WILLIAMSVILLE, N.Y., April 2 /PRNewswire-FirstCall/ -- CVF Technologies Corporation announces that its subsidiary Biorem Technologies Inc. (BIOREM) (69% owned by CVF) fourth quarter results came in strong and took full year revenues to $6.2 million, which was 15.8% above plan with earnings of $1.3 million. Sales for 2003 were up 128% over the prior year. The completions of order backlog in the municipal odor control market and the finalization of the major installation at a food processing facility were key components contributing to the outstanding performance.
BIOREM has 22 active biofilter projects underway to start the new year. The total value of work in progress is in excess of $6 million, and order backlog plus commitments for 2004 are in excess of $9 million.
New business development in the western U.S. has been successful with five projects under way and 10 projects targeted for near term closure. Installation of a 14,000 cu ft/min air treatment system for the city of Broomfield, CO is near completion and will start up in the first half of 2004. "Design engineers in the states of California and Texas have been pleased with the features of the advanced design and performance of our modular systems and permanent filter media" states Brian P. Herner, President and CEO of BIOREM. "The BASYS(TM) modular biofilter systems and BIOSORBENS(TM) media provide a new tool for the elimination of nuisance odors."
Biorem is an industrial biotech company based in Guelph, Ontario and is engaged in the business of applying bioconversion and biotransformation technology to municipal and industrial environmental applications. The current business focus of Biorem is the design and installation of biological air filters, or biofilters, for the removal of odor and other air pollutants from municipal and industrial sources. Since 1999, Biorem has made significant progress in the commercialization of its biofilter technology, having successfully completed more than 50 large-scale biofilter installations in the US and Canada.
CVF Technologies Corporation is headquartered in Williamsville, New York. CVF is a technology development company, whose principal business is sourcing, funding and managing emerging pre-public technology companies with significant market potential. Founded in 1989, CVF's holdings include five companies involved in primarily environmental products/services.
Certain statements made in this press release which are not historical facts are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these statements involve risks and uncertainties, which may cause actual results or achievements to be materially different from any future results and achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, product demand and market acceptance risks for the products and technologies of CVF's subsidiary companies and investees; the impact of competitive products, technologies and pricing; delays or difficulties in developing, producing, testing and selling new products and technologies; the ability of the company's subsidiaries and investees to obtain necessary financing for their operations and to consummate initial public offerings of their stock; the effect of the Company's accounting policies; the effect of trade restrictions and other risks detailed in the company's Statement on Form 10-SB/A filed with the U.S. Securities and Exchange Commission and any subsequent filings with the Commission.
CVF Technologies Corporation
CONTACT: Jeffrey I. Dreben, President & CEO, or Robert L. Miller, ChiefFinancial Officer, both of CVF Technologies Corporation, +1-716-565-4711