It appears that the URL in the last post was only valid on that one day. Following is a copy of the full text of the press release:
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ELI ECO LOGIC INC.
TSE SYMBOL: ELI
NOVEMBER 27, 1998
Eco Logic Announces Third Quarter Results
ROCKWOOD, ONTARIO--ELI Eco Logic Inc. ("ECO LOGIC" or the
"Company") announced its results for the three and nine months
ended September 30, 1998.
Revenue for the three months ended September 30, 1998 was
$1,676,953 (1997 - $241,333), a 695 percent increase from the same
period last year. Revenue for the nine months ended September 30,
1998 was $4,116,005 (1997 - $3,053,714), a 35 percent increase
from the same period last year. The net loss for the three months
ended September 30, 1998 was $1,407,658 (1997 - $4,327,604), a
$2,919,946 improvement over the same period last year. The net
loss for the nine months ended September 30, 1998 was $5,383,752
(1997 - $10,205,831), or $0.36 per share (1997 - $1.05 per share).
At September 30, 1998 the Company had current assets of $3,369,014
(1997 - $12,385,515), including $1,118,852 in cash, total assets
of $18,888,938 (1997 - $29,880,517), current liabilities of
$901,783 (1997 - $2,167,736), long term debt of $233,105 (1997 -
$240,887) and shareholders' equity of $17,754,050 (1997 -
$27,471,894). On September 30, 1998 there were 15,087,804 common
shares issued and outstanding.
Dr. Fred Arnold, ECO LOGIC's Chief Executive Officer said, "During
the quarter we continued to pursue the path and objectives that
were identified at the beginning of the year. In this regard, we
achieved positive cash flow for our full-scale plant in Australia
began Phase I work on a project for destruction of HCB waste for a
customer in Australia, completed all required testing in support
of operating permits in Japan, completed construction of a new
generation treatability unit in support of the US Army's chemical
weapon destruction programs, and maintained our ability to do more
with less - increasing revenue, expanding our backlog of future
opportunities while reducing cost. To maximize the future value
of these accomplishments, we continue intensive discussions and
negotiations with a potential strategic partner. At the same
time, we engaged CIBC Wood Gundy Oppenheimer and have directed
them to initiate discussions with other potential partners or
buyers to ensure value for shareholders is maximized."
ECO LOGIC's business is to solve toxic chemical problems in a
safe, permanent, cost effective manner. The ECO LOGIC Process is
an innovative technology that converts on-site, organic, hazardous
waste into reusable or disposable products. This non-incineration
process has gained high public and regulatory acceptance. ECO
LOGIC's worldwide hazardous waste cleanup market includes PCBs,
electrical equipment, contaminated soils, chemical warfare agents,
petrochemical wastes, and certain low-level radioactive wastes.
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Regards.
Joe |
