Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : DecisionLink formerly FOCS -- Ignore unavailable to you. Want to Upgrade?

To: terracin who wrote (70)	2/18/1998 12:38:00 AM
From: robert m evans	Read Replies (2) \| Respond to of 300

Hear is the release: FiberChem Announces Fiscal First-Quarter Results Tuesday, February 17, 1998 at 09:53 LAS VEGAS----Feb. 17, 1998--FiberChem Inc. (NASDAQ:FOCS) announced results for its fiscal first-quarter ended Dec. 31, 1997. The company reported sales of $225,179 compared with $115,574 for the same period a year ago. A net loss of $506,627 or $0.02 per share for the recent quarter, compared with a net loss of $833,162 or $0.03 per share for the same period a year ago. Geoff Hewitt, chairman and chief executive officer of FiberChem (FCI), said: "After several years of working to establish FCI's technology into essentially regulated markets, that effort appears to be finally paying off. The target population of tanks in Florida has risen from 1,000 to 5,000, coastal bulk distribution facilities being the prime targets. "Several large projects where FCI products are specified are backlogged in the approval process within Florida Department of Environmental Protection, and both Whessoe Varec and FCI expect 1998 to be a breakthrough year in this market which has to be in compliance by the end of 1999. "In addition, a large potential has surfaced for military installations in California, those needing to be in compliance with state and federal guidelines by the end of 1998. Each tank generates revenues of about $10,000 for FCI. "The company also received the first order from Taiwan for leak detection at a military fuel depot. The company has been advised by its Taiwanese distributor that it expects to supply equipment to most of the military fuel depots on Taiwan over the next year or so. "Also, on Jan. 16, 1998, the California Air Resources Board (CARB) advised suppliers of automotive refueling equipment that their products need to be certified to be compatible with the new ORVR-II regulations by November 1998. "Consequently, the company is working with Gilbarco to accelerate and implement the adoption of the company's Sensor-on-a-Chip technology developed in conjunction with Texas Instruments. Other chip development projects continue on as before. "In the offshore market, 1997 was characterized as a year of evaluations. In early 1998, the company was led to believe that certain of the oil companies which had completed evaluations in 1997 had budgeted for systemwide introductions of FCI's technology on their Gulf of Mexico platforms during 1998. "Also, the company has recently begun to be involved in an evaluation program with a major oil company which is looking to install continuous oil in water monitoring equipment on all of its North Sea platforms. "While these are predominantly regulated markets and as such subject to unforeseen delays out of the company's control, we believe that most of those issues are behind us and that we can look forward with reasonable certainty to these markets generating significant business in 1998, and it accelerating as we go into 1999." Hewitt also commented that the company had worked hard to reduce its operating expenses and that the latest numbers reflected that effort. FCI management continues to invest in the company and to defer compensation until the company's fortunes turn around. Hewitt also said that the company had settled its dispute with QED Environmental Systems Inc. in an amicable fashion. Details of the settlement are subject to a non-disclosure agreement. FiberChem develops, manufactures, markets and licenses fiber- optic chemical sensors (FOCS) that produce continuous, real-time information on environmental pollutants in the air, water and soil. This news release includes forward-looking statements that involve risks and uncertainties, including the timely development and acceptance of new products, the impact of competitive products and pricing, the timely funding of customers' projects, customer payments to the company and the other risks detailed from time to time in the company's Securities and Exchange Commission reports. CONTACT: Carl Thompson Associates Sheila Whitman, 303/494-5472