NEW YORK, April 18, 2011 /PRNewswire-FirstCall/ -- Adama Technologies Corp. (OTCBB: ADAC), a clean-tech company dedicated to the remediation of contaminated brownfields, today announced the company has reported a net income of $750,000 in the first fiscal quarter of 2011.
Non-recurring income of $850,000 relating to forgiveness of debt was recorded during the quarter. The liquidation of credit cancels an exclusive brownfield license agreement signed in 2010 with Solucorp Industries Ltd.
Adama operating expenses of $100,000 during the first fiscal quarter bring the total net income to $750,000.
"The forgiveness of this debt by Solucorp releases Adama from a heavy financial burden, and enabled our company to post net income for the first quarter of 2011," stated Aviram Malik, CEO of Adama Technologies. "We are confident that this agreement will enable Adama to continue to prosper in the areas of clean-tech and brownfield remediation."
About Adama Technologies Corp.
Adama Technologies Corp. acquires, decontaminates and revitalizes brownfields using patented Molecular Bond Solution (MBS) Technology. The Technology has successfully completed the site testing program of the Environmental Protection Agency, and is ready for commercial use.
To learn more about Adama Technologies and MBS Technology, please visit http://www.adama-tech.com.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Adama Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated in the forward-looking statements. Adama Technologies' public filings may be viewed at http://www.sec.gov.
Contact: Aviram Malik, CEO Tel +972-54-494-3953 [email protected]
SOURCE Adama Technologies Corporation