Published on November 28, 2009 at 12:37 AM
Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) announced today sales revenue for the first fiscal quarter $293,287 with EBITDA from continuing operations of $7,613.
Highlights of the performance during the three months ended September 30, 2009 are as follows:
The revenues for the quarter were $293,257 with an EBITDA from continuing operations of $7,613 as compared with revenues of $209,511 and an EBITDA from continuing operations of ($122,967) during the same period in the last fiscal year.
The comparative financial statements for the three months ended September 30, 2009, along with other information, may be obtained through the Company's website at www.openec.com or on SEDAR at www.sedar.com
The Company announces that subject to regulatory acceptance it will settle $28,000 in debt by the issuance of 280,000 shares at $0.10 per share.
Subject to TSX Venture Exchange acceptance, a company, controlled by a director, has agreed to settle debt totaling $28,000 by taking common shares. The settlement is made with a company controlled by Michael Chen, CFO and director of the Company.
The Company is settling the debt by issuing shares in order to preserve its cash for working capital and future growth.
http://www.openec.com/
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