ARNPRIOR, ON / ACCESSWIRE / August 29, 2017 / Plaintree Systems Inc. (the 'Company') (OTC PINK: PTEEF) CSE: NPT), is pleased to report it has filed its audited consolidated financial statements and management discussion and analysis for the year ended March 31, 2017. Further, the Company has also filed its interim consolidated financial statements and management discussion and analysis for the three (3) months ended June 30, 2017.
As announced on July 28, 2017, the Company was delayed in issuing its annual financial statements and management discussion and analysis for the 2017 fiscal year which were due to be released on July 31, 2017. Pursuant to the wording of the management cease trade order issued by the Ontario Securities Commission on August 1, 2017, the order will be revoked two business days following the filing of the annual 2017 and Q1 2018 financial statements and corresponding management discussion and analysis, which date will be August 31, 2017. As of August 31, 2017 the prior restrictions on the trading of the Company's securities by the CEO and CFO as set out in the order will be removed.
Annual 2017
For the year ended March 31, 2017, the Company posted a loss of $2,639,634 on revenue of $12,844,110 as compared to a loss of $2,258,584 on revenue of $15,746,175 for the 2016 year.
Q1 2018
For the first three months of fiscal 2018, the Company posted net earnings of $352,763 on revenue of $3,616,516 and as compared to a loss of $149,253 on revenue of $3,432,531 for Q1 2017.
David Watson, the Company's President and Chief Executive Officer stated, 'The biggest subsidiary in Plaintree is Triodetic and one of its main product lines is the engineering and manufacture of foundations for buildings installed on unstable soils such as permafrost, clay and also areas prone to flooding. With the global environmental instability the world now faces, sales of these foundations are experiencing strong growth. This increase in foundation orders combined with improved sales and margins on all of Plaintree's other product lines resulted in this profitable quarter. Also, the sale by the Company of the business of Arnprior Fire Trucks (announced on June 6, 2017) and the discontinuation of this business has also freed up much needed capital to help grow the Company's more productive divisions.'
About Plaintree Systems Inc.
Plaintree has two diversified product lines consisting of Specialty Structures and Electronics. The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings, Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders and the recently acquired Madawaska Doors, a design and manufacturer of premium solid wood doors. The Electronics Division includes the legacy Hypernetics, Summit Aerospace USA Inc. and Plaintree free space optics (FSO) businesses. Plaintree's FSO systems transmit data at high speeds using beams of light instead of traditional radio frequency which can suffer from congestion. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.
Plaintree's shares are traded under the symbol 'NPT'. Shareholders and Investors can access Company information on CSE's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx.ca or the Company's website at www.plaintree.com.
Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.
This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the Company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2017 and related management discussion and analysis. Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information: (613) 623-3434 x2261
SOURCE: Plaintree Systems Inc.
