TSX-V: ERG
LAVAL, QC, May 29, 2017
/CNW Telbec/ - Ergoresearch Ltd ("Ergoresearch" or "the
Company") based in Laval and known
under the «Équilibre, orthèses et biomécanique» banner – announces
its results for the third quarter ended March 31, 2017. All dollar amounts in the present
release are in Canadian currency.
Revenues reached $2,999,912 for
the third quarter of Fiscal 2017 compared to $3,001,573 for the same quarter of Fiscal 2016.
The recovery in recent quarters is continuing and the Company is
positioning itself favorably with the evolution of the market.
The net profit for the quarter ending March 31, 2017
amounted to $(362,654) compared to a
net profit of $(150,112) for the same
quarter last year. This decrease in the results is related to
start-up costs incurred in the last quarter:
- Sleep apnea services at selected Equilibre laboratories in the
province of Quebec
- Dynamic knee analysis service (Knee KG technology)
- Recruitment and training of distributors outside Quebec for our flagship Ergoresearch
products
These initiatives will increase revenues, optimize the available
rental space and advantageously position Equilibre in the context
of the reorganization of health care in Quebec.
Cash flow from operating activities amounted to $(651,175) for the third quarter of Fiscal 2017
compared to $(396,774) for the same
period last year.
In regards to its balance sheet, the Company paid its long-term
debt and still has a cash equivalent of more than
$7 million.
Development and perspectives
Our current priorities and development plan include the
following objectives:
- Strengthened by our cash position, pursue the exploration of
potential acquisitions or partnerships in Quebec and across Canada.
- Deploy the "Equilibre" brand in a multidisciplinary and
interdisciplinary concept through the opening or designation of the
super-clinics in Quebec.
- Continue to develop the marketing of our technology platform
and derivative orthotic related specialty products.
- Continue our investments in Research and Development
(R&D)
About Ergoresearch
Ergoresearch is a Canadian company that designs and
manufactures cutting edge technologies for the orthopedic industry.
The Company is a trend-setter in creating custom orthotics
and speciality orthotics for the orthopedics market and holds a
portfolio of patents in the orthopedics field and in human bionics.
The mission of our banner "Équilibre orthèses et biomécanique" is
to keep people active and moving. "ÉQUILIBRE", driven by its
proprietary technologies and the expertise of its professionals,
offers a range of products, treatments and services in order to
relieve pain, restore motor function and optimize performance.
This document is not intended to encourage the purchase of
securities listed on the TSX Venture Exchange. TMX Group and its
affiliates do not endorse or recommend any of the securities
referenced here. Please seek professional advice to evaluate
specific securities.
Forward-looking statements
Certain statements in this Press Release contain forward-looking
statements and information that may entail certain risks related to
uncertainties. Such statements are not historical facts and are
based on current management's expectations. We ask the reader to
note that these statements are subject to a multitude of risks and
uncertainties that could affect the potential future results,
circumstances or events and may differ materially from those
contained in the forward-looking statements. Such risk factors
include, but are not limited to, those related to the Company's
ability to finance its activities, competition, ability to
negotiate and maintain partnerships, the market acceptance of the
Company's product, the strength of intellectual property, the
success of research and development programs, the trust invested in
sub-contractors or their core personnel as well as other risks and
uncertainties that are put forth every now and then by the Company
in the documents filed with various Canadian securities and
exchange commissions and made available at
www.sedar.com.
The reader should not give great importance to forward-looking
statements as (i) the results may differ from conclusions,
predictions or projections contained in such forward-looking
statements; and (ii) certain important factors or hypotheses taken
into account in reaching conclusions or the preparation of a
projection or prediction may prove to be incorrect in fact.
These statements are correct only on the date on which they were
written, and Management disclaims any obligation to revise these
statements after any event, circumstance or other situation, except
as required by law. All figures are in Canadian dollars, unless
otherwise specified.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Ergoresearch Ltd