HARD -- Releases earnings and financial reports
NEW YORK--(BUSINESS WIRE)--June 23, 1997--Stratford Acquisition (OTC:HARD) announced Monday that the company's manufacturing facility in Mississauga, Ontario began production of the NovaCrete proprietary concrete additive on June 3, nearly a month ahead of schedule.
Stratford Acquisition will increase production levels significantly in July when the first phase of an automated production system is installed. The company has retained Advanced Integrated Resources of Burlington, Ontario, to locate, procure, and integrate all production equipment into the facility, which was leased at the beginning of May.
Stratford Acquisition also released an audited restatement of its May 31, 1996 fiscal year earnings and the unaudited subsequent quarterly financial reports, as shown below.
Year Ended Nine Months Ended
May 31, 1996 Feb. 28, 1997
Audited Statement Unaudited
Revenues $ 140,741 -0-
Total operating expenses $ 518,954 $545,685
Net loss per weighted-average
share of common stock outstanding ($ 0.07) ($ 0.06)
Weighted-average number of shares
of common stock outstanding 5,552,407 9,068,566
(approximate)
The Form 10-K/A for the period ending May 31, 1996, and the Forms 10-Q for the three month periods ending Aug. 31, 1996, Nov. 30, 1996, and Feb. 28, 1996, have all been filed with the SEC. May 31, 1997 fiscal year reporting will be announced as soon as figures are available.
The company further announced that Colin Rayner has left its board of directors effective June 3.
A.R. MacMillan, president of Stratford Acquisition, stated, `Completion of our restatement of previous management's financial reporting, plus other corrective measures we have taken, mark the end of the rehabilitation phase of Stratford's development.
``At this time, we are fully focused on product definition, production, and effective marketing. The coming year should prove a
refreshing experience for shareholders.''
Stratford Acquisition researches, develops and manufactures an additive that enhances the performance of mortars used in new construction and in the repair of deteriorating concrete structures.
The additive is blended, in various proportions, with cement and sand to create a wide range of special application mortars. The additive also increases the strength and durability of concrete used in residential, commercial, and industrial applications. |
