NEWS & INFO
News » Q1 Fiscal 2007 Tue Jul 18 5:59:11 UTC 2006
Real Time Measurements Inc. (RTY on TSX.V) (the “Company”) announces the filing of its 1st Quarter financials for the period ended April 30, 2006, and an update of its business strategy in bringing innovative technological developments to the oil and gas industry. Revenue for the three month period is $280,977 Cdn, as the Company is positioning itself to become a technology developer versus a service provider for upstream measurement applications.
The Company has viewed its Smart Drop Off (SDO) technology as being validated by way of at least two other Canadian service companies building equipment that attempts to emulate RTY’s SDO. The introduction of these new units by competitors has led to a decrease in the revenue generated through the service aspect of the Company. Management has continued to develop its new application known as DataTrak, with initial tools in the field demonstrating additional benefits for consumers. The Company will continue to focus on the development of its DataTrak suite of products, with employee focus on development and introduction to key customers in both Canada and internationally. Management believes the Company can stay ahead of the competition by designing and implementing new applications for existing and potential customers, thus allowing clients to capture and analyze measurement data for increased efficiencies.
The Company recently announced a key agreement with NA Solid Petroserve in Tunisia to supply its new technological solutions to an international market including Tunisia, Libya and Algeria. This increased exposure in a lucrative developing market enhances the Companies’ position for the delivery of new technologies to significant oil and gas regions. The 1st Quarter revenue for 2006 was $280,977, a decrease of 39% from the previous years 1st Quarter amount of $472,898. Expenses for this quarter increased to $592,514 from the previous year amount of $552,853, with a significant amount attributed to stock based compensation ($203,150). Working capital for the period was $294,343, a decrease from the previous year amount of $416,003. All figures are in Canadian dollars.
The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.