MONTREAL, May 31, 2005 (PRIMEZONE) -- Adsero Corp. (OTCBB:ADSOE), a North American leader in the printer cartridge remanufacturing industry, announced revenues of $7.4 million and EBITDA of approximately $609,000 for the 1st quarter ended March 31st, 2005.
Financial Highlights of the Quarter (US$)
-- Revenues $7,418,678 -- EBITDA $609,308 -- Net Profit $236,465 -- EPS $0.02
Recent Operational Highlights
-- Feb. 1, 2005 Acquisition of Teckn-O-Laser Global Inc.
($30 Million in Revenues)
-- Apr. 22, 2005 Offer Made to Acquire Global Imaging Co. With
$160 M in Revenues
Successful Acquisition of Teckn-O-Laser Global Inc.
Effective January 2, 2005, Adsero Corp. completed the acquisition of Teckn-O-Laser, a North American leader in the printer cartridge remanufacturing industry which was also named one of Canada's 50 Best Managed Private Companies. As a result of the acquisition, Adsero was required to prepare independent audited financial statements for Teckn-O-Laser and subsequently consolidate Teckn-O-Laser financials with those of Adsero's. This in turn resulted in unforeseeable delays with respect to filing the 1st quarter financial statements.
It is anticipated the "E" added to the "ADSO" symbol on May 26 will be removed within the next two business days now that the Q1 financials have been filed on EDGAR.
Adsero Continues to Execute Business Plan and Consolidate Industry
With the successful acquisition of Teckn-O-Laser completed, Adsero continues to focus on consolidating the cartridge remanufacturing industry through further acquisitions and organic growth.
To this end, Adsero announced the proposed acquisition of Turbon in fiscal 2005, a Global imaging company with annual sales in excess of $US 160 million. This will significantly strengthen Adsero's position as a global leader in the cartridge remanufacturing industry, while adding significant shareholder value to the Company. The Company is currently completing due diligence related to this acquisition and arranging financing.
In addition, Adsero will continue to aggressively grow its Reflexion division, which will serve to consolidate the fragmented recharging & remanufacturing industry. Reflexion brings economies of scale to smaller players by completely taking over their remanufacturing process and, in turn, providing them with a superior finished product under the Reflexion branded program with national recognition. It is estimated that there are currently more than 3,500 smaller players in this space. This network will provide the foundation to further its corporate initiatives while leveraging future "E-Waste" opportunities.
Mr. Yvon Leveille, President & CEO of Adsero Corp. stated, "The future for Adsero continues to look very bright as we continue to execute our business plan and focus on our core competencies."
Adsero Corp., through its wholly owned subsidiary, Teckn-O-Laser, is a North American leader in the printer cartridge remanufacturing industry. The company manufactures and distributes remanufactured toner cartridges and inkjet cartridges. These products are sold to a variety of channels such as distributors and retail office supply stores, both domestically and internationally. Shareholders can remain current on the company by visiting www.adserocorp.com with access to near real-time information.
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.adserocorp.com/IRhub and view the Adsero Corp. Investor Relations Hub. Alternatively, investors are asked to e-mail all questions and correspondence to ADSO@Agoracom.com.
To find out more about ADSERO Corp. (OTCBB:ADSOE), visit our website at www.adserocorp.com.
Safe Harbor Statements
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.