BluMetric announces profitable first quarter 2013
OTTAWA, Jan. 29, 2013 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM) ("BluMetric" or the "Company") announces its unaudited financial results for the interim period ended November 30, 2012 On November 6, 2012, Seprotech Systems Incorporated (Seprotech) filed articles of amendment to change its name to BluMetric, and on November 16, 2012, the Company completed a reverse takeover transaction with WESA Group Inc. ("WESA"). In accordance with financial reporting requirements, the following reflects WESA results for the interim period ended November 30, 2012, together with the former Seprotech's results from November 16-30, 2012.
|Three Months Ended November 30|
|Net Income (Loss)||249||(427)|
|Income (Loss) per share||0.02||(0.69)|
As noted above, results for the interim period ended November 30, 2012 reflected consolidation of Seprotech results for the period November 17 - 30, 2012 only. The prior period reflects WESA alone, so results are not directly comparable with the prior year. Revenues were slightly lower than for the same period in 2011; however gross margins were higher for the 2012 period. A significant portion of the operating expenses ($133K) incurred in the quarter ended November 30, 2012 reflects non-recurring transaction costs related to the previously reported reverse takeover.
"Given the significant management focus on getting the RTO closed during last autumn, we are pleased with the results. We're well into the integration now, and operations are coming together extremely well." said BluMetric CEO William Touzel
For additional information on the merger and these financial results, please refer to the Company's filings at www.sedar.com.
BluMetric is an integrated product and service organization providing sustainable solutions to complex environmental issues in Canada and abroad. The Company serves clients in many industrial sectors, and at all levels of government, both domestically and internationally.
BluMetric operates through two divisions:
- a professional services division focussed on environmental earth sciences and engineering, contaminated site remediation, water resource management, industrial hygiene, occupational health & safety, and renewable energy. This division operates under the names "WESA", "Envir-Eau", and "OEL-HydroSys"
- a water & wastewater division providing both design-build and pre-engineered product solutions to clients' water and wastewater treatment needs. This division operates under the names "WESAtech" and "Seprotech".
More information can be obtained at www.blumetric.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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.
SOURCE BluMetric Environmental Inc.