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[QUOTE]Originally posted by J_U_ICE: [QB] CNVT .17 CVF Technologies Corporation Reports 3rd Quarter Results 11/14/2006 WILLIAMSVILLE, N.Y., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- CVF Technologies Corporation (OTC Bulletin Board: CNVT) reports on its third quarter results. 3rd Quarter Results -- CVF's financial results can best be understood by examining the growth prospects for its portfolio companies and the strength of its balance sheet. In this quarterly report CVF will emphasize these two areas. Judging CVF on its income statement alone is not very helpful due to significant changes in revenue and income that can occur from quarter to quarter and from year to year. This results from the business model of CVF which is to invest its capital and human resources primarily in small, clean-tech, early stage companies with significant growth potential. The intent is to develop these companies until they either go public as did Biorem in January 2005, or are acquired as was Gemprint in December 2005 by Collectors Universe Corp. An overview of the CVF balance sheet, as of September 30, 2006 showed CVF reporting total assets of $4.4 million. However under GAAP accounting rules CVF only carries Biorem for $422,000 when Biorem's market value as a publicly traded stock is $3.5 million or approximately $3.1 million more than it's carried on the CVF balance sheet. If the market value was included in the balance sheet then CVF's assets would be $7.5 million of which a significant portion is liquid assets. These asset totals under GAAP rules give only nominal value to CVF's other holdings which include Ecoval, Xylodyne, Petrozyme and the future potential royalty stream from G.P. Royalty Distribution Corporation (formerly Gemprint). Stock Buy Back and Preferred Stock Redemption -- as previously announced, on December 30, 2005, CVF began a stock buy back program. As of September 30, 2006, the company has repurchased 1,162,661 shares for a total purchase price of $457,400. In February of 2006 CVF also redeemed its Series C 6% convertible preferred shares for $1 million plus accrued dividends of $121,166. CVF also repurchased 23,600 shares of Biorem at a cost of $40,492. Portfolio Highlights - Biorem -- (24% owned by CVF) reported for the three-month period consolidated revenue of cdn $2,763,200 was down 13 percent over the cdn $3,159,500 reported in same period last year. For the nine month period ended September 30, 2006 consolidated revenue of cdn $8,795,100 was up 19 percent over the same period last year. Net loss for the three-month period was cdn $319,800 versus net income of cdn $12,000 for the same period last year. Gross margins increased to the 39% level versus 25% in the first half of the year. New orders booked in the third quarter were cdn $3,600,000 versus cdn $2,200,000 for the same period last year. As of the end of the period, Biorem's order backlog had increased to cdn $8,500,000 from the cdn $7,600,000 reported at the end of the second quarter. Approximately 33 percent of the September 30, 2006 sales order backlog is scheduled for completion by December 31, 2006. A very significant development for Biorem in this quarter was the launch of their Biotrickling filter technology to deal with waste water systems which have high levels of hydrogen sulphide gas. This new technology effectively doubles the market potential for Biorem products and is a very important milestone for the company. During the quarter ended September 30, 2006, Biorem completed a common share offering of 1,700,000 common shares at cdn $2.00 per share for gross proceeds of cdn $3,400,000. At the end of the period, Biorem had cash and cash equivalents in the amount of cdn $2,917,200 and net working capital of cdn $5,252,900. Xylodyne Corporation -- In March and April of 2006 CVF invested cdn $325,000 in Xylodyne Corporation, a newly formed company which focuses on the sales, distribution, and manufacturing of electric vehicles. These vehicles are offered to the personal recreational market as well as to government agencies, conservation authorities and the mining industry. Xylodyne is currently focusing its efforts on building its distribution network for its vehicles in the US and Canada. It has now signed dealers in New York, Delaware, Maryland, Massachusetts, and Ontario as it builds its US and Canadian dealer network for its electric vehicles. CVF owns 40% of the equity of the company plus holds a two year note for cdn $313,000 from Xylodyne. Ecoval -- (85% owned by CVF) has made significant progress in Canada in the first nine months of 2006. Its licensee, Scotts Canada, has launched two additional herbicide sizes this year for a total of three under the Scotts Ecosense brand name. The Ecosense herbicide is available in every major retail chain in Canada. Ecoval has also signed an exclusive distribution agreement with Plant Products the largest commercial, non-retail horticultural distributor in Canada for Ecoval's EcoClear herbicide product. The Scotts and Plant Products agreements are expected to make Ecoval's herbicide the most dominant of the non-chemical herbicide products in Canada. Ecoval now plans to leverage off its success in Canada to begin an aggressive marketing campaign in the US as it seeks out partners similar to what has been achieved in Canada. Ecoval is also in discussions with a number of companies to add additional products to the company. G.P. Royalty Distribution Corporation (formerly Gemprint Corp,) -- (65% owned by CVF) was formed to receive potential royalty distributions from Collectors Universe Corp who purchased the assets of Gemprint in December 2005. The royalty agreement is for $1 for each Gemprint over 100,000 Gemprints per year until December 2010. Based on Collectors Universe's recent press releases they appear to be making good progress in their penetration of the diamond market for their grading and Gemprint services. For example, they recently announced an agreement with Whitehall Jewellers, a chain of more than 315 stores in the US to offer their GCal brand of grading services which include Gemprinting of their higher value stones. A feature film will be coming out in December of this year which will feature the use of illegal diamonds to fund civil wars in Africa. This movie could help increase the use of the GCal/Gemprint system to protect against the illegal sale of diamonds in the marketplace. Petrozyme - (50% owned by CVF) is continuing to explore marketing opportunities for its proprietary biologically based remediation technologies for the petroleum and petrochemical industries. The company is seeking a partnership or licensing agreement with a major North American environmental company as well as licensing agreements in the Middle East. CVF GAAP financial results for quarter ending September 30, 2006 -- On a consolidated basis CVF reported an increase in sales of $710,100 or 764%. This was due to sales from Xylodyne (the new investee company) of $786,900 and offset by Gemprint no longer contributing revenue to CVF except for the potential future royalty stream from Collectors Universe. It should also be noted that Biorem's revenue of cdn $2.8 million for the quarter is not consolidated in CVF's financial statements as CVF owns less than 50% of Biorem. Loss for the third quarter of 2006 was $420,100 compared to a loss of $86,100 in the third quarter 2005. This equates to a loss per share of $0.03 for the 2006 third quarter compared to a loss per share of $0.01 for the third quarter 2005. CVF did not sell any of its shares in Biorem in the 2006 third quarter compared to selling 174,800 shares in the 2005 third quarter resulting in a gain of $228,300 on those shares in the 2005 third quarter. Also, for the third quarter 2006, CVF's portion of Biorems loss was $76,100 compared to income of $1,200 in the 2005 third quarter. CVF GAAP financial results for the first nine months 2006 -- On a consolidated basis CVF reported an increase in sales of $662,400 or 194% for the first nine months of 2006. This was due to sales from Xylodyne (the new investee company) of $855,200 and Ecoval's sales increasing by $123,100 (492%), offset by Gemprint no longer contributing revenues except for the future potential royalty stream from Collectors Universe. It should also be noted that Biorem's revenue of cdn $8.8 million for the nine months is not consolidated in CVF's financial statements as CVF owns less than 50% of Biorem. Loss for the first nine months 2006 of $1,648,500 compared to an income of $137,600 in the first nine months of 2005. This equates to a loss per share of $0.13 for the 2006 first nine months compared to an income per share of $0.01 for the first nine months of 2005. CVF did not sell any of its shares in Biorem in the first nine months of 2006 second quarter compared to selling 493,642 shares in the first nine months of 2005 resulting in a gain of $1,027,100 on those shares in the first nine months of 2005. Also, for the first nine months of 2006, CVF's portion of Biorems loss was $266,700 compared to income of $67,700 in the first nine months of 2005. CVF Technologies Corporation (http://www.cvfcorp.com) is headquartered in Williamsville, New York. CVF is a technology development company, whose principal business is sourcing, funding and managing emerging pre-public, clean-tech companies with significant market potential. Certain statements made in this press release which are not historical facts are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these statements involve risks and uncertainties, which may cause actual results or achievements to be materially different from any future results and achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, product demand and market acceptance risks for the products and technologies of CVF's subsidiary companies and investees; the impact of competitive products, technologies and pricing; delays or difficulties in developing, producing, testing and selling new products and technologies; the ability of the company's subsidiaries and investees to obtain necessary financing for their operations and to consummate initial public offerings of their stock; the effect of the Company's accounting policies; the effect of trade restrictions and other risks detailed in the company's Statement on Form 10-SB/A filed with the U.S. Securities and Exchange Commission and any subsequent filings with the Commission. SOURCE CVF Technologies Corporation Robert L. Miller, Chief Financial Officer, or Jeffrey Dreben, President & CEO, both of CVF Technologies Corporation, +1-716-565-4711 http://www.cvfcorp.com Copyright (C) 2006 PR Newswire. All rights reserved [/QB][/QUOTE]
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