International Bio Recovery Corporation V.IBR

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Press Release Source: International Bio-Recovery Corporation International Bio Recovery Corporation announces fiscal 2004 third quarter financial results Friday May 28, 12:56 pm ET TSX Venture Exchange symbol: IBR VANCOUVER, May 28 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR - News) a biotech company with a proprietary technology to convert organic waste into environmentally progressive fertility products, today announced fiscal 2004 third quarter financial results for the three-month and nine-month periods ended March 31, 2004. Third quarter revenue was $32,175 compared to $954,087 in the third quarter of fiscal 2003. The decrease in revenue is primarily due to the recognition in the third quarter of fiscal 2003 of $895,000 in technology fees related to the sale of IBR's technology rights in China. Revenue from this sale was recognized in both the second and third quarters of fiscal 2003. Since IBR derives the majority of its revenue from large technology license sales, quarterly revenue will be earned in "lumpy" patterns with high numbers posted in those quarters where sales are made. Revenue for the nine-month period ended March 31, 2004 was $61,637 compared to $2,142,311 for the same period in fiscal 2003. IBR's net loss for the third quarter was $570,907 or $0.02 per share, compared with net income of $283,042 or $0.01 per share, in the third quarter of fiscal 2003. The year-over-year reduction is due to the previously mentioned technology license revenue earned in the second and third quarter of fiscal 2003. As IBR continues to focus on a number of sales opportunities, management remains focused on controlling costs. During the third quarter, expenses decreased 10.2% from the third quarter of fiscal 2003. For the year-to-date period, expenses declined to $1,805,835 from $2,416,940 in the prior year-to- date period, representing a 25.4% reduction. "We continue to press forward with translating our market opportunities into new technology license contracts. During the quarter we made progress in identifying new opportunities in Europe as well as moving forward with current initiatives in North America, China, Indonesia and the Middle East. In addition, subsequent to the end of the quarter we announced a follow-on equipment sale to CFO Holdings Inc. to assist completion of their inaugural plant in China," said Elmer B. Friesen, President and CEO of IBR. "Going forward we are focusing our resources on sales and marketing initiatives to expand our prospect pipeline and deliver new technology sales, and on R&D efforts to increase the efficiency of our technology process and enhance our fertilizer products." Complete financial statements have been filed at www.sedar.com and posted to the Company's website, www.ibrcorp.com. About IBR International Bio Recovery Corporation (IBR) has developed an environmental technology, which processes organic material from municipal solid waste, agricultural manures and surplus organics from food production into innovative, environmentally progressive fertility products. Located in North Vancouver, BC, IBR markets its technology products through the sale of licenses. The Company's current and medium term focus is to further develop its marketing capacity to enhance technology license sales. The Company is committed to research and development to continue to improve the effectiveness of its technology and the quality of its fertility products. It is further committed to developing a world wide marketing capability to ensure market acceptance of its fertility products. https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=35806 For further information please contact: Elmer B. Friesen, President & CEO, IBR, [phone] ext 308, [phone] fax, [e-mail] Henry J. Bow, Manager Corporate Relations, IBR, [phone] ext 309, [phone] fax, [e-mail] David Mason, Investor Relations, The Equicom Group Inc., [phone] ext. 237, [phone] fax, [e-mail]