TORONTO, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Eurocontrol Technics Group Inc. (TSX Venture: EUO; OTCQB: EUCTF) (“Eurocontrol” or the “Company”), announces that it has filed its interim financial statements and Management’s Discussion and Analysis (“MD&A”) for the second quarter ended June 30, 2018.
The second quarter results reflect a 47% decrease in fiscal year revenue to $676,286 compared to $1,268,811 for the interim period ended June 30, 2017 and a net loss of $3,413,857 compared to the net loss of $2,350,277 in 2017. EBITDA for the six month period ended June 30, 2018 decreased by $811,041 to $(3,585,447) compared to $(2,774,406) for the corresponding period in 2017.
Since June 30, 2018, the balance sheet date of the Company’s interim financial reporting period, on July 31, 2018, the Company announced that its board of directors had made the decision to discontinue the business operations of its three wholly-owned Israeli subsidiaries (collectively the “Israeli Subsidiaries”), Xenemetrix Ltd. (“Xenemetrix”), XwinSys Technology Development Ltd. (“XwinSys”) and Croptimal Ltd. (“Croptimal”), and has since taken significant actions in furtherance of implementing this change. The Israeli Subsidiaries have effectively ceased all of their respective former operations (except, to the limited extent necessary to complete any remaining transitional items) and are no longer carrying on any active business. Notices have been given to all of the officers and employees of the Israeli Subsidiaries terminating their services.
Management continues to pursue a transformative transaction to maximize the value of its assets, which consist primarily of cash and the remaining amounts receivable of $2.6 million pursuant to the previously announced agreement entered into between the Company and SICPA Finance and related companies (see press release of July 31, 2018). The Company has reviewed several potential transactions, is pursuing additional potential transactions and remains open to proposals.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca or contact Paul Wood at (416) 361-2808 or pwood@eurocontrol.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.