BIG NEWS:
Ozolutions Inc. Files 10KSB; Firm Moves from Development Stage to Active Status With First Sales and Operating Funds Report Details Proposed Acquisition to Usher OZLU Into U.S. Water Purification Market
TORONTO, Dec 6, 2002 (BUSINESS WIRE) -- Ozolutions Inc. (OTCBB:OZLU) filed its 10KSB report for the fiscal year ended Aug. 31, 2002.
Ozolutions has moved from a development stage company to an operating company with its first sales in the amount of $134,885 in the year ended Aug. 31, 2002. With the cancellation of a $1 million obligation for marketing rights, it faces the new fiscal year with adequate operating funds, according to Max Weissengruber, president.
The report also details progress on a potential acquisition which would usher Ozolutions and its state-of-the-art water purification products into the U.S. market. The company currently operates in Canada, Mexico, Central and South America and territories bordering the Caribbean.
Pending completion of financing, Ozolutions has agreed to acquire Electrical Systems Engineering, a U.S. distributor with $6 million in annual sales, for $1.5 million, and Specdex Inc., a software company which can put the Ozolutions product catalog online before U.S. retailers nationally, for 4.5 million shares of OZLU stock. The two firms would be combined into a distribution division allowing access to the U.S. water purification market.
"We have two advanced products, Hankin and ELCE, and the requisite marketing rights. Production of Hankin's EntrOzone will begin in the 1st quarter of 2003 with significant testing throughout the same period," said Weissengruber. "We have our first sales behind us, we have operating funds and we are now ready to focus our attention on selling our products."
Total assets at the end of Fiscal Year 2002 were $859,917 vs. $897,777 for the previous year. Total liabilities for Fiscal Year 2002 dropped to $26,884 vs. $1,270,876 for the previous year.
Ozolutions' net loss was $542,419 in 2001 compared to $386,422 in 2002 while stockholder equity changed from a deficiency of $373,099 at Aug. 31, 2001, to an equity position of $833,033 at Aug. 31, 2002.
For the complete 10 KSB filing go to: www.nasdaq.com. Symbol "OZLU" and click on NEWS.
Safe Harbour Statement under the Private Securities Act of 1995. Except for the historical information herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products and prices, and other factors discussed in the Company's various filings with the Securities and Exchange Commission.
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