Radiant Energy Corporation

Radiant Energy Corporation

February 28, 2011 19:03 ET

Radiant Energy Corporation Announces 2010 Year End Results

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2011) - 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, 2010, which are also available on SEDAR.

The Company reported a loss of $139,500, or $0.02 per share for the year ended October 31, 2010 compared with a loss of $2,048,453, or $0.24 per share for the year ended October 31, 2009. The loss reported for 2010 from the Company's continuing operations was $1,545,177 compared with a loss for the 2009 year of $1,838,622. Revenues of $122,500 for the year ended October 31, 2010 were lower than $458,422 in 2009, due to a change in the nature of the operating agreement for a de-icing facility, which also resulted in significantly lower contract related expenses. Operating expenses decreased during 2010 as a result of cost reductions, including lower amounts recorded on the granting of stock options, and lower staff costs and professional fees. The Company's Norwegian operation was dissolved during the year, resulting in recording income of $1,405,677, reported in discontinued operations in the Company's consolidated financial statements.

For the three months ended October 31, 2010, the Company reported a loss of $162,414, compared with a loss of $431,876 for the three-month period ended October 31, 2009. The decrease in the loss resulted from lower operating expenses and revenue in the current year period. In the prior year, $87,150 of the loss related to the discontinued operation.

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
    David Williams
    President and Chairman