/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
Symbol: SUT: TSX Venture Exchange
CALGARY, Nov. 29 /CNW/ - During the third quarter of 2007, energy producers undertook modest drilling. Suntec generated $6,240 and $65,465 of revenue and a net loss of $113,947 and $1,073,625 during the three and nine months ended September 30, 2007.
Suntec has realized substantially lower revenue than expected as the energy industry responds to prolonged, lower natural gas prices and higher drilling costs through a reduction in well drilling and fracturing. On July 15, 2007, Suntec's water treatment facility in Wheatland County was temporarily closed in response to a severe downturn in oil and natural gas drilling and fracturing activity in the area. This has effectively ceased all business for Suntec for the foreseeable future. Accordingly, Suntec is currently seeking strategic alternatives which include licensing proprietary technology included in existing and proposed patents.
Financial Summary
Three months ended Nine months ended
September 30, September 30,
2007 2006 2007 2006
------ ------ ------ ------
($) ($) ($) ($)
Revenue 6,240 68,957 65,465 237,477
Operating expenses 120,187 261,339 1,139,090 827,753
Net loss (113,947) (192,382) (1,073,625) (590,276)
Loss per share, basic 0.00 (0.01) (0.04) (0.02)
Loss per share, diluted (0.01) (0.01) (0.04) (0.02)
Outlook
Suntec has ceased commercial operations at its water treatment facility and as such has no active business and is currently seeking strategic alternatives.
Suntec's Financial Statements and Management Discussion and Analysis for the three and nine months ended September 30, 2007 can be found on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.
Suntec's common shares trade on the TSX Venture Exchange under the symbol "SUT".
This release includes forward-looking statements and potential future circumstances and developments. Forward-looking statements regarding future performance are subject to risks and uncertainties and actual results may differ materially.