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JER Envirotech Announces Record Financial Results for Q3 2008
(Marketwire Via Acquire Media NewsEdge) VANCOUVER, BC, July 21 / MARKET WIRE/ --
JER Envirotech International Corp.
(TSX-V: JER) (FRANKFURT: KFTB) is pleased to announce its
unaudited financial results for third quarter ("Q3") of fiscal
year 2008 for the three months ended May 31, 2008.
Highlights for the quarter were as follows:
-- Record Q3 2008 revenues of $653,980, representing a 292%
increase over Q2 2007 at $166,827 and a 54% increase over Q2 2008
at $423,859.
-- Revenues for the nine months ended May 31, 2008 were
$1,474,695, representing a 384% increase over the same period in
fiscal 2007 at $304,924 and a 66% increase over the total revenues
for fiscal 2007 at $886,888.
-- JER signed its four-year exclusive supply agreement with
Sprig Toys, a socially responsible toy manufacturer based in Fort
Collins, Colorado. As part of the agreement, Sprig will be
providing secondary branding on all of it products and packaging,
identifying JER as the co-developer and supplier of the custom
thermoplastic biocomposite marketed as Sprigwood(TM).
-- On April 15, JER announced a non-brokered private placement
of up to 8,000,000 units at a price of $0.33 per unit for gross
proceeds of up to $2,640,000. On May 30, the first tranche of the
private placement was closed with 1,931,559 units sold for gross
proceeds of $637,415.
-- Safeguard Products placed an initial commercial sheet order
with JER. The sheeting will be used to manufacture Safeguard's
proprietary "Cage Free Nests" for domestic and international
customers.
-- Tulip Corporation concluded a six-month R&D program with JER
and shifted to mainstream production using the Company's
thermoplastic biocomposite compounds. Tulip is using JERtech?
material to produce environmentally friendly interior and exterior
moulding, trim and industrial extruded profiles.
-- JER announced the receipt of multiple orders from Guardian
Building Products totaling approximately 300,000 lbs of JERtech?
thermoplastic biocomposite compound.
-- JER signed a U.S. distribution partnership with Jamplast
Inc., a leading North American plastic raw material distributor of
biopolymers, engineering polymers and commodity-grade
thermoplastics headquartered in Ellisville, Missouri.
-- Subsequent to Q3, on June 27, the second tranche of the
private place was closed with 2,664,545 units sold for gross
proceeds of $879,300.
Summary of Results
Revenues for Q3 2008 reached $653,980, up 292% over Q3 2007 at
$166,827. These revenues were also up 54% over Q2 2008 at
$423,859. For the first three quarters of fiscal 2008, JER's
revenues totaled $1,474,695, which is up 384% over the same period
in fiscal 2007 at $304,924, and approximately 166% of the revenues
for all of fiscal 2007 at $886,888. The increase in sales
performance is primarily attributed to the growing use of the
Company's raw biocomposite pellets and sheeting in the North
American market.
Quarter over quarter revenue performance for fiscal 2008, 2007 and
2006 was as follows:
Q1 Q2 Q3 Q4 Total
----------------------------------------------------------
2006 $78,102 $151,158 $162,435 $36,227 $427,922
2007 $85,272 $52,825 $166,827 $581,964 $886,888
2008 $396,856 $423,859 $653,980 - $1,474,695
Operationally, JER continued the refinement of both its pellet and
sheet production capabilities. For its pellet production line,
the Company expanded the range of polymers and fibers it compounds
to meet new application-specific opportunities.
"JER is now on a steep execution curve," states Edward Trueman,
JER's President and CEO. "The demand for our JERtech?
thermoplastic biocomposite products continues to show robust
growth.
"As a manufacturing business, our growth is now enabling us to
enjoy new efficiencies in operations that are contributing to our
margins, coupled with aggressive cost reduction programs to offset
the rising cost of raw materials," continues Trueman. "To support
our growth targets, the company continues to seek working capital
to pursue new business opportunities."
About JER Envirotech International Corporation
JER is a global manufacturer of thermoplastic biocomposite
compounds and sheeting. The Company's patented technology
utilizes waste or by-product materials, such as wood fibre or rice
hulls, to produce environmentally friendly alternative products
for applications in the construction, transport, automotive and
toy industries. The Company currently has a range of biocomposite
formulations which it developed in collaboration with the National
Research Council - Industrial Materials Institute of Canada.
JER currently has manufacturing operations in Canada, Malaysia and
the Philippines. The Company is publicly traded on the TSX
Venture Exchange (TSX) under the symbol "JER" and on the Frankfurt
Stock Exchange under the symbol "KFTB."
JER ENVIROTECH INTERNATIONAL CORPORATION
"Ji Yoon"
Mr. Ji Yoon
Chief Financial Officer
International: +1(604) 940-9262
jyoon@jerenvirotech.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. This news release contains
certain forward-looking statements that reflect the current views
and/or expectations of JER Envirotech International Corp. with
respect to its performance, business and future events. Investors
are cautioned that all forward-looking statements involve risks
and uncertainties including, without limitation, those relating to
changes in the market, potential downturns in economic conditions,
foreign exchange fluctuations, demand for thermoplastic
biocomposites, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. JER Envirotech International Corp. does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements.
(2008-06 #16)
Distributed by Filing Services Canada and retransmitted by Marketwire
For more information, please visit www.jerenvirotech.com or
contact:
Mr. Ji Yoon
Chief Financial Officer
International: +1(604) 940-9262
Investor Relations:
Mr. Mark Komonoski
VP Corporate Communications
Toll-Free: 1-877-255-8483
International: +1(403) 470-8384Email Contact
Email: Email Contact
Website: www.jerenvirotech.com
Copyright ? 2008 Marketwire
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