Radiant Energy Corporation

Radiant Energy Corporation

March 06, 2009 22:11 ET

Radiant Energy Corporation Announces 2008 Year End Results

TORONTO, ONTARIO--(Marketwire - March 6, 2009) - Radiant Energy Corporation (TSX VENTURE:RDT) ("Radiant" or the "Company") (amounts in U.S. dollars), the developer and marketer of radiant aircraft de-icing systems, announced its results for the year ended October 31, 2008, which are also available on SEDAR.

The Company reported a loss of $3,831,130, or $0.02 per share for the year ended October 31, 2008 compared with a loss of $6,255,826, or $0.06 per share for the year ended October 31, 2007. Losses in 2007 were impacted significantly by the write-off of a deicing facility in Norway of $3,136,985. The results of the Company's Norwegian operations have been reported as a discontinued operation in the Company's consolidated financial statements following a decision during the year to cease the operation. The loss reported for 2008 from the Company's continuing operations was $3,534,365 compared with a loss for the 2007 year of $1,712,936. Revenues of $270,760 for the year ended October 31, 2008 were marginally higher than in 2007, however expenses incurred to operate the deicing facility were much higher, as were operating expenses which increased as a result of a new management team, marketing initiatives and professional fees. Losses from the discontinued operation were reduced significantly in 2008, as the negative impact of a large expense recorded in respect of a VAT tax assessment in Norway were offset by gains from debt settlements, the disposal of the deicing facility and foreign exchange translation gains.

For the three months ended October 31, 2008, the Company reported income of $759,169 compared with a loss of $2,062,211 for the three-month period ended on October 31, 2007. The loss from continuing operations of $858,259 for the three-month period in 2008 was $548,801 higher than the loss of $309,458 in 2007. The Company incurred a debt settlement loss of $153,893 in the 2008 fourth quarter compared with debt settlement gains of $373,561 in the prior year. Income of $1,617,428 was reported from the discontinued operation for the three-month period ended October 31, 2008, higher by $3,370,181 when compared with a loss of $1,752,753 in 2007. Losses in the previous year resulted from the write-off of the Norway facility, while income in the three month period ended October 31, 2008 resulted from debt settlement gains, gains related to the disposal of the facility and foreign exchange translation gains.

About Radiant Energy Corporation

Radiant is the developer and marketer of Radiant Deicing Systems. The Company's product is the only non-glycol based alternative approved by the US Federal Aviation Administration for the pre-flight ground deicing of aircraft. Aircraft deicing with Radiant's technology offers savings to airports and airlines over the use of conventional glycol-based deicing systems, reducing aircraft treatment costs and significantly reducing the negative impact of glycol on the environment.

This press release contains "forward-looking statements", including statements regarding the business and anticipated financial performance of Radiant Energy Corporation, which involve risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements, regarding financial and business prospects and financial outlook) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in general economic and market conditions, changes to regulations affecting the Company's activities, and uncertainties relating to the availability and costs of financing needed in the future. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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

Contact Information

  • Radiant Energy Corporation
    Larrie Shepherd
    President and Chief Executive Officer
    (416) 922-8778