CORUNNA, Ontario, Canada, June 20, 2005 (PRIMEZONE) -- Megola Inc. (OTCBB:MGOA), a leading environmental solution provider in physical water treatment, microbiological control, wastewater treatment and air purification, announces record sales for the three-month period that ended April 30, 2005. In the 10Q filing out today, Megola is reporting top-end revenues that are up over 740% compared to the previous three-month period -- the Company's second quarter -- that ended January 31, 2005. This quarter's jump in sales sets a Company-high for sales revenue in a single quarter.
"After spending much time and energy over the past 6 months revising our corporate structure and setting up improved R&D and manufacturing facilities, it is exciting to see the results of our labor in terms of increased revenue," commented Joel Gardner, Chief Executive Officer of Megola Inc. "While I was bold in my assertion that revenues this quarter would be up 500% over last quarter's numbers, it is very satisfying to see that the Company actually exceeded that figure, and that we've been making good decisions lately that appear to be paying off."
Gardner further added, "Due to the time and labor involved in relocating a portion of our product manufacturing and assembly operations to China, sales in Asia were down. With a presence already established in that market and our distribution network growing, we expect Asian sales to soon parallel this success in North America, especially now that the production facilities are up and running."
About Megola Inc:
Since going public in 2003, Megola (http://www.megola.com) has been attracting ever increasing amounts of interest from a variety of industries. The company is in the process of greatly expanding both the scope of its offerings and its reach throughout the global marketplace. Megola believes it can significantly boost its revenues through the continuance of this new business model.
The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.