Business
AFS announces first quarter 2009 results
CALGARY, May 8 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the "Company") (TSX Venture...
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\nCALGARY, May 8 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the\n"Company") (TSX Venture: AFX) announced today its operating results for the\nthree month period ending March 31, 2009. Total revenue, including engineering\nand interest, was $665,993 compared to $584,780 in the first quarter of 2008.\nLoss for the period was ($107,315) compared to the loss of ($19,881) reported\nin Q1 of 2008.\n\n\nAFS President and CEO Jim Perry stated that "Although the loss in the\nfirst quarter of 2009 was larger than that recorded in the same period a year\nago, we generated cash flow from operations of $281,259 this quarter compared\nto a cash loss of ($182,218) in Q1 of 2008. As a result, we ended this quarter\nwith cash and short term investments of almost $1.7 million. During February\nand March of this year, we reduced our production staff by seven people in\nresponse to the reduced demand for our pressure regulators. Severance and\nother costs related to this reduction, combined with foreign exchange losses\nof $28,913, were major contributing factors to the loss for the period."\n\n\nMr. Perry added that "We are starting to see a pickup in demand for\nengine management systems in India. With our strong cash position and our\ntrack record with projects in that region, we are well positioned to take\nadvantage of both existing work and new projects that are now in preliminary\nstages."\n\n\nForward-looking statements\n\n\nCertain statements in this News Release including but not limited to (i)\nstatements that may contain words such as "anticipate", "could", "expect",\n"seek", "may", "might", "intend", "will", "believe", "should", "project",\n"forecast", "plan" and similar expressions, including the negatives thereof,\n(ii) statements that are based on current expectations and estimates about the\nmarkets in which the Company operates and (iii) statements of belief,\nintentions and expectations about developments, results and events that will\nor may occur in the future, constitute "forward-looking statements" and are\nbased on certain assumptions and analysis made by the Company. Forward-looking\nstatements in this News Release specifically i...