TORONTO, May 19, 2009 (GLOBE NEWSWIRE) -- Element 21 Golf Company (OTCBB:ETGF) (Frankfurt:BJQ), the leading manufacturer of advanced Scandium Alloy golf and biofiber fishing equipment, announced today record results for its third quarter (Q3) January 1 - March 31, 2009. The Company generated Q3 revenue of $1,825,000, an increase of 322% compared to revenue of $566,000 in the same period in fiscal 2008. The combined fiscal 2008 Q1, Q2 and Q3 revenues are $2,811,000, showing tripling in sales as compared to the equivalent period in 2008.
At the same time the Loss from Operations for Q3 decreased significantly to $45,000 in 2009 from $1,170,000 in 2008.
The Form 10-Q was filed with the SEC on March 15, 2009 and contains the details of the Q3 results.
"Element 21 has been able to lower its Loss from Operations to $45,000 in Q3, which puts us very close to cash flow positive position," said Nataliya Hearn, President and CEO of Element 21.
About Element 21
Element 21 Sports Company's premier products are golf clubs (www.e21golf.com) and fishing poles made out of a Scandium and biofiber materials, which are lighter and stronger than Titanium, Graphite and Steel. Element 21's golf clubs have been used by renowned golf pros, such as the winner of the FedEx Cup in 2008.
Element 21 Sports Company has developed award winning fishing products (www.e21fishing.com). Element 21's Carrot Stix(tm) represents the latest in cutting edge technology, using a newly developed proprietary method of integrating nano level cellulose bio-fibers into the rod. The fishing products recently were recognized as the "BEST OF SHOW" at the 2007 and 2008 ICAST show, the world's largest sports fishing show.
Element 21 Golf Company's revenue has been growing at an annualized growth rate of 343.3% and 705.5% for fiscal year 2006 and 2007, respectively. The three year average growth rate for the recent past is 203.9%. (www.e21sports.com)
Forward-Looking Statements.
Statements in this release, other than statements of historical fact, may be regarded, in certain instances, as "forward-looking statements" pursuant to Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934, respectively.