Ergoresearch Ltd
TSX VENTURE : ERG

Ergoresearch Ltd

May 30, 2012 16:18 ET

Ergoresearch Ltd Reports Record Sales for a Third Quarter

LAVAL, QEBEC--(Marketwire - May 30, 2012) - (TSX VENTURE:ERG)

  • Sales in this third quarter of 2012 increased by 8.1 % to reach $1 946 218 compared to $1 799 571 for the same period last year. In the first 9 months sales totaled $5 807 515.
  • Ergoresearch's net income before taxes reaches $58 371 for the current quarter, showing net pre-tax profit of $472 762 since the beginning of the fiscal year - a 61.6% increase compared to 2011.
  • The Corporation had as of March 31 2012 cash on hand and short term investments of over two million dollars.

During its third quarter, Ergoresearch also…

  • Launched the first Bimodal Sensor System combining imaging and foot pressure distribution - Expert-fit™ - an advanced optical scanner and clinical software producing a full podometric assessment. These imprints are recorded using high-deformation sensors that are exclusive to Ergoresearch.
  • Launched Ergoresearch France. With this investment, Ergoresearch is embarking on an international development plan which has already been rewarded with an order for fifteen Expert-fit™ systems, patented technology that's exclusive to Ergoresearch for manufacturing custom fit foot orthotics, thereby affirming the efficiency and superior value of its products on the market.
  • Finalized an important research phase on new advances in the field of knee osteoarthritis. A public announcement will take place within the coming months.
  • Created its first Corporate Fact Sheet and updated the Corporation's website, www.ergoresearch.com.

Today Ergoresearch Ltd ("Ergoresearch" or "the Corporation") continues to forge ahead, announcing record sales for the third quarter ending March 31. Sales show an 8.1% increase and reach $1 946 218, compared to $1 804 194 last year over the same period. Sales during the first 9 months totaled $5 807 515 - an 11.1% increase compared to 2011. Net income before taxes rose to $58 371 for the current quarter, while net profit before taxes totaled $472 762 since the beginning of the fiscal year.

In the quarter ending March 31 2012, Ergoresearch's cash on hand and short term investments amounted to over two million dollars. Cash assets will be useful for future expansion projects, such an acquisition in the Corporation's field of activity and the launch of new Clinique du Pied Équilibre banners.

"We are satisfied with the results in this third quarter. The Corporation is diligently proceeding with research activities on the human musculoskeletal system and knee osteoarthritis, while setting the groundwork for future growth with much enthusiasm" states Sylvain Boucher, CEO of Ergoresearch. "The efforts deployed by our employees, officers and directors converge around common objectives and allow the Corporation to aim for the highest pinnacles."

About Ergoresearch

Since 2005, Ergoresearch has developed Quebec's leading network of orthotics clinics, with over 60 corporate and satellite centres under the Clinique du Pied Équilibre and Orthoconcept banners. The leading manufacturer of 'intelligent' and specialty foot orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch was the first to develop and market an autocorrecting podo-barometric pad that relies on two distinct software programs to ensure the quality and performance of the orthotics that it produces. The company is involved in a number of research projects with institutions such as Université Laval and Collège Mérici's Centre de solutions technologiques en orthèses et prothèses (CSTOP), in Quebec City. Ergoresearch Ltd is listed on the Toronto Stock Exchange (TSX-V) under the TSX-V Symbol: ERG.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Source:
    Sylvain Boucher
    President & CEO
    Ergoresearch Ltd
    450-973-6700 ext. 213
    sboucher@ergoresearch.com

    Information:
    Isabelle Vallee
    Director - Communications and Public Relations
    Ergoresearch Ltd
    450-973-6700, x 233 / Cell: 514-377-0485
    ivallee@ergoresearch.com