Radiant Energy Corporation

Radiant Energy Corporation

March 23, 2007 12:31 ET

Radiant Announces Year End Results

PORT COLBORNE, ONTARIO--(CCNMatthews - March 23, 2007) - Radiant Energy Corporation ("Radiant" or the "Company") (TSX VENTURE:RDT) developer and marketer of InfraTek®, the environmentally friendly, patented, infrared pre-flight aircraft deicing system, today reported its financial results for the year ended October 31, 2006.

For the year ended October 31, 2006, the Company recorded a gain of $2,355,463 or $0.04 per share compared to a loss of $5,268,548 $0.15 per share in 2005. For the year ended October 31, 2006, revenue increased to $6,208,916 from $3,438,338 in 2005. The Company's revenue was generated from the construction project at JFK International Airport, research funding and deicing revenues at Newark Liberty International Airport.

- In 2006, the net income is primarily as a result of a gain on the forgiveness of the debt with GE Capital and others for $4.2 million. During the year the company made progress on its debt reduction program. The Company reduced the total debt to $10.7 million on October 31, 2006 from a high of $16.9 million on July 31, 2006.

- During the year, the Company completed construction of the InfraTek system at JFK International Airport in New York. The system can accommodate aircraft up to the size of a Boeing 747-300. The system is owned by the Port Authority of New York & New Jersey and operated by Radiant. In January 2007, the system successfully treated its first aircraft. To date, the system has treated aircraft as large as a Boeing 777 and as small as regional and corporate jets.

- "The customer base at JFK is growing with US Airways, KLM, Air Jamaica, Maxjet and other airlines as signatory customers who have committed to use the InfraTek system as their primarily means of deicing at JFK thereby demonstrating their commitment to the environment," said Colin V. F. Digout, President of Radiant Energy. "During recent ice storms, the InfraTek system performed to expectations while those using conventional glycol deicing on the ramp experienced significant delays. The performance at JFK was a testament to the reliability, operational and economic superiority of the InfraTek product."

- During the year, the Company commenced work on a contract under Phase I of a Small Business Innovative Research Program ('SBIR") with the Department of Defense of the United States for the development of a Non-Fluid Based Transportable Aircraft Deicing System. The work on Phase I funded the conceptual design and testing of a modular electrical infrared deicing emitter and to accommodate a side by side test of the newly developed electrical infrared deicing emitter against the proven InfraTek gas fired emitter. The test was deemed to be successful.

- Subsequent to the year end, the Company was awarded Phase II of the SBIR program. Phase II, valued at approximately $750,000, will fund the prototype development to test on small aircraft. The current plan under the SBIR II is to construct a system at the Company's research facility at the Niagara Falls Airport in Niagara Falls, New York.

- In recent months, Radiant has worked closely with the US military as they evaluate the acceptance of the InfraTek product. The United States Air Force will be conducting controlled tests as well as testing the existing InfraTek facility at JFK Airport during the winter season of 2006-2007 in cooperation with The Boeing Company. Once approved, military bases throughout the US military can acquire an InfraTek system as an approved standard piece of capital equipment.

- Subsequent to the year end, Radiant signed an agreement with the China Civil Aviation Technology and Equipment Corporation ("AVITEC"), a division of the Civil Aviation Authority of China ("CAAC"), for sales and distribution for InfraTek in China. The CAAC is a department of the Government of China. AVITEC is responsible for identifying and importing aviation products into China for re-sale to China based airports and airlines.

The InfraTek Deicing System is the only FAA-approved for use, non-glycol based alternative to the conventional pre-flight ground deicing process. InfraTek offers savings to airports and airlines by reducing treatment costs and by significantly reducing the negative environmental impact of glycol. The InfraTek Deicing System is in use at JFK International Airport, New York, the Newark Liberty International Airport, New Jersey, the Rhinelander-Oneida County Airport, Rhinelander, Wisconsin, and is in final testing at the Oslo Airport in Gardermoen, Norway.

This press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of Radiant Energy Corporation, which involve risks and uncertainties. These risks and uncertainties may cause Radiant's actual results to differ materially from those contemplated by the forward-looking statements. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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