Annual audited statements for the year ended March 31, 2022


Get instant alerts when news breaks on your stocks. Claim your one week free trial for StreetInsider Premium here.


ARNPRIOR, ON /ACCESSWIRE/August 5, 2022/ Plaintree Systems Inc. (CST: NPT) (“Complaint“or the”Company“).

Annual audited statements for the year ended March 31, 2022

Plaintree today announced the release of its audited consolidated financial statements and related management discussion and analysis for the year ended March 31, 2022.

In fiscal 2022, Plaintree had revenue of $16,192,530, compared to fiscal 2021 revenue of $12,659,689. Plaintree ended fiscal 2022 with a net loss before income tax expense of $200,856 compared to profit of $893,941 for fiscal 2021.

On March 30, 2022, Plaintree completed its acquisition of the Elmira Stove Works business by acquiring, through a wholly owned subsidiary, all of the shares of Hendrick Energy Systems Inc. and Elimira Direct Limited. Further details regarding the acquisition were set forth in Plaintree’s press release issued on March 29, 2022. Following the closing, the Elmira Stove Works business was transferred from its Elmira, Ontario site to Plaintree’s facilities. in Arnprior, Ontario. This move was successfully completed in mid-April 2022 and Elmira Stove Works will now operate from the company’s facilities in Arnprior, Ontario. Due to the close of fiscal 2022, few activities of Elmira Stove Works are part of the financial results released today. Only one (1) day of earnings is included in the statements and certain acquisition expenses incurred before the end of the year will be included in the financial and administrative expenses of the Company for fiscal year 2022. Elmira’s business Stove Works will begin to be reflected significantly in Plaintree’s fiscal year 2023 results.

“In regards to Elmira Stove Works coming to Plaintree,” CEO David Watson said. “We are proud to now be the only truly Canadian manufacturer of major appliances and we are very excited about the potential of this company which is recognized throughout North America.”

About Plaintree Systems

Complaint has two diversified product lines consisting of specialized structures and electronics.

The Specialty Structures division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of specialist steel, aluminum and stainless steel structures such as commercial domes, foundations for unstable ground conditions and floodplains, for freeform structures, barrel vaults, space frames and industrial dome coverings, Elmira Stove Works Inc, a manufacturer of high-end retro and heritage style kitchen appliances under the “Northstar” brands , “Fireview” and “Antique”, and Spotton Corporation, a design company and manufacturer of high-end custom hydraulic and pneumatic valves and cylinders.

The Electronics Division includes the legacy businesses of Hypernetics and Summit Aerospace USA Inc. Hypernetics was established in 1972 and is a manufacturer of avionics components for a variety of applications including aircraft antiskid braking, aircraft instrument gauges, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5-axis CNC precision machining of complex castings and large annular parts such as turbine and assembly shrouds as well as assembly and pressure seals. Summit will meet requirements from concept, prototype and throughout production.

Plaintree shares are traded under the symbol “NPT”. Shareholders and investors can access company information on the CSE website and receive full company disclosure monthly. For more information on Plaintree or to receive stock quotes, including trading summaries, bid size and ask price, brokerage involvement, insider reports, press releases, disclosure information and documents filed by the CSE and SEDAR, visit the CSE’s website at www.cnsx. ca or the Company’s website at www.plaintree.com.

Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 Class A preferred shares outstanding.

This press release may contain forward-looking statements based on current expectations. The company’s actual results may differ materially from current expectations. The Company’s business is subject to numerous risks and uncertainties, including changes in the markets for the Company’s products, delays in product development and introduction, and intense competition. For a more detailed discussion of the risks and uncertainties associated with the Company’s business, please refer to the Company’s filings with Canadian regulatory authorities, including the Company’s Annual Report for the fiscal year ended March 31, 2022 and the related management report. and analysis.

The Canadian Securities Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of the content of this press release.

For further information: Lynn Saunders, Chief Financial Officer (613) 623-3434 ext. 2223

THE SOURCE: Plaintree Systems Inc.

See the source version on accesswire.com:
https://www.accesswire.com/711042/Audited-Annual-Statements-for-the-Fiscal-Year-Ended-March-31-2022

Comments are closed.