puraDYN Filter Technologies Inc., the global by-pass oil filtration system company, announced Apr.8 financial results for the year ended December 31, 2001. Net sales for the year totaled $1.47 million as compared with $1.17 million in 2000. puraDYN's President and Chief Operating Officer Kevin G. Kroger commented, "Results for 2001 were in line with our expectations. This was a year of challenge and opportunity. We want to assure the market that although delays in our product launch and a declining US economy affected puraDYN's bottom line, we expect significant revenue growth in the upcoming year as we continue to implement and expand distribution agreements." In 2001, net loss was $4.56 million ($0.31 per share on a diluted basis) as compared with a net loss of $7.09 million the previous year ($0.55 per share on a diluted basis). "We have had some notable achievements in the last several months," continued Mr. Kroger. According to the company, current milestones include:
Domestic and international distribution network expanded by over 80%
Patent-pending CGP technology validated by independent research lab for efficiency in reducing solid contaminants below 1 micron
Substantial orders generated from one of the largest private truck fleets in the US
Filter purchase program established with the States of Florida and Texas
Aftermarket programs launched with transportation leaders including Mack Trucks and Volvo Trucks North America. "We are confident that 2002 will deliver higher sales and EBITDA. Several new orders were recently announced and we expect the new order trend to accelerate in the second half of the year," Mr. Kroger stated. "We are operating in a large, growing and fragmented market estimated at $7.8 billion. If we achieve even a small penetration of our products, shareholder value will greatly appreciate." The oil filtration system is designed to safely extend oil drain intervals. According to puraDYN, the system will dramatically reduce operating expenses, maintenance costs, capital expenses and environmental damage. About puraDYN Filter Technologies Inc. puraDYN designs, manufactures and markets the puraDYN By-Pass Oil Filtration System, a unit that continuously cleans lubricating oil, maintains oil viscosity and extends oil change intervals and engine life. Effective for internal combustion engines, transmissions and hydraulic applications, the patented system is a cost-effective and energy conscious solution targeting a $7.8 billion potential market, according to the company. The Company has established aftermarket programs with several of the transportation industry leaders. For more information on puraDYN Filter Technologies Inc., visit www.puradyn.com.
