Tactex Controls Inc.
TSX VENTURE : TTX

Tactex Controls Inc.

April 30, 2008 17:55 ET

Tactex Reports Fiscal Year End 2007 Results

VICTORIA, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - Tactex Controls Inc. (TSX VENTURE:TTX), the manufacturer of innovative tactile force sensors, reported its financial results for the year ended December 31, 2007. Sales of specialty keyboards, under-mattress sensors, and other health and wellness devices drove Tactex sales revenue to a record $892,983 for the year (2006: $223,014). Tactex President and CEO, David Lokhorst, says, "In 2007, we were able to crank up the sales revenue while significantly reducing our administration and R&D costs. We have also succeeded in diversifying our customer base." Tactex introduced a number of products in the last year. Added Lokhorst, "Based on the field testing we started in 2007, we will be rolling out a new under-mattress sensor for measuring quality of sleep, which we believe represents a significant new market opportunity."



STATEMENT OF OPERATIONS AND DEFICIT
FOR THE YEARS ENDED DECEMBER 31
(Excerpt from audited financial statements - see annual financial
statements for full details)

2007 2006
------------ ------------

SALES $ 892,983 $ 223,014

COST OF SALES 462,132 167,630
------------ ------------
GROSS MARGIN 430,851 55,384
------------ ------------

OTHER INCOME:
Grants and tax credits 63,743 115,049
Interest and other income 30,388 219,437
------------ ------------
94,131 334,486
------------ ------------

EXPENSES:
Marketing 338,221 269,539
Research and development 367,327 439,126
Interest on bond payable 44,716 35,895
Administration 417,354 696,427
Amortization - property, plant & equipment 56,663 70,962
------------ ------------
1,224,281 1,511,949
------------ ------------

LOSS FROM OPERATIONS (699,299) (1,122,079)

OTHER ITEMS
Foreign exchange loss 100,951 -
Write down of obsolete inventory (26,317) -
Impairment of stock purchase loans receivable (73,195) -
Fair value adjustment on bond payable 260,331 -
Fair value adjustment on loan payable 320,430 -
------------ ------------
582,200 -
------------ ------------

NET LOSS FOR THE YEAR (117,099) (1,122,079)

DEFICIT - beginning of year (3,890,325) (2,768,244)
------------ ------------

DEFICIT - End of year $ (4,007,424) $ (3,890,323)
------------ ------------
------------ ------------

Earnings (loss) per share - basic and diluted $ 0.00 $ (0.02)
------------ ------------
------------ ------------


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

Contact Information