 500 grant in the scope of the CNRC PARI program to develop a new generation of podo-barometric devices.
  • Appointment of Mr. Louis Desrosiers as Vice-President for Research and Development.
  • Setting up the sales development team.

All amounts are in Canadian dollars unless otherwise indicated.

Ergoresearch LTD (« Ergoresearch » or the « Corporation ») announces today its results for the first quarter ended on September 30, 2011. During this quarter, the Corporation recorded unprecedented sales, a strong profit and an increase in the benefits generated by its operations.

In the quarter ended September 30, 2011, revenues of the Corporation reached $1 826 393, representing an 11.9% increase compared to revenues of $1 632 194 $ for the same period last year. Net profits before taxes have almost quadrupled to $ 257 734 from $87 249 for the same period last year.

Revenues generated by operations saw a strong increase from $69 636 in the same period last year to $141 178 in this first quarter of 2012.

« We are satisfied with the results of this first quarter of 2012. The Corporation has successfully integrated its operations in its new head office, has diligently continued its research activities on the locomotive system and enthusiastically prepares its future growth. »

These exceptional performances are a tribute to the efforts deployed by our employees, officers and directors. Their efforts orchestrated around common objectives allow the Corporation to aim for the highest summits », declared Mr. Sylvain Boucher, president and CEO of Ergoresearch LTD.

About Ergoresearch

For the past 5 years, Ergoresearch has been developing the largest network of orthotic clinics in Quebec with more than 60 offices and satellite clinics under the «La Clinique du Pied Équilibre» and «Orthoconcept» banners. Its team of 74 people makes it a leader in the manufacturing of foot and general orthotic devices. It is at the cutting edge of durable medical equipment development in the orthopaedic industry. The corporation is involved in eight (8) important research and development projects with institutions such as the Université Laval de Québec and the Centre de Solutions Technologiques en Orthèses-Prothèses (CSTOP) du Collège Mérici de Québec. Ergoresearch was the first to develop and commercialize intelligent and self-correcting podobarometric sensors, and to use distinct software in order to guarantee the quality and the performance of the orthotic devices it produces. Ergoresearch Ltd is listed on the Toronto - TSX Venture exchange under the symbol ERG.

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

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