posted
chart looks great. News out with revenue growth 116%. what do you guys think
EDMONTON, ALBERTA, Aug 15, 2005 (CCNMatthews via COMTEX) -- Wescorp Energy Inc. (OTCBB:WSCE) is pleased to announce operational and financial results for the second quarter period ending June 30, 2005.
Highlights include:
- Gross revenue of $431,428 for the 3-month period ending - up 116% increase from the $200,109 in revenue reported for the same period in fiscal 2004 - $1,052,022 in six-month revenue - up 426% from the same period last year - Lower cost of sales for the six-month period to 49.5% from 50.1% in 2004 - 4.1% decrease in expenses due primarily to a 74% decrease in professional fees mostly offset by increased wages and benefits for hiring full-time executives and administration staff - 108% increase in current assets attributed to closing $2,153,047 in financing and converting an outstanding loan to equity at $0.87 per share - 25% decrease in net cash used in operations and a 998% increase in investing activities
Significant announcements for the six-month period include:
- The appointment of former Alaskan Governor Steve Cowper to the board of directors - The introduction of the Flowstar Differential Pressure Cell module to allow DCR-series turbine systems to be installed on orifice-plate based flow metering infrastructure - The unsolicited request by Saudi Aramco to test Ellycrack upgrading technology
On-going operational activities include:
- Certification of Flowstar DCR-Series flow-meter technology for sale in US markets - Negotiations with third-party representatives to distribute Flowstar technologies - Final development of the Flowstar Differential Pressure Cell module for full commercial release in Q3 2005 - Final design and engineering of the Ellycrack Pilot Plant to be completed and deployed in Northern Alberta in Q4 2005
"Overall we are pleased with the progress we've made over the first six-months of 2005 in restructuring and focusing the Company to build long-term shareholder value", commented Wescorp President and CEO Douglas Biles. "As our various initiatives take shape and come to fruition through the rest of this year, we should be well positioned to leverage the fundamental base of operations we are establishing to provide enhanced returns through 2006".
Shareholders and investors are invited to review the entire filing which can be found at http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001069489& own%0Der=include (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field.)
About Wescorp
Wescorp Energy Inc. is an active-management venture capital firm specializing in the acquisition of strategic pre-commercial energy infrastructure technologies and taking them through the development and marketing stages of commercialization. Headquartered in Calgary with distribution facilities in Edmonton, Alberta, Canada, Wescorp has the industry relationships, management expertise and financial resources needed to introduce innovative profitable solutions to the global energy production and service markets.
Wescorp shares trade on the OTCBB under the symbol "WSCE."
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the Company's actual results of operations are included in its filings with the Securities and Exchange Commission. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.
CONTACT: Wescorp Energy Inc. Nino Plava Vice-President Investor Relations & Corporate Communications 1-877-247-1975 nplava@wescorpenergy.com
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INDUSTRY KEYWORD: OIE - Oilfield Equipment & Services (All) SUBJECT CODE: ERN - EARNINGS
Posts: 210 | From: tampa, fl, us | Registered: Nov 2004
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