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BluMetric (formerly Seprotech Systems Incorporated) announces 2012 fiscal year end and fourth quarter 2012 results

OTTAWA, Dec. 21, 2012 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM) ("BluMetric" or the "Company") announces the following unaudited results for the fourth quarter of 2012, and audited results for the fiscal year ended August 31, 2012.

  Three Months
August 31
Ended Year Ended
August 31
  2012 2011 2012 2011
  $000 $000 $000 $000
Revenue 2,122 892 7,468 3,089
Gross Margin 578 489 1,901 1,073
Net Loss (406) (150) (940) (1,255)
Loss per share (0.01) (0.00) (0.01) (0.02)

The fiscal year ended August 31, 2012 saw strong revenue growth in all segments of the Company's business. Revenues for the year grew by approximately 141% and for the fourth quarter by 137% compared with the same periods in 2011.  A significant portion of the operating expenses incurred in the fourth quarter 2012 reflect non-recurring transaction costs related to the merger reported previously and described below.

Subsequent to the August 31, 2012 year end, on November 16, 2012, the Company completed a reverse take-over transaction with WESA Group Inc. ("WESA") immediately following which both entities amalgamated. The foregoing results do not reflect the results of WESA since the merger was completed after the end of the reporting period. For additional information on the merger and these financial results, please refer to the Company's filings at www.sedar.com.

About BluMetric

BluMetric is an integrated product and service organization providing solutions to complex environmental problems in Canada and abroad.  The Company serves clients in many industrial sectors, and at all levels of government, both domestically and internationally.

BluMetric operates through two divisions:

  • a professional services division focussed on environmental earth sciences and engineering, contaminated site remediation, water resource management, industrial hygiene, occupational health & safety, and renewable energy.  This division operates under the names "WESA", "Envir-Eau", and "OEL-HydroSys".
  • a water & wastewater division providing both design-build and pre-engineered product solutions to clients' water and wastewater treatment needs.  This division operates under the names "WESAtech" and "Seprotech".

More information can be obtained at www.blumetric.ca

Forward-looking Statements

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. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.

SOURCE BluMetric Environmental Inc.

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