Thursday, 29 July 2010

IWG Preserves Cash/Reports Small Third Quarter Loss


International Water-Guard (TSX-V: IWG)
Basic Shares: 39.3 million
Fully Diluted: 46.5 million


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The tightly-run ship that is International Water Guard (IWG) reported a relatively small third-quarter net loss of $125 thousand, largely due to the still unfavorable Canadian/US exchange rate.

Yet at the same time, it clung hard to working capital, keeping that at a $2.1 million level by only using $105 thousand since the beginning of the fiscal year for operations.
That's an achievement when sales were relatively flat compared to other periods and the declining US dollar value left the company with a 16% decrease in sales value to just over $1 million to the third quarter of last year.

"Overall, company sales in US dollar terms have remained relatively stable compared to 2009, but we are seeing that growth from new initiatives continues to be stalled until we are clearly out of the recession," said IWG President & CEO, David Fox.

Mr. Fox added that the company is continuing its work on, "initiatives toward future opportunities and growth."

In past news releases, Mr. Fox described some of those initiatives as an active search for mergers or acquisitions of other worthy companies and continuing development in new product areas from IWG's core technology - high-tech water storage and water treatment technology for aircraft.

To read the full news release please click here and to examine the full third-quarter financial report, please click here.