For Immediate Release – April 19, 2002
Toronto, Ontario – Spectra Inc. (SSA: CDNX) reports the release of its financial results for the fiscal year ending December 31, 2001. Revenues for the fourth quarter ending December 31, 2001 were $111,121 an increase of 29.3 percent compared to $85,969 in 2000. For the twelve-month period revenues were $542,265, an increase of 1.2 percent compared to $536,085 for the same period in 2000.
A net loss of $727,377 was incurred during the twelve-month period ending December 31, 2001 compared to a net loss of $553,067 for the same period in 2000. The company experienced increased costs during 2001 from its R&D program, minimum royalty payments, private placement fees and compensation to management.
Andrew Malion, Chairman of Spectra Inc. stated, “Revenues were flat in 2001 as a result of the overall economic downturn which has impacted the Transportation Industry, particularly in the United States. As the North American economy strengthens, we are confident that our strategic alliance with Bendix Commercial Vehicle Systems will lead to strong sales growth of the SureStrokeTM product line in the huge U.S. market and throughout Canada and Mexico. The new products developed for the Transportation Industry during this past year’s R&D program should significantly enhance Spectra’s future growth opportunities.
Spectra Inc. is a vertically integrated supplier of innovative products and services to the Commercial Transportation Industry and the Professional Trucker. Spectra’s product line increases productivity, reduces maintenance costs and improves fleet safety and includes Brake Safe TM and SureStroke TM, visual brake stroke indicators, Brake InspectorTM a new, advanced electronic air brake diagnostic system and the Termin-8R TM line of anti-corrosion and extreme pressure lubricants.
Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Corporation’s customers. Actual results and developments may therefore differ materially from those described in this release.
On behalf of the Board of Directors,
Andrew J. Malion, Chairman, Spectra Inc. www.spectra-ssa.com
Investor Relations: 1-800-308-5255 E-Mail: ssa@spectra-ssa.com
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