CVF Technologies Corporation Reports a Revenue Increase
LEWISTON, N.Y., Nov. 14 /PRNewswire/ -- CVF Technologies Corporation (Amex: CNV) reported today that consolidated revenue increased to $12,544,251 for the nine-month period ending September 30, 2000 compared to revenues of $11,897,979 earned in the first nine months of 1999. This increase is primarily the result of the growth in revenue of one of CVF's consolidated subsidiaries, Biorem Technologies.
The net loss for the third quarter of 2000 decreased by 8.8% as compared to the second quarter of 2000. The loss decreased from $1,475,164 to $1,345,506. This trend of decreasing losses is expected to continue into future quarters. Also gross profit as a percentage of sales increased to 21.0% for the third quarter of 2000 from 13.9% for the third quarter of 1999.
CVF's balance sheet on a non-consolidated level (Parent level) continues to be strong with liquid assets of $8,865,203 consisting of cash as well as free trading shares of RDM Corporation and TurboSonic. The current accounts payable at the parent level were $104,484.
The CVF portfolio continued to show good progress in the third quarter of 2000. Some of the highlights announced in the third quarter include:
* TurboSonic announces record sales, a 60% sales increase & profitable operating results for the year ended June 30, 2000. * TurboSonic receives $6.5 Million order exceeding last years total revenues. * Biorem announces over $1,000,000 in New Contracts * RDM announces partnership agreement with Hypercom * Chatsworth Securities reiterates a buy recommendation for CVF Technologies Corporation. * Gemprint(TM) announces first government supported diamond certification program authenticating country of origin.
Jeffrey Dreben, President and Chief Executive Officer, stated, " The year 2000 is shaping up very positively with significant revenue increases at Biorem and continued growth at SRE Controls. We are very pleased with the progress in our portfolio of new millennium companies which include controllers for electric vehicles and fuel cells (SRE), natural non-toxic herbicides and insecticides (Ecoval), air quality pollution control (Biorem), and alternative health care (Elements)."
Mr. Dreben referred in particular to the progress being made by CVF's two investee companies that are public companies, RDM Corporation (CDNX: RC) and TurboSonic Technologies Inc. (OTC Bulletin Board: TSTA). "The market value of CVF's investments in these two companies as at September 30, 2000 was $7,848,322, which reflects an unrealized gain of $6,297,682 over our cost." In accordance with generally accepted accounting principles this market value increase has not yet been reflected in CVF's income.
CVF Technologies Corporation, headquartered in Lewiston, New York, is a technology development company, whose principle business is sourcing, funding and managing emerging technology companies with proprietary or patented technologies and significant market potential. Founded in 1989, CVF's holdings include nine companies involved in information technology and environmental products/services.
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.
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