Perlite Canada Inc.

Perlite Canada Inc.

April 01, 2009 10:45 ET

Perlite Canada Inc. Announces its Results for the First Quarter of 2009

MONTREAL, QUEBEC--(Marketwire - April 1, 2009) - Perlite Canada inc. (the "Company") (TSX VENTURE:PCI) announces hereby the results for its first quarter 2009 ended on January 31, 2009 (the "1st Quarter 2009").

The main event occurred during the 1st Quarter 2009 was the acquisition of the perlite and vermiculite processing plant located in Lachine (Quebec) (the "Lachine Plant") owned by Normiska Corporation.

The Company's sales reached $1,341,460 for the 1st Quarter 2009 compared to $947,896 for the first quarter of the fiscal year 2008, an increase of approximately 42%. This increase is attributable to the acquisition of the Lachine Plant.

The Company posted a net loss of $226,323 during the 1st Quarter 2009 compared to a net loss of $48,494 for the first quarter of the fiscal year 2008. The loss posted during the 1st Quarter 2009 is explained by the increase of the costs and expenses generated by the acquisition of the Lachine Plant. This loss is also explained on one hand by factors related directly to the peat moss industry such as the decrease of harvest during the fall 2008 and on the other hand by external and exceptional factors such as the financial crisis that occurred during this period which incited clients to delay their orders of perlite and vermiculite.

Management anticipates that the synergies and the new markets created by the acquisition of the Lachine Plant will allow the Company to reach a higher growth stage. Management will have however during fiscal year 2009 to ensure the optimal employment of the Company's resources and the constant improvement of its operations while maintaining a healthy profit margin.

Perlite Canada inc. has become a leading company in Canada in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.

The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.

This press release contains forward-looking statements to which are associated some risks and uncertainties. Any statement contained in this present press release that does not constitute an historical fact can be considered as a forward-looking statement. In this present press release, verbs such as "believe", "anticipate", "assess" and other similar expressions indicate generally forward-looking statements. Those statements do not warrant as for the future performance of Perlite Canada inc. and they suppose known and unknown risks as well as uncertainties in such a way that true future perspectives, returns or results of the Company may be notably different of future returns or results expressed or implied by these forward-looking statements.

The TSX Venture Exchange is not responsible for the truth or accuracy of this press release.

Contact Information

  • Perlite Canada Inc.
    Richard Barabe or Martin Joyal
    514-336-6651 (FAX)