International Zeolite Reports Increased Sales, Improved Margins and Decreased Costs
- Increased sales by 75% in Fiscal 2019 (June 30) over Fiscal 2018
- Improved Operational Margins Continue into Q1 2019/2020
- Addition of New Distribution for Earth Innovations' Products
Vancouver, November 25, 2019 - International Zeolite Corp. (TSXV: IZ) (OTC Pink: IZCFF) (FSE: ZEON) (the "Company") an international marketer and supplier of natural zeolite and zeolite products, is pleased to provide investors an operational update for the first three months of the current fiscal year as well as highlights from its recently released 2019 year-end audited financial statements filed on SEDAR on October 11, 2019.
Fiscal 2019 Highlights:
On October 11, 2019, the Company filed its audited June 30th, 2019 year-end financial statements along with the Management Discussion and Analysis. Of particular note, the Company reported a year-over-year increase in total revenue of 75% to $696,730 (2018: $397,477). Over the same period, the Company reduced its net loss in 2019 by 31% to $915,613 (2018 net loss: $1,337,144) due to reduced overhead expenses and improved gross margins on sales.
Q1 September 30th, 2019 Update:
In the first three months of this current year, the Company has continued to improve its cashflow management by further reducing net losses by trimming operating expenses and improving manufacturing processes. Earth Innovations (EII), the Company's operating subsidiary has seen a 19% increase in year-over-year comparative sales of both ecoTraction™ and ecoTractionPRO™ and has successfully added several new commercial distributors of its products in both Canada and the United States.
President Mr. Ray Paquette reports; "The Company continues to increase sales while reducing operational costs. Overall in Q1 the sales of zeolite products and mined zeolite have shown a 22% increase compared to the same period of 2018. In addition, losses were reduced by 32% from $250,083.00 to $102,546.00. The Company has established new retail and distribution partners as well as new relationships which will continue to be developed over the coming years. The Company is committed to the required investment in product and merchandising support over the coming quarters to further introduce its products to the retail, commercial and industrial marketplaces." More detailed information on the Company's financial statements can be viewed at Sedar.com.
On Behalf of the Board
"Ray Paquette"
President & CEO
604.684.3301
For further information, please visit www.internationalzeolite.com
For Investor Inquiries:
info@internationalzeolite.com
For Sales and Commercial Inquiries:
sales@earthinnovations.ca
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated work programs and the timing and amount of expenditures. International Zeolite does not assume the obligation to update any forward-looking statement.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50035