Exhibit 99.1
TURBOSONIC TECHNOLOGIES REPORTS
FULL YEAR OPERATING RESULTS
For Immediate Release
Waterloo, Ontario, Canada
September 29, 2003
TURBOSONIC TECHNOLOGIES, INC. (OTC Bulletin Board - TSTA), a leading
provider of air pollution control technology, today announced the following
audited operating results for its twelve-month fiscal year ending June 30, 2003:
Twelve Months Ended
06/30/03 06/30/02
US Dollars
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Total Revenues $ 6,099,741 $ 4,581,893
Net (Loss) Income $ (683,695) $ (319,832)
Net (Loss) Income per Share $ (0.07) $ (0.03)
Weighted Average Number
of Shares Outstanding 10,507,250 10,384,613
Commenting on the Company's results, Edward Spink, TurboSonic's Chairman
and CEO, said "During fiscal year 2003, we improved our performance in a number
of areas. We posted a 33% increase in revenue, with improved margins, a cash
position of $1,183,885, and a positive cash flow of $343,220. In accordance with
FASB 142 we have recognized a goodwill impairment loss of $398,897.
We have invested substantially in our sales force and product lines to
position our Company to take advantage of anticipated enforcement of certain
more stringent regulations by the US EPA. With high level of inquiries, we are
looking forward to continued growth in 2004."
TurboSonic Technologies designs and markets proprietary air pollution
control technologies to industrial customers worldwide. Its products are
designed to meet and exceed the strictest emissions regulations, improve
performance, reduce operating costs and recover valuable by-products. Industries
served include Pulp & Paper, Metals & Mining, Cement, Waste Incineration, Power
Generation, Wood Products and Petrochemicals.
Certain statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995 and
involve known and unknown risks, uncertainties and other factors that may cause
the Company's actual results, performance or achievements to be materially
different from the results, performance or achievements expressed or implied by
the forward looking statement. Factors that impact such forward looking
statements include, among others, changes in worldwide general economic
conditions, changes in interest rates, government regulations, and worldwide
competition.
For further information, contact:
Patrick Forde, President
TurboSonic Technologies, Inc.
550 Parkside Drive, Waterloo, Ontario, Canada N2L 5V4
Phone: (519) 885-5513 Fax: (519) 885-6992
www.turbosonic.com email: info@turbosonic.com