Business
Suntec Pure Water Technologies Inc. ("Suntec") announces its results for the three and six months ended June 30, 2007
Suntec Pure Water Technologies Inc. ("Suntec") announces its results for the three and six months ended June 30, 2007.
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nSymbol: SUT: TSX Venture Exchange\n\n\nCALGARY, Aug. 30 /CNW/ - During the second quarter of 2007, energy\nproducers undertook modest drilling. Suntec generated $36,302 and $77,670 of\nrevenue and a net loss of $764,396 and $959,678 during the three and six\nmonths ended June 30, 2007.\n\n\nSuntec has realized substantially lower revenue than expected as the\nenergy industry responds to prolonged, lower natural gas prices and higher\ndrilling costs through a reduction in well drilling and fracturing. This trend\nis expected to continue until Suntec's clients increase their drilling and\nfracturing activity levels as a result of higher natural gas prices or lower\ndrilling costs. The Suntec water treatment plant suspended operations in\nJuly 2007 pending an increase in industry activity.\n\n\nFinancial Summary\n\n\n Three months ended Six months ended\n June 30, June 30,\n\n 2007 2006 2007 2006\n ------ ------ ------- -------\n ($) ($) ($) ($)\n\nRevenue 36,302 38,582 77,670 168,520\nOperating expenses 800,698 285,181 1,037,348 566,414\nNet loss (764,396) (246,599) (959,678) (397,894)\n\nLoss per share, basic (0.03) (0.01) (0.03) (0.01)\nLoss per share, diluted (0.03) (0.01) (0.04) (0.01)\n\n\nOutlook\n\n\nSuntec has suspended commercial operations at its water treatment\nfacility pending an increase in industry activity. Suntec is currently seeking\nstrategic alternatives which include licensing its proprietary technology\nincluded in existing and proposed patents.\n\n\nSuntec's Financial Statements and Management Discussion and Analysis for\nthe three and six months ended June 30, 2007 can be found on the Canadian\nSecurities Administrators' System for Electronic Document Analysis and\nRetrieval ("SEDAR") located at www.sedar.com.\n\n\nAbout Suntec\n\n\nSuntec Pure Water Technologies Inc. treats and recycles oilfield waste\nwater and sells recycled water, methanol water and potassium chloride. Waste\nwater and sand is transported by truck from well fracturing operations to\nSuntec's oilfield waste water treatment facility, located approximately\n80 kilometers southeast of Calgary, Alberta. The recycling process removes\nresidual contaminants from the water. Treated and recycled water, methanol\nwater and potassium chloride are sold to oil and gas ind...