News out, 1Q and progress report. Well, not much progress. Positive spin but, apparently they'll miss the announced
January target to close the two organic waste disposal truck deals. Note the last line, an escape clause,
"reg approval and subject to financing."
National Challenge first quarter results
National Challenge Systems Inc NLC
Shares issued 19,622,856 Dec 24 close $1.15
Wed 29 Dec 99 News Release
Mr. Floyd Wandler reports
Financial results for the first quarter and three-month period from Aug. 1,
1999, to Oct. 31, 1999, were as follows:
Net income was $272,447 or 1.4 cents per share on revenues of $2,029,056.
Although these results are down from the same period in the prior year (net
income from continuing operations of $413,526 on revenues of $2,324,531),
they are consistent with the company's more recent quarters which are
representative of its fully developed structure and focus on its rental
portfolios.
In Stockwatch Sept. 21, 1999, the company announced that it had entered
into two letter agreements to acquire two organic waste disposal companies
and expand its control of a new organics waste system. The two
non-hazardous liquid waste disposal companies, A&A Anderson Tank Services
of Vancouver and Organic Resources Management Inc of Toronto, are the
largest organic waste disposal companies in their respective areas. These
discussions continue to proceed positively, and the company is hoping to
consummate these purchases during its third financial quarter (February to
April, 2000).
Discussions with the owners of the patents for the technology, Organic
Resource Technology Inc. and ORTI International, have also been progressing
very positively, and the company hopes that it will be able to consummate
all the necessary agreements and acquire these two companies in the same
time frame.
All noted transactions require regulatory approval and are subject to
financing.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
