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

To: speculatingvalue who wrote (70)	6/3/1998 11:57:00 AM
From: speculatingvalue	Read Replies (1) \| Respond to of 6016

Attention Business/Financial Editors: GLOBAL THERMOELECTRIC ANNOUNCES RECORD YEAR-END RESULTS CALGARY, June 3 /CNW/ - Global Thermoelectric Inc. (ASE: GLE) announced today record results for the fiscal year ended March 31, 1998, the best year ever recorded by the Alberta-based manufacturer of thermoelectric power generation and heating equipment. Sales increased dramatically in fiscal 1998, the result of broadened penetration of international markets. << Highlights: Fiscal Year Ended March 31 ------------------------------------------------------------------ 1998 1997 Sales $16,273,000 $ 9,649,000 Net Income $ 2,115,000 $ 649,000 Basic Earnings/Common Share $0.16 $0.04 >> The Company manufactures a line of sophisticated thermoelectric generators which provide a reliable source of electrical power in remote locations, for such uses as telecommunications and remote monitoring systems for oil and gas production and transportation. Global's thermoelectric generators are a reliable, economical alternative to other technology such as solar power. Sales in fiscal 1998, the year ending March 31, 1998, soared to $16.27 million, an increase of 69% compared to fiscal 1997, the year ending March 31, 1997. Canadian sales increased about 30% over the previous year, while sales doubled in both the United States and other international markets. Sales in fiscal 1998 included large orders to provide thermoelectric generators for major pipeline projects in India and China. Basic earnings per common share increased four-fold to $0.16 per share in fiscal 1998 compared to $0.04 per share in fiscal 1997. In addition to the design and manufacture of thermoelectric generators, Global develops air heaters for use in military vehicles and is developing a new line of commercially viable fuel cells to produce electric power. In June 1996, Global was awarded a contract by the United States Army to develop and manufacture a new personnel heater for tanks and other military vehicles. Initial physical testing should be completed in July and shipments of the first production order for 1,700 heaters should begin in the fall. In July 1997, Global signed a technology transfer agreement with one of the largest German research institutes for their solid oxide fuel cell technology, with the objective of developing commercial products for telecommunications and remote power applications. The successful testing of Global's first fuel cell stack occurred on March 4, 1998. Since then, good progress has been made on manufacturing the first all-Canadian fuel cell. Established in 1975, Global Thermoelectric is the world's largest supplier of thermoelectric power generation equipment. The Company's common shares were listed on the Alberta Stock Exchange in 1996. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. %SEDAR: 00002531E -0- 06/03/98 For further information: Jim Perry, President or Larry Kyle, Controller, (403) 236-5556 -------------------------------------------------------------------------- Release sent courtesy of Canada NewsWire Portfolio Email. To update your email portfolio, point your web browser here: portfolio.newswire.ca Please address any questions about your portfolio to cnw@newswire.ca Canada's Business Report Segments of Canada's Business Report can now be heard on the CNW web site (www.newswire.ca) in streaming audio. Canada's Business Report is a new live radio program that delivers time-critical information on stock market activity, mutual funds and bonds, changes on the exchanges and independent business issues. The half-hour report airs daily Monday to Friday from 6:30 p.m. - 7 p.m. (EDT) on Talk 640 AM in Toronto. Hosted by well-known Canadian broadcaster Ron Adams, Canada's Business Report is a regular source of information for amateur and professional investors. --------------------------------------------------------------------------