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TSO3: Financial Results for the First Quarter of 2007May 11, 2007Québec City, May 11, 2007 – TSO3 Inc. (“TSO3”) (TSX: TOS) announces today the financial results for the first quarter of 2007. The Company registered a net loss of $2,069,136, or $0.05 per share, compared to a loss of $2,005,363 for the same period in 2006, also $0.05 per share.“During the first quarter, we proceeded with a round of major financing for $23 million that will allow us to double and reinforce our sales and marketing team this year” said Jocelyn Vézina, the Chief Executive Officer of TSO3 Inc. “We worked principally to build our sales and marketing team in order to accelerate the commercialization of our first product - the 125L Ozone Sterilizer. Today, all the elements are in place to make the 125L Ozone Sterilizer a commercial success” he added. The highpoints of the quarter • In March 2007, we raised $23 million in financing to ensure the enterprise has the necessary financial resources for the commercialization activities. In addition to consolidating our financial foundation, this money will allow us to double our sales force by the end of the year and to invest in our R&D Department in order to accelerate the development of new products. • For the first time we exhibited at the annual convention of the Association of PeriOperative Registered Nurses (AORN), held in Florida, under the TSO3 banner. We were pleased with the level of interest in ozone sterilisation from the participants. We identified a number of key customers who represent sales opportunity for the coming year. • Several more medical instruments were validated with the 125L Ozone Sterilizer. Due to the growing number of compatible instruments, our customers can optimize the use of their Ozone Sterilizer in hospital settings. To view the analysis of the financial situation and the operating results, download the report for the first quarter. |
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