DELTA, BC, Aug. 26, 2011 /PR Newswire/ -- ATI AirTest Technologies Inc. ('AirTest', TSXV: AAT) announced its results for the first half of 2011, showing revenue of $1,658,034, an increase of $710,672 or 75%, compared to $947,362 for the first half of 2010.
'The primary reason for our rapid rate of growth is broadening awareness of the significant energy savings generated by carbon dioxide (CO2) demand controlled ventilation (DCV) systems in commercial and institutional buildings,' stated George Graham, President and CEO of AirTest. 'The opportunity for continued sales growth looks bright because although there is currently a rapid growth trend in DCV conversions, we estimate that less than 5% of the buildings in North America have taken advantage of this energy saving technique, and globally the percentage would be less than 1%.'
- Gross profit for the first half was $641,044 compared to $443,004 for the same period of the previous year.
- AirTest's two largest customers, both wholesale distributors, have been growing rapidly and together more than doubled their purchases from AirTest for the first half of 2011 compared to the first half of 2010. In this period they were responsible for 30% of the company's sales.
- General and administrative expenses increased to $772,523 from $606,225 for the same period in 2010. The increase was largely due to an increase in factor fees and interest charges of $61,201 and increased sales and marketing expense in the amount of $55,777.
- Consolidated net loss for the first half was $539,825 which included $408,346 investment in development of the new Airware technology. This compared with a net loss for the same period in the prior year of $538,162 which included $374,941 for new technology development.
As of June 30, 2011 the company had 115,113,060 common shares outstanding. The detailed financial statements can be found at www.sedar.com and on AirTest's website.
About AirTest: AirTest Technologies (www.airtest.com) is a Green-Tech company specializing in sensors that improve commercial building operating efficiency and at the same time create energy savings. These sensors are all based on technical innovations developed in the last ten years, and comprise a growing second wave of energy saving technologies that will make a significant contribution to the enabling better control of buildings to ensure energy savings and sustainability. AirTest offers its products to leading-edge building owners, contractors and energy service companies targeting the buildings market. AirTest also provides energy cost reduction solutions to building equipment and controls manufacturers who incorporate AirTest sensor components in their products.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are 'forward looking statements'. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
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 AirTest Technologies Inc.