3.9.2003: Meldung: Arise 2nd Quarter Revenues
Highlights of the Quarter
- Closed ARISE"s Initial Public Offering, in which the company raised $907,329 less $90,733 for commissions, on units priced at $0.75. (A second closing on July 10, 2003, after the quarter"s end, raised $175,174, less $17,517 for commissions, under the same terms as the first closing.)
- Completed the amalgamation with Intercedent Ventures Ltd., a Capital Pool Company, on June 30, 2003, acquiring net assets of $465,684 in exchange for stock and the elimination of a loan to ARISE.
- As a result of the above transactions, ARISE now has outstanding a total of 9,430,234 shares, of which 3,365,940 are in escrow.
- Completed two solar-powered homes for the TEAM project"s solar neighbourhood in Waterloo, booking revenues of $111,736. Subsequent to the quarter"s end, ARISE received a binding commitment for a solar home from a third-party purchaser, a significant validation of the company"s approach.
- The listing of both the company and its warrants on the TSX-Venture exchange (symbols APV and APV.WT respectively)
- Opened a sales office in Calgary specifically to serve the Alberta oil and gas markets.
The company"s gross margins, at 20.3 percent, were in line with the same quarter of 2002, but down slightly from margins in the first quarter of 2003 because of a higher mix of distribution sales. Expenses actually decreased to $320,221 from $347,770 in the prior year, despite the sales growth. A greater proportion of our employee-related costs were able to be charged against paid projects, resulting in higher sales per employee in the current quarter.
The operating loss in the second quarter of 2003 amounted to $193,751, a 28 percent improvement over $269,073 in Q2 of 2002. Net loss totalled $248,522 in the quarter, an improvement of 12 percent over the $282,514 loss posted in the second quarter of 2002. In the six months, net loss was $489,971, up slightly from $502,388 in the first six months of 2002.
"The sales growth in this quarter begins to reflect ARISE"s potential in this market," said Ian MacLellan, President and CEO of ARISE, "We anticipate that sales will continue to grow, especially given energy concerns so dramatically demonstrated by the recent blackout. This fuels our vision of accelerating the mainstream use of solar energy."
More detail on the quarter is available on SEDAR (www.sedar.com).
ARISE (Appropriate Renewable Intelligent Sustainable Energy) is an energy technology company dedicated to accelerating the use of solar energy in mainstream markets.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ARISE Technologies Corporation
President and CEO
Phone: (519) 725-2244 x222
Fax: (519) 725-8907
President, Ciris IR
Phone: (416) 368-8770