Radiant Energy Corporation

Radiant Energy Corporation

September 29, 2010 20:05 ET

Radiant Energy Corporation Announces Results for Third Quarter 2010

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2010) - Radiant Energy Corporation, (TSX VENTURE:RDT) ("Radiant" or the "Company") (amounts in U.S. dollars), the developer and marketer of radiant heat based aircraft de-icing systems, announced its results for the three and nine months ended July 31, 2010, which are also available on SEDAR.

The Company reported a loss of $323,005, or $0.04 per share for the three months ended July 31, 2010, compared with a loss of $463,751, or $0.05 per share for the three months ended July 31, 2009. There was no revenue for the period, as the operations are seasonal. On May 3, 2010, the Company received approval from the TSX Venture Exchange to implement a share consolidation of its issued and outstanding common shares on the basis of one (1) post- consolidation common share for every twenty five (25) pre-consolidation common shares, and the shares began trading on the consolidated basis on May 5, 2010. Earnings (loss) per share amounts for the current and prior periods reflect the share consolidation.

The Company reported income of $22,914, or $0.00 per share for the nine months ended July 31, 2010, compared with a loss of $1,616,577 or $0.19 per share for the nine-months ended July 31, 2009. The loss from continuing operations of $1,382,763 for the nine month period was $111,133 lower than the loss of $1,493,896 for the prior year nine month period. Income for the current year period was from the dissolution of Company's discontinued operation, resulting in the recording of income of $1,405,677 relating to the reversal of previously recorded accruals. Revenue for the nine-month period of $37,000 was substantially lower than the prior year of $431,948 due to the change in operating arrangements for the de-icing facility.

About Radiant Energy Corporation

Radiant is the developer and marketer of Radiant De-icing Systems. The Company's product is the only non-glycol based alternative approved by the US Federal Aviation Administration for the pre-flight ground de-icing of aircraft. Aircraft de-icing with Radiant's technology offers savings to airports and airlines over the use of conventional glycol-based de-icing 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