DELTA, BC, Aug. 26, 2011 /PRNewswire/ - ATI AirTest
Technologies Inc. ("AirTest", TSXV: AAT) announced its results for
the first half of 2011, showing revenue of $1,658,034, an increase of $710,672 or 75%, compared to $947,362 for the first half of 2010.
"The primary reason for our rapid rate of growth
is broadening awareness of the significant energy savings generated
by carbon dioxide (CO2) demand controlled ventilation
(DCV) systems in commercial and institutional buildings," stated
George Graham, President and CEO of
AirTest. "The opportunity for continued sales growth looks
bright because although there is currently a rapid growth trend in
DCV conversions, we estimate that less than 5% of the buildings in
North America have taken advantage
of this energy saving technique, and globally the percentage would
be less than 1%."
Highlights:
- Gross profit for the first half was $641,044 compared to $443,004 for the same period of the previous
year.
- AirTest's two largest customers, both wholesale distributors,
have been growing rapidly and together more than doubled their
purchases from AirTest for the first half of 2011 compared to the
first half of 2010. In this period they were
responsible for 30% of the company's sales.
- General and administrative expenses increased to $772,523 from $606,225 for the same period in 2010. The
increase was largely due to an increase in factor fees and interest
charges of $61,201 and increased
sales and marketing expense in the amount of $55,777.
- Consolidated net loss for the first half was $539,825 which included $408,346 investment in development of the new
Airware technology. This compared with a net loss for the
same period in the prior year of $538,162 which included $374,941 for new technology development.
As of June 30,
2011 the company had 115,113,060 common shares
outstanding. The detailed financial statements can be found
at www.sedar.com and on AirTest's website.
About AirTest: AirTest Technologies
(www.airtest.com) is a Green-Tech company specializing in sensors
that improve commercial building operating efficiency and at the
same time create energy savings. These sensors are all based on
technical innovations developed in the last ten years, and comprise
a growing second wave of energy saving technologies that will make
a significant contribution to the enabling better control of
buildings to ensure energy savings and sustainability.
AirTest offers its products to leading-edge building owners,
contractors and energy service companies targeting the buildings
market. AirTest also provides energy cost reduction solutions
to building equipment and controls manufacturers who incorporate
AirTest sensor components in their products.
Statements about the Company's future
expectations and all other statements in this press release other
than historical facts are "forward looking statements". The Company
intends that such forward-looking statements be subject to the safe
harbours created thereby. Since these statements involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from the expected
results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE AirTest Technologies Inc.
