TORONTO, Nov. 24, 2009 (GLOBE NEWSWIRE) -- Element 21 Golf Company (OTCBB:ETGF), the leading manufacturer of advanced Scandium Alloy golf and bio-fiber fishing equipment, announced today record results for its first quarter (Q1) July 1 to September 30, 2009. The Company generated Q1 revenue of $759,000 an increase of 37% compared to revenue of $555,000 in the same period in fiscal 2008.
The strongest Q1 in Element 21's history, follows fiscal growth of 1918% in the last 3 years.
"Fishing, being a cyclical industry, July to October are considered the slowest months of the year. The strong growth in revenues that Element 21 has shown during this period indicates that our Big Box Store distribution continues to be in the ramp up phase. Element 21 is expanding its distribution channels in two of the largest markets -- Texas and Florida (over billion dollars in equipment sales). Strong Q1 indicates that we are heading into another record sales year," said Dr. Hearn, President and CEO.
The Form 10-Q was filed with the SEC on November 16, 2009 and contains the details of the Q1 results.
About Element 21
Element 21's premier products are golf clubs (www.e21golf.com) and fishing poles made out of Scandium and bio-fiber 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 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" in the 2007 and 2008 ICAST shows, the world's largest sports fishing show.
Forward-Looking Statements
Certain statements in this press release may constitute "forward looking statements" that involve risks and uncertainties. These include statements about our expectations, plans, objectives, assumptions or future events. You should not place undue reliance on these forward-looking statements. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.