Business
Suntec Pure Water Technologies Inc. ("Suntec") announces its results for the three months ended March 31, 2007
Suntec Pure Water Technologies Inc. ("Suntec") announces its results for the three months ended March 31, 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, May 31 /CNW/ - During the first quarter of 2007, energy\nproducers undertook modest drilling. Suntec generated $41,369 of revenue and a\nnet loss of $195,282 during the three months ended March 31, 2007.\n\n\nSuntec has realized substantially lower revenue than expected as the\nenergy industry responds to prolonged, lower natural gas prices and higher\ndrilling costs through a reduction in well drilling and fracturing. This trend\nis expected to continue until Suntec's clients increase their drilling and\nfracturing activity levels as a result of higher natural gas prices or lower\ndrilling costs.\n\n\nFinancial Summary\n\n Year ended March 31\n\n 2007 2006\n ------ ------\n ($) ($)\n\nRevenue 41,369 129,938\nOperating expenses 236,651 281,233\nNet loss (195,282) (151,295)\n\nLoss per share, basic and diluted (0.01) (0.01)\n\n\nSuntec's Financial Statements and Management Discussion and Analysis for\nthe three months ended March 31, 2007 can be found on the Canadian Securities\nAdministrators' System for Electronic Document Analysis and Retrieval\n("SEDAR") located at www.sedar.com.\n\n\nSuntec also announces the resignation of Brad Cann, Chief Financial\nOfficer, effective today. The Board of Directors wishes to express its\ngratitude to Mr. Cann for his service to the Company. Gene Moody, the\nPresident and Chief Financial Officer of the Company, will assume the role of\nChief Financial Officer on an interim basis.\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 industry operators for\nre-use in the oil and gas drilling and development process while the sand is\nshipped to a recycler. The waste water, as treated and recycled by Suntec,\nwould otherwise be disposed of through the existing method of deep well\ninjection, removing the w...