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Suntec Pure Water Technologies Inc. ("Suntec") announces its results for the year ended December 31, 2006 and private placement
Suntec Pure Water Technologies Inc. ("Suntec") announces its results for the year ended December 31, 2006 and private placement.
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 2 /CNW/ - Although substantial rainfall in September 2006\nand reduced drilling activity during the year resulted in lower waste water\ntreatment activity, Suntec experienced demand for methanol water sales and\nwater recycling. During the fourth quarter of 2006, energy producers undertook\nmodest drilling as a result of low natural gas prices in the second and third\nquarter of 2006.\n\n\nFinancial Summary\n Year ended December 31\n\n 2006 2005\n ---- ----\n ($) ($)\n\nRevenue 264,094 200,158\nOperating expenses 1,066,937 730,387\nLoss before the following (802,843) (530,229)\nWrite-down of assets 1,214,536 -\nLoss on sale of assets 30,058 -\nNet loss (2,047,437) (530,229)\n\nLoss per share, basic and diluted (0.07) (0.03)\n\n\nPrivate Placement\n\n\nOn April 30, 2007, the Corporation closed a private placement of $205,000\nof promissory notes. The promissory notes bear interest at the Royal Bank of\nCanada's prime rate, are unsecured, and are due upon demand. Directors and an\nofficer of the Corporation subscribed for $165,000 of the private placement.\n\n\nOutlook\n\n\nFracture stimulation activity is anticipated to increase in 2007 as\noperators develop shallow gas plays due to higher anticipated gas prices than\n2006. The increase was modest in the first quarter, with a significant\nincrease in the latter half of 2007.\n\n\nThe approval of the AEUB downspacing initiative in July 2006 to four\nwells per section for the southeastern quadrant of Alberta area is also\nanticipated to result in increased fracture stimulations. Increased demand for\nSuntec's existing services, combined with the Facility expansion and\nintroduction of sand handling and expanded potassium chloride production\ncapacity, are expected to lead to increased revenue in 2007.\n\n\nSuntec's Financial Statements and Management Discussion and Analysis for\nthe year ended December 31, 2006 can be found on the Canadian Securities\nAdministrators' System for Electronic Document Analysis and Retrieval\n("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 transport...