TSX Symbol "ECT"
FREDERICTON, NB, Dec. 4 /CNW/ - eCycling Technologies Inc. announced its third quarter results. Consolidated revenue from continuous operations for the three months ended September 30, 2006 remained consistent at $550,169.00 compared to $550,029.00 for the same period in 2005. For the nine months ended September 30, 2006 consolidated revenue from continuous operations was $1,650,240.00 compared to $1,617,151.00 for the same period in 2005.
The performance from continuing operations for eCycling Technologies Inc. was down for the first nine months ended September 30, 2006 with a loss from continuing operations of $312,701.00 compared to income of $100,894.00 for the same period last year. This decrease in income is due to the costs incurred by eCycling Technologies Inc. as it developed and implemented its new corporate focus related to environmental projects complementing its existing waste handling business. eCycling Technologies Inc. had identified a potential acquisition during the second quarter of 2006 and incurred $219,807.00 in legal, accounting and other professional fees during the second and third quarter of 2006 for the due diligence and financing of this acquisition. Unfortunately, in November 2006 it was determined that this acquisition target was not able to be completed. Funds raised by the private placement were used to finance the expenditures related to eCycling Technologies Inc.
The complete financial statement can be viewed and downloaded from the Sedar website, www.sedar.com
eCycling Technologies Inc. will continue to focus on environmental and recycling projects as well as electronic recycling. Although we were unsuccessful in the acquisition of a private electronic waste company, we will continue to look for potential in this direction. In this regard, the agreement of eCycling Technologies Inc. to acquire all of the shares of eWaste Depot Corporation is pending subject to the principals of eWaste Depot Corporation bringing an acquisition opportunity to eCycling Technologies Inc. to complete.
In a restructuring move, Patrick Mulvey stepped down as president and CEO; Gordon Wheaton assumed these positions and Mr. Mulvey agreed to remain as a director on the board. These changes took place on November 27, 2006.
eCycling Technologies Inc. is listed on the TSX Venture Exchange under the symbol "ECT". The company's business in waste management has operations located in New Brunswick.
This press release may contain forward-looking statements including management's assessment of future plans. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include uncertainties resulting from potential delays or changes in plans with respect to projects or capital expenditures
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
%SEDAR: 00009507E