Significant year-over-year sales growth in consumer and commercial products
Improving gross margins on operations
Continued lower overhead and administrative savings
Vancouver, British Columbia--(Newsfile Corp. - March 13, 2020) - International Zeolite Corp. (TSXV: IZ) (OTCQB: IZCFF) (FSE: ZEON) (the "Company") an international marketer and supplier of natural zeolite and zeolite products, is pleased to highlight the Company's sales for the first half of the current fiscal year following the Company's February 28, 2020 financial results posted on SEDAR.
The Company, led by flagship products ecoTraction™ and ecoTractionPRO™, achieved a 25% year-over-year increase in sales for the first half of fiscal 2020 to $587,818 (F2019 - $468,804 and F2018 - $280,801). The Company is also pleased to highlight that net losses for the period have further decreased by 37% to $223,045 (F2019 - $358,090 and F2018 - $597,325). Management achieved a 16% improvement in gross sales margins over the previous period (F2020 - $285,336 vs F2019 - $245,030) and administrative costs were reduced by 36% (F2020 - $166,131 vs F2019 - $260,183).
International Zeolite continues to progress development of value-added products along with research and testing to support the launch of innovative, environmentally beneficial and economically contributive products in the commercial/industrial and agricultural sectors.
Additionally, the Company is pleased to announce that it has retained Grove Corporate Services Ltd. of Toronto to provide administrative and corporate secretarial support. Grove's Ms. Catherine Beckett has been appointed Corporate Secretary of the Company following the resignation of Dianne Szigety. The Company would like to thank Ms. Szigety for her many years of service and wishes her all the best.
On Behalf of the Board
"Ray Paquette"
President & CEO
604.684.3301
For further information, please visit www.internationalzeolite.com
For Investor Inquiries:
info@internationalzeolite.com
For Sales and Commercial Inquiries:
sales@earthinnovations.ca
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated work programs and the timing and amount of expenditures. International Zeolite does not assume the obligation to update any forward-looking statement.
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.
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