Press Release.
Still Waiting........
EMR Announces Third Quarter Results
FREDERICTON, NEW BRUNSWICK AND TORONTO, ONTARIO--EMR Microwave
Technology Corporation today announced the company's results for
the nine-month period ended September 30, 1999.
The Company has continued to generate revenues through testing
contracts as an indicator of strengthening recognition from the
mining industry. In particular, cooperative work with Bateman has
resulted in significant new Australian test developments as well
as new validated successes in copper process development where the
company expects its major market to emerge through the next few
months; this would strengthen EMR's position in the industry which
has been focused strongly on the refractory gold sector.
Meanwhile, the company is continuing on its cost control and cash
management strategy which has significantly reduced operating
costs throughout the year.
On August 20, 1999, EMR's Board of Directors authorized a private
placement of 6,000,000 units at $0.26 per unit. Each unit
consists of a common share and a warrant to purchase an additional
common share at $0.35 for up to two years from the date of
closing. This placement has raised a total of $300,120 as at 30
September 1999 and financing activity is continuing to fill the
placement. The proceeds from this financing and any additional
infusions of capital will be directed toward ongoing programs in
EMR's development of economic, clean metallurgical processes.
EMR Microwave Technology Corporation is a process technology
company dedicated to providing applications for the resource
industries using proprietary microwave systems. The company's
head office, analytical labs, and pilot plant are located in
Fredericton, New Brunswick.
/T/
SELECTED FINANCIAL HIGHLIGHTS
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Nine months ended
September 30
(Unaudited)
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1999 1998
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Operations
Sales $ 221,088 $ 48,559
Net earnings (loss) -1,288,331 -2,115,724
Financial Condition
Cash at end of period $ 41,319 $ 297,738
Capital assets 1,146,797 1,351,915
Total assets 1,356,756 1,869,839
Long term debt 1,664,954 1,232,935
Shareholders' equity -894,021 291,171
Per Share Data
Net earnings (loss) $ -0.03 $ -0.05
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/T/
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
J. Brian Neill, Chairman & CEO
EMR Microwave Technology
(506) 444-8704 or 1-888-561-3671
(506) 459-4345 (FAX)
investors@emrmicrowave.com
www.emrmicrowave.com
The Alberta Stock Exchange has neither approved nor disapproved
the contents of this press release. |
