LAVAL, QC, Nov. 29, 2015 /CNW Telbec/ - Ergoresearch Ltd ("Ergoresearch" or "the Company") based in Laval and known under the «Équilibre, orthèses et biomécanique» banner  – announces its results for the first quarter Ended on September 30, 2015. All dollar amounts in the present release are in Canadian currency.

Results for the first quarter of fiscal year 2016 ended this past September 30, 2015 totaled $3,535,534 decreasing by 14,5 % compared to revenues of $4,137,111 for the quarter ended September 30, 2014.

Cash flow from operating activities amounted to $(505,364) for the first quarter ended on September 30, 2015 compared to $872,259 for the same period last year. The Company recorded in 2014 non-recurring income related to the monetization of its sleep apnea technology in the amount of $694,057

Net income after tax of the Corporation reached $22,594 for the first quarter of 2016 compared to $308,431 for the same period last year. 

EBITDA reached $270,019 compared to $673,270 for the same period last year.

The decline in the result is due to the lower traffic generated by the closure of some offices, market developments and increased competition in Quebec.

Mr. Sylvain Boucher, President and CEO stated:

The Company has completed three major initiatives for the period ending June 30, 2015: Our current priorities and development plans include the following:

• Strengthened by our cash position, reactivate the exploration of potential acquisitions in Quebec and across Canada.
• Developing a multidisciplinary approach that unites "Équilibre" with dedicated orthopaedic health professionals under one roof.
• Continuing to market the OdrA brace.
• Turning a profit from investment in our ERP-Health platform by increasing the group's efficiency and effectiveness.
• Continuing our investments in Research and Development (R&D)

About Ergoresearch

Ergoresearch is a Canadian company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company holds a portfolio of patents in the bionics field, including the intellectual property used in the Power Knee, the world's only motor-powered AI prosthesis for above-knee amputees. Ergoresearch designed and commercialized WebFit™, the first robotized custom-fit orthotics manufacturing software program and launched OdrA, a new category of orthotic that, with the action of its world-patented distraction-rotation action, revolutionizes the treatment of pain associated with knee osteoarthritis.

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

This document is not intended to encourage the purchase of securities listed on the TSX Venture Exchange. TMX Group and its affiliates do not endorse or recommend any of the securities referenced here. Please seek professional advice to evaluate specific securities.

Forward-looking statements

Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on management's expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur, as these statements are subject to numerous uncertainties and risk factors. Such risk factors include, but are not limited to, those related to the Company's ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the Company's product, the strength of intellectual property, the success of research and development programs, the trust invested in sub-contractors or their core personnel as well as other risks and uncertainties that are put forth every now and then by the Company in the documents filed with various Canadian securities and exchange commissions and made available at www.sedar.com.

The reader should not give great importance to forward-looking statements as (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypotheses taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.

These statements are correct only on the date on which they were written, and Management disclaims any obligation to revise these statements after any event, circumstance or other situation, except as required by law. All figures are in Canadian dollars, unless otherwise specified.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Ergoresearch Ltd