February 1 , 2005
SEAIR Annouces Results fo Quarter Ending November 30, 2004
Edmonton, Alberta CANADA, February 1, 2005 /FSC/ - Seair Inc. (SDS - TSX Venture), is pleased to announce the release of its unaudited interim financial statements for the three months ending November 30, 2004.
SEAIR's consolidated sales and financial performance is summarized as follows for the quarter ending November 30, 2004 (with comparative figures for the quarter ending November 30, 2003):
| Q1 FY2005 | Q1 FY2004 | Change | |
| Revenue | $ 21,347 | $ 196,828 | -89% |
| Gross Profit | 3,392 | 109,508 | -97% |
| Net Income (Loss) | (151,726) | (119,580) | 27% |
| Basic Income/(Loss) per share | (0.01) | (0.01) |
Year-over-year revenue declined 89%. Revenues in the quarter ending November 30, 2003 were realized in the greenhouse industry. While these initial gains in the greenhouse industry served to increase revenues, the gains have not been sustainable as a result of an overall weakening of that market. Revenue for the quarter ending November 30, 2004 includes an $11,000 credit granted to a greenhouse industry customer for equipment returned to Seair.
Seair has de-emphasized the greenhouse market in favour of what are believed to be more lucrative and sustainable target markets. Seair's current primary target markets revolve around waste water remediation and sterilization opportunities. While shifting to these markets did result in a revenue decline, management believes the impact of Seair's technology in the current target applications will be significantly more profound, demonstrable and immediate
than was the case with greenhouses.
Seair remains at the initial stages of penetration in the waste water remediation and sterilization markets with initial reference customers presently at various points along the sales cycle in these target markets. Completing the sales cycle with these initial reference companies is Seair's current priority and will be followed by an assessment of each of the specific industries in order to appropriately prioritize and assign sales and marketing resources.
SEAIR is a leading developer of proprietary diffusion and sterilization technologies. These patent pending technologies allow for the efficient diffusion of gases into a liquid, thereby facilitating numerous applications in a wide variety of industries, including waste water treatment, pulp and paper, aquaculture, agriculture/horticulture, sterilization, golf course irrigation and pond treatment, animal enhancement and oil and gas. SEAIR's primary focus is developing and selling equipment that diffuses gases, such as oxygen, ozone or carbon dioxide, into a liquid, resulting in a supersaturate solution. The major difference between SEAIR and other diffusion technologies is SEAIR's ability to achieve extremely small gas bubble size, which in turn allows for the mass transfer of gas to fluid. The result is a stable condition where the gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs.
Parties interested in obtaining further information or receiving news releases and corporate documents from SEAIR may e-mail such request to seair@telus.net or visit the SEAIR web site at:www.seair.ca
FOR FURTHER INFORMATION PLEASE CONTACT:
Harold Kinasewich
SEAIR Inc.
T: 780 477 7188
F: 780 477 6622
E: seair@telus.net
This News Release includes certain “forward-looking statement” as such term is commonly understood. There can be no assurance that such statement will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this announcement. Important factors that could cause actual results to differ materially from the Corporation’s expectations include, among others, the
ongoing results of current search. All subsequent written and oral forward-looking statements attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by this notice. While the Corporation anticipates that subsequent events and developments may cause the Corporation’s views to change, the Corporation specifically disclaims any obligation to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing the Corporation’s views as of any date subsequent to the date of this release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
