Delta, British Columbia--(Newsfile Corp. - August 30, 2023) - ATI AirTest Technologies Inc. (TSXV: AAT) (OTC Pink: AATGF) ("AirTest" or the "Company") CEO Ted Konyi is pleased to announce that the Company has now filed its second quarter 2023 Financial Statements and MD&A.
Revenues for the quarter ended June 30, 2023 improved by 7.6% over the comparable quarter in 2022. The improvement in revenue is the first indication of some of the initiatives commenced in the beginning of 2023 by Lorne Stewart, President. In addition, cost cutting measures and an increase in product pricing resulted in a significant reduction in the net loss to $58,437 for the quarter ended June 30, 2023 which was 79.4% lower than the $283,682 operating loss reported for the quarter ended June 30, 2022. The balance sheet showed an improvement as well with a reduction in outstanding liabilities of $454,835 or 7.4%. It is important to note that greater than 80% of the outstanding liabilities are scheduled and bear no interest expense or repayment. Repayment only begins once the Company has three consecutive profitable quarters.
Lorne Stewart, President, commented, "The improvements in the financials are the first indications for the fundamental changes that we have implemented. Those changes include sales efforts being directed towards commercial applications of Demand Control Ventilation with end users. We have many pilots underway and early indications are very positive that they will lead to multilocation implementations. I expect the 3rd quarter to further demonstrate the new direction the company is taking will be financially rewarding."
About AirTest: AirTest Technologies is a Green-Tech company specializing in Demand Control Ventilation systems that improve commercial building operating efficiency and generate proven energy savings. The Company has developed new wireless sensors with dynamic real-time communication and control technologies, which builds upon ten years of experience and thousands of installations amongst clients such as Lowe's, Shoppers Drug Mart and Ikea. AirTest solutions provide data on levels of Indoor Air Quality required by Schools, Retail Stores and Offices.
For further information, please contact:
Mr. Ted Konyi, CEO
Phone: (604) 225 2209
Fax :(604) 517 3900
Email: ted.konyi@airtest.com
Website: www.airtest.com
Legal Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements". Forward-looking statements are projections of financial performance or future events. Forward-looking statements can be identified by the use of words such as "expect", "anticipate", "intend", "plan", "believe", "estimate" and words of similar meaning. Forward-looking statements are based on management's current expectations and assumptions and they are subject to risks that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include those concerning the Company's belief in the energy savings that can be achieved through installation of the Company's products and that these installations lead to reduced maintenance, downtime expenses, future cost savings, and improvements in the bottom line. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward-looking statements. Risks that may prevent or delay the forward-looking statements from coming to fruition as anticipated include the availability of working capital, risks inherent in product development, as well as market factors that may increase costs or time to market. It is our policy not to update forward-looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company's website, www.airtest.com.
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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