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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 (220)	1/28/1999 11:28:00 AM
From: Stephen O	Read Replies (1) \| Respond to of 6016

They did. Here they are for this year. CALGARY, Jan. 28 /CNW/ - Global Thermoelectric Inc. (TSE, ASE: GLE) today announced financial results (unaudited) for the first nine months of its 1999 fiscal year, the period ending December 31, 1998. Revenue for the period was $9,133,529 with net profit after taxes of $568,277 or $0.036 per share prior to payment of dividends on the Company's preferred shares. After taking into account preferred share dividends, net income per share was $0.023. Sales of thermoelectric generators in the United States and Canada for the first nine months of this fiscal year were slightly ahead of those recorded in the same period last year; however, international sales, especially to Asia, were down compared to last year. Several orders for pipeline customers in Asia and South America have been delayed due to uncertainty in the oil and gas industry. For the first nine months of fiscal 1998, strong shipments to Asia were a major factor in producing revenue of $12,896,225 with net income per share of $0.12. Production of Military Vehicle Heaters on Target Shipments of military vehicle heaters to the United States Army are well underway. Global should reach its production goal of 200 units per month this quarter. In November 1998, Global was awarded a $1.35 million contract to supply crew compartment heaters to a major international defence contractor. Global's heater sales staff continues to focus on broadening this division's customer base by working with military groups in Europe and in other areas where American-made vehicles are used. The fuel cell division continues to make progress toward demonstration of the Alpha Prototype, the Company's first fuel cell system. The prototype, which uses natural gas as fuel to produce power using a high temperature solid oxide fuel cell stack, should be ready this spring. Global's initial goal is to build commercial systems to provide remote power in telecommunications and oil and gas industry applications, where reliability and low maintenance frequency are more important than capital cost. The company is exploring joint ventures as a way to fast track commercialization; preliminary discussions have been held with potential partners in such high-volume markets as home cogeneration and the automotive industry. Established in 1975, Global Thermoelectric Inc. is the world's largest supplier of thermoelectric power generation equipment for use in remote locations, and in October of 1998 was awarded the prestigious Canada Export Award for outstanding export growth. The Company manufactures personnel heaters for use in military vehicles and is also becoming a leader in the development of solid oxide fuel cell power systems. %SEDAR: 00002531E -0- 01/28/1999 /For further information: Jim Perry, President or Larry Kyle, Chief Financial Officer, (403) 236-5556/ (GLE.)