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JER Envirotech: Financial Results for Q2 2009
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JER Envirotech International Corp. is pleased to announce its unaudited financial results for the second quarter ended February 28, 2009.
Highlights for the quarter were as follows:
* Revenues for the six months ended February 29, 2008 were $1,187,091, representing a 45% increase over the same period in fiscal 2008 at $820,715;
* Received the 2009 Frost & Sullivan North American Technology Innovation of the Year Award in the field of Biocomposites;
* Issued 41,498,470 common shares, of which 5,206,560 shares will be withheld until final shareholders approval is received at the annual general meeting of the Company to be held on April 15, 2009, at a price at $0.10 per share in settlement of approximately $4.15 Million with key debt holders;
* Announced a private placement of up to 13,500,000 units (one common share and one-half warrant) at a price of $0.075 per unit, for gross proceeds of $1,012,500. Each whole warrant is exercisable at $0.15 per share for a period of 18 months. On March 26, 2009, the first tranche of the private placement was closed with 1,120,000 units sold for gross proceeds of $84,000;
* Developed JER Envirotech EcoG™ Hi Impact compounds, a new line of high impact biocomposite compounds for injection molding applications;
* Announced multi-year supply agreement with JJ Barker Company of Cowansville, Quebec to supply up to 44,000 JER thermoplastic biocomposite sheeting products annually.
Quarter over quarter revenue performance for fiscal 2009, 2008, 2007 and 2006 was as follows:
Q1 Q2 Q3 Q4 Total
2006 $ 78,102 $ 151,158 $ 162,435 $ 36,227 $ 427,922
2007 $ 85,272 $ 52,825 $ 166,827 $ 581,964 $ 886,888
2008 $ 396,856 $ 423,859 $ 653,980 $ 1,130,525 $ 2,605,220
2009 $ 919,381 $ 267,710 $ - $ - $ 1,187,091
About JER Envirotech International Corporation
JER is a global supplier of thermoplastic biocomposite compounds and sheeting. The Company's patented technology utilizes waste or by-product materials, such as wood fibre or rice hulls, to produce environmentally-friendly alternative products for applications in the construction, transport, automotive and toy industries. The Company currently has a range of biocomposite formulations which it developed in collaboration with the National Research Council - Industrial Materials Institute of Canada.
JER is publicly-traded on the TSX Venture Exchange (TSX) under the symbol "JER" and on the Frankfurt Stock Exchange under the symbol "KFTB". For more information, visit www.jerenvirotech.com or contact:
JER Envirotech International Corp.
Mr. Ji Yoon
Chief Financial Officer
International: +1 (604) 940-9262
[email protected]
JER Envirotech International Corp. is pleased to announce its unaudited financial results for the second quarter ended February 28, 2009.
Highlights for the quarter were as follows:
* Revenues for the six months ended February 29, 2008 were $1,187,091, representing a 45% increase over the same period in fiscal 2008 at $820,715;
* Received the 2009 Frost & Sullivan North American Technology Innovation of the Year Award in the field of Biocomposites;
* Issued 41,498,470 common shares, of which 5,206,560 shares will be withheld until final shareholders approval is received at the annual general meeting of the Company to be held on April 15, 2009, at a price at $0.10 per share in settlement of approximately $4.15 Million with key debt holders;
* Announced a private placement of up to 13,500,000 units (one common share and one-half warrant) at a price of $0.075 per unit, for gross proceeds of $1,012,500. Each whole warrant is exercisable at $0.15 per share for a period of 18 months. On March 26, 2009, the first tranche of the private placement was closed with 1,120,000 units sold for gross proceeds of $84,000;
* Developed JER Envirotech EcoG™ Hi Impact compounds, a new line of high impact biocomposite compounds for injection molding applications;
* Announced multi-year supply agreement with JJ Barker Company of Cowansville, Quebec to supply up to 44,000 JER thermoplastic biocomposite sheeting products annually.
Quarter over quarter revenue performance for fiscal 2009, 2008, 2007 and 2006 was as follows:
Q1 Q2 Q3 Q4 Total
2006 $ 78,102 $ 151,158 $ 162,435 $ 36,227 $ 427,922
2007 $ 85,272 $ 52,825 $ 166,827 $ 581,964 $ 886,888
2008 $ 396,856 $ 423,859 $ 653,980 $ 1,130,525 $ 2,605,220
2009 $ 919,381 $ 267,710 $ - $ - $ 1,187,091
About JER Envirotech International Corporation
JER is a global supplier of thermoplastic biocomposite compounds and sheeting. The Company's patented technology utilizes waste or by-product materials, such as wood fibre or rice hulls, to produce environmentally-friendly alternative products for applications in the construction, transport, automotive and toy industries. The Company currently has a range of biocomposite formulations which it developed in collaboration with the National Research Council - Industrial Materials Institute of Canada.
JER is publicly-traded on the TSX Venture Exchange (TSX) under the symbol "JER" and on the Frankfurt Stock Exchange under the symbol "KFTB". For more information, visit www.jerenvirotech.com or contact:
JER Envirotech International Corp.
Mr. Ji Yoon
Chief Financial Officer
International: +1 (604) 940-9262
[email protected]