ADSERO CORP.REPORTS PROFITABLE 1ST Q.
ADSERO CORP.REPORTS PROFITABLE 1ST Q.
2005-06-06 at 10:36:00 am #9589
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;am p;nb sp; $0.02
* 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
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.
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.