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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: EIGHT-N who wrote (2805)	7/27/1999 12:45:00 PM
From: Sam	Read Replies (1) \| Respond to of 6016

It would be nice ,I have my pocket full of these guys ,but maybe I should get some more ,as once it starts to move these prices will look awful cheap . sam

To: EIGHT-N who wrote (2805)	7/27/1999 1:39:00 PM
From: speculatingvalue	Read Replies (1) \| Respond to of 6016

Global Thermoelectric Announces First Quarter Results CALGARY July 27 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) today announced financial results for its first fiscal quarter, the three month period ending June 30, 1999. Revenue for the quarter was $4,076,007 versus $3,446,698 for the same period a year ago. Despite the increase in revenue, weakness in the Company's generators business related to oil and gas operations, especially in international markets, combined with production delays in the heaters division early in the quarter that have since been rectified contributed to a loss for the period of $0.01 per common share versus a profit of $0.02 in the same period last year. Global's order backlog now stands at the highest level in the Company's history. Deliveries to India under a $19 million contract for generators and related equipment and services should commence late in calendar 1999. Heaters production is now on track, with deliveries exceeding contracted levels in both June and July. On July 15, Global shipped its 1,000th heater to the U.S. Army. The fuel cell division continues to make headway towards finalizing a prototype solid oxide fuel cell system. Subsequent to the end of the quarter, the successful testing of a system running directly on natural gas was announced. Global Thermoelectric Inc. is the world's largest supplier of thermoelectric power generation equipment for use in remote locations, and produces crew compartment heaters for use in tracked military vehicles. The Calgary-based company is also quickly becoming a world leader in the fuel cell development industry. %SEDAR: 00002531E -0- 07/27/1999 For further information: Jim Perry, President and C.E.O. or Larry Kyle, Chief Financial Officer at (403) 236-5556