Seprotech Systems Incorporated

Seprotech Systems Incorporated

April 19, 2007 17:36 ET

Seprotech Announces Second Quarter Results

OTTAWA, ONTARIO--(CCNMatthews - April 19, 2007) - Seprotech Systems Incorporated (TSX VENTURE:SET) ("Seprotech") announces the following unaudited results for the second quarter 2007.

Three Months Ended Six Months Ended
February 28 February 28
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited) (unaudited)
$ 000 $ 000 $ 000 $ 000
----- ----- ----- -----
Revenue 2,206 1,061 3,243 1,761
Net Income (Loss) 140 (66) (35) (381)
Earnings (Loss)
per share 0.00 (0.00) (0.00) (0.01)

"We have delivered stronger financial results for our second quarter according to plan and we expect to have strong revenues for the balance of our fiscal year based on current sales backlog", said Martin Hauschild, President and CEO of Seprotech. "At the end of Q1 we reported that a major R&D focus would be on the full-scale integration of membranes into our wastewater treatment technology. I am happy to report that the engineering development for a full-scale project is complete. Our goal is to be able to recycle wastewater to potable water quality and to do so at a very reasonable cost. We will make a technical announcement in the current fiscal year once the necessary intellectual property filings are complete.

Management anticipates continued strength in the resources sector where Seprotech supplies equipment to the mining and oil and gas industries. The United States land development market remains weak due to the downturn in the housing industry, however, developers appear to showing interest in new development projects two years out which is a marked improvement over this time last year. Sales and marketing efforts offshore are continuing and are aimed at offsetting weakness in the United States. Overall, management is satisfied with the overall positioning of the Company in the marketplace.

"Seprotech revenues at the end of the second quarter are now at the same level as they were for the whole of last year," said Justin Connidis, Chairman of Seprotech, "The Company is having a good year and we look forward to continued growth as the importance of clean water and environmental consciousness become increasing priorities in governments and private industry. As an environmental technology company, Seprotech has the opportunity to play an important role in protecting water resources."

Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including membrane-based water treatment systems and the ROTORDISK® biological wastewater treatment systems.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.

Contact Information

  • Seprotech Systems Incorporated
    Mr. Robert J. Searle, CFO
    Investor Relations
    613-731-0851 (FAX)