CNVT-very interesting situation. News just out-last trade .41. Someone mentioned this one a few weeks back...
CVF Technologies Corporation Public Holding - BIOREM Inc. Announces Record 2004 Results
PR Newswire - March 23, 2005 14:33
WILLIAMSVILLE, N.Y., March 23, 2005 /PRNewswire-FirstCall via COMTEX/ -- CVF Technologies Corporation (OTC Bulletin Board: CNVT) holding BIOREM Inc. (approximately 33% owned by CVF, CVF's ownership position is currently valued at $9.5 million (US) or $0.69 (US) per CVF share) has set new records in 2004, with sales up 15% to $9,934,000 (CDN) and net earnings of $972,000 (CDN) up 20% over 2003 before tax loss carry forward adjustments.
"I am pleased with the solid earnings that we have achieved for the third consecutive year," said Brian Herner, BIOREM President and CEO. "2004 was a transition year for the company, during which management successfully prepared BIOREM to become public. It was a period of expansion and growth and the Company's strongest sales year to date with $11.3 million (CDN) of new bookings recorded."
"Although BIOREM Technologies Inc. was still a private company at the end of 2004, the year end results are being released at this time to provide shareholders with full disclosure of the operations." said Herner. For 2004, the financial results of parent company, BIOREM Inc., (formerly Ontario Capital Opportunities Inc.) (OCO), have been reported separately. Financial results for BIOREM Inc. will be presented on a consolidated basis starting in 2005.
On Jan 17, 2005, the transaction with BIOREM Technologies Inc. closed and BIOREM Inc. became a public company
For the twelve months ended December 31, 2004:
BIOREM Technologies Inc
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($000's)CDN
Sales $9,934
Earnings before interest, taxes, depreciation & amortization $1,797
Income tax $381
Net earnings $972
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Net earnings per share
Basic $0.67
Diluted $0.16
Net earnings for the year represent pro forma earnings of $0.10 (CDN) per share based on 10,143,493 shares outstanding after completion of the Qualifying Transaction of the Capital Pool Company on January 17, 2005.
Recent Accomplishments by BIOREM are:
* In 2004, the Company expanded its sales activities in Western United
States, started an industrial business unit and initiated marketing
development for International sales. "The combination of strong bookings
growth and a stronger balance sheet going forward puts the Company in a
position to continue to support market expansion in the rapidly growing
sector of odor control and air pollution abatement," said Herner.
* Orders for ten odor control systems were received from the Western
United States.
* An order was received for the advanced SYNERGY(TM) system in the paint
industry. This will replace a thermal treatment unit providing a
reduction in energy cost and green house gas emissions.
* Initial orders were received for Saudi Arabia and China. These two
regions have extensive plans for the expansion of odor control in their
municipal systems and in most cases have elected to use state of the art
technologies such as that supplied by BIOREM.
* New share capitalization in the amount of $3 million (CDN), before
expenses, was brought into the Company in 2004 through the issuance of
common shares to two new equity fund investors in Canada and the United
States. "The restructured balance sheet as a result of new investment
provided the Company with a more diverse, well capitalized shareholder
base in preparation for the going public transaction," said Herner. An
additional $2 million (CDN) was raised when the company became public in
January 2005. The company is now debt free with approximately $5 (CDN)
million in cash.
