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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (9143)	2/19/1998 8:38:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Airgen Corp. Third Quarter Ending 12/31/97 Results AIRGEN CORPORATION ASE SYMBOL: AIR.A FEBRUARY 19, 1998 Airgen Corporation Third Quarter Earnings Results CALGARY, ALBERTA--Airgen Corporation is pleased to announce unaudited financial results for the third quarter ending December 31, 1997. Revenues for this nine month period increased from $1.77 million in 1996 to $9.30 million in 1997. Net income increased from ($403,657) or ($0.029) per share fully diluted for the nine months ended December 31, 1996 to $795,400 or $0.024 per share fully diluted for the nine months ended December 31, 1997. Cash flow from operations for the nine month period increased from ($229,233) or ($0.17) per share fully diluted for 1996 to $1.56 million or $0.046 per share fully diluted in 1997. These significant increases are the result of the acquisition of Petro-Therm Enterprises Ltd. on March 27, 1997 and Mocoat Services Ltd. on June 23, 1997 and strong underbalanced drilling revenues during the period. Airgen's recent announcements regarding the Option Agreements to purchase Commercial Sandblasting and Painting Ltd. and its subsidiary Christie Corrosion Control (1983) Ltd. and to purchase Geo-Ray Oilfield Inspections Ltd. continue to support Airgen's strategy of increasing shareholder value through acquisitions. Airgen is a diversified oil and gas service company that provides (1) underbalanced drilling services, (2) heavy oil thermal recovery services, and (3) asset integrity services, currently pipeline testing and protective coatings. Airgen's goal is to become a leading provider of oilfield services by acquiring and developing successful private oilfield service companies, and investing in the development of new technologies. Airgen Corporation is listed on the Alberta Stock Exchange and trades under the symbol AIR.A.