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 user 2005-06-06 at 10:35:00 am Views: 109
  • #9416

    Adsero Corp. Reports Profitable Quarter

    Quebec CANADA, JUNE, 2005 /FSC/ – ADSERO Corp , a North
    American leader in the printer cartridge remanufacturing industry, announced
    revenues of $7.4 million and EBITDA of approximately $609,000 for the 1st
    quarter ended March 31st, 2005.

    Financial Highlights of the Quarter

    * Revenues         $7,418,678
    * EBITDA            $609,308

    * Net Profit       $236,465  
    * EPS         &am p;nb sp;    $0.02

    Operational Highlights

    * Feb. 1, 2005    Acquisition of Teckn-O-Laser
    Global Inc. ($30 Million in Revenues)
    * Apr. 22, 2005   Offer Made to
    Acquire Global Imaging Co. With $160 M in Revenues

    Acquisition of Teckn-O-Laser Global Inc.

    Effective January 2, 2005,
    Adsero Corp. completed the acquisition of Teckn-O-Laser, a North American leader
    in the printer cartridge remanufacturing industry which was also named one of
    Canada’s 50 Best Managed Private Companies.  As a result of the acquisition,
    Adsero was required to prepare independent audited financial statements for
    Teckn-O-Laser and subsequently consolidate Teckn-O-Laser financials with those
    of Adsero’s.  This in turn resulted in unforeseeable delays with respect to
    filing the 1st quarter financial statements.  

    It is anticipated the “E”
    added to the “ADSO” symbol on May 26 will be removed within the next two
    business days now that the Q1 financials have been filed on EDGAR.

    Adsero Continues to Execute Business Plan and Consolidate Industry

    With the successful acquisition of Teckn-O-Laser completed, Adsero
    continues to focus on consolidating the cartridge remanufacturing industry
    through further acquisitions and organic growth.  

    To this end, Adsero
    announced the proposed acquisition of Turbon in fiscal 2005, a Global imaging
    company with annual sales in excess of $US 160 million. This will significantly
    strengthen Adsero’s position as a global leader in the cartridge remanufacturing
    industry, while adding significant shareholder value to the Company.  The
    Company is currently completing due diligence related to this acquisition and
    arranging financing.

    In addition, Adsero will continue to aggressively
    grow its Reflexion division, which will serve to consolidate the fragmented
    recharging & remanufacturing industry.  Reflexion brings economies of scale
    to smaller players by completely taking over their remanufacturing process and,
    in turn, providing them with a superior finished product under the Reflexion
    branded program with national recognition.  It is estimated that there are
    currently more than 3,500 smaller players in this space.  This network will
    provide the foundation to further its corporate initiatives while leveraging
    future “E-Waste” opportunities.

    Mr. Yvon Leveille, President & CEO
    of Adsero Corp. stated, “The future for Adsero continues to look very bright as
    we continue to execute our business plan and focus on our core competencies.”

    Adsero Corp., through its wholly owned subsidiary, Teckn-O-Laser, is a
    North American leader in the printer cartridge remanufacturing industry.  The
    company manufactures and distributes remanufactured toner cartridges and inkjet
    cartridges. These products are sold to a variety of channels such as
    distributors and retail office supply stores, both domestically and
    internationally.  Shareholders can remain current on the company by visiting
    http://www.adserocorp.com with access to near real-time information.

    This press
    release is available on the company’s official on-line investor relations site
    for investor commentary, feedback and questions. Investors are asked to visit
    http://www.adserocorp.com/IRhub and view the Adsero Corp. Investor Relations
    Hub. Alternatively, investors are asked to e-mail all questions and
    correspondence to ADSO@Agoracom.com.

    To find out more about ADSERO Corp., visit our website at http://www.adserocorp.com.