Business
Whitemud Resources Reports Operations Update and 2009 Year End Financial Results
Whitemud Resources Reports Operations Update and 2009 Year End Financial Results
About this update from Whitemud Resources, Inc. Class A
[{"type":"text","content":"\n\n\n\n May 3, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n Whitemud Resources Inc. ("Whitemud" or "the Company") (TSXV:WMK) provides summary financial results and an operations update and for the twelve months ended December 31, 2009.\nFinancial highlights and results for the year ended December 31, 2009:\n\n\n >\n\n\nDespite growing acceptance of Whitemud's product, the Company and the concrete industry continue to experience the negative impact of the economic downturn. Sales growth of Whitemud(MK) has not met the Company's expectations. In response, the Company began investigating opportunities to pursue a strategic relationship with major construction material suppliers that could bring additional resources to marketing metakaolin in North America.\nCosts are being minimized through a number of initiatives, including the reduction of overhead through staff reductions and salary cuts to senior management, re-negotiating of key supplier contracts, and by postponing plant production until the majority of the product inventory has been shipped. Through these initiatives, the Company has managed to ensure the retention of key senior management and personnel to maintain continued quality supply and service to our existing and future customers.\nAlthough the Company still has access to a $2 million credit facility with its bank, additional capital will be required to meet its future obligations and sustain operations. Management is currently reviewing its strategy for additional financing.\nThe acceptance of Whitemud(MK) continues to grow and is being used in a number of high profile projects, including Calgary's landmark Bow Tower project; a 58 story building, which will be the second-largest office complex in Canada, a water treatment plant project near Los Angeles, California, and the Brayton Point Station Cooling Towers Project in Somerset, Massachusetts where two 500-foot tall concrete cooling towers are being constructed by Kiewit Corporation for Dominion Energy, Inc.\nTo date, Whitemud(MK) has been successfully sold for use in a number of applications, including city sidewalks, residential basement floors, commercial concrete floors, precast concrete tanks, precast concrete jersey barriers, bridge decks, parking s...