The Company reported a loss of $2,048,453, or $0.01 per share for the year ended October 31, 2009 compared with a loss of $3,831,130, or $0.02 per share for the year ended October 31, 2008. The loss reported for 2009 from the Company's continuing operations was $1,838,622 compared with a loss for the 2008 year of $3,534,365. Revenues of $431,948 for the year ended October 31, 2009 were sixty percent higher than in 2008. Operating expenses decreased substantially during 2009 as a result of a reduction of accruals related to the dismantling of a de-icing facility expensed in the prior year, lower amounts recorded on the granting of stock options, lower professional fees and other cost reductions. The results of the Company's Norwegian operation are reported as a discontinued operation in the Company's consolidated financial statements. Losses from the discontinued operation of $209,831 resulted from foreign exchange translation.
For the three months ended October 31, 2009, the Company reported a loss of $431,876 compared with income $759,169 for the three-month period ended October 31, 2008. The loss from continuing operations of $344,726 for the three-month period in 2009 was $513,533 lower than the loss of $858,259 in 2008, as a result of lower operating costs, the positive impact of a foreign exchange translation gain and a decrease in losses from debt settlements. A loss of $87,150 for the discontinued operation for the three month period ended October 31, 2009 resulted from foreign exchange translation. This compared with a large gain in the prior year period of $1,617,428 resulting from debt settlement gains, gains related to the disposal of the de-icing facility and foreign exchange translation gains.
About Radiant Energy Corporation
Radiant is the developer and marketer of Radiant Deicing Systems. The Company's product is the only non-glycol based alternative approved by the US Federal Aviation Administration for the pre-flight ground deicing of aircraft. Aircraft deicing with Radiant's technology offers savings to airports and airlines over the use of conventional glycol-based deicing systems, reducing aircraft treatment costs and significantly reducing the negative impact of glycol on the environment.
This press release contains "forward-looking statements", including statements regarding the business and anticipated financial performance of Radiant Energy Corporation, which involve risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements, regarding financial and business prospects and financial outlook) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in general economic and market conditions, changes to regulations affecting the Company's activities, and uncertainties relating to the availability and costs of financing needed in the future. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Contact:
Contacts:
Radiant Energy Corporation
David Williams
President and Chairman
416.922.8778
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