Audited annual statements for the fiscal year ending March 31, 2022
Plaintree Corporation today announced that it has released its audited consolidated financial statements, management discussions and related analysis for the fiscal year ended March 31, 2022.
During fiscal year 2022, Plaintree generated revenue of $1,6192,530, compared to fiscal year 2021 revenue of $12,659,689. The attorney general ended fiscal 2022 with a net loss before income tax of $200,856 compared to a profit of $893,941 in fiscal year 2021.
On March 30, 2022, Plaintree terminated 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. More details regarding the acquisition were explained in Plaintree’s press release on March 29, 2022. Following the shutdown, Elmira Stove Works moved from the Elmira Ontario site to Plaintree’s Arnprior facilities in Ontario. This move was successfully completed by mid-April 2022 and the Elmira Stove Works business will now be operated from the company’s Arnprior Ontario facilities. Due to the end of the 2022 financial close, little of Elmira Stove Works’s business forms part of the financial results disclosed today. Only one (1) day of results is included in the statements and certain acquisition expenses incurred prior to the end of the year will be included as part of the Company’s financial and administrative expenses for fiscal year 2022. Elmira Stove Works will begin to appear meaningfully in Plaintree’s financial results for 2023.
CEO David Watson said: “In connection with Elmira Stove Works joining Plaintree, we are proud that we are now the only Canadian manufacturer of large appliances and are very excited about the capabilities of this company that is recognized throughout North America.”
About Planetary Systems
complaint It 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, a design/build firm for specialized steel, aluminum and stainless steel structures such as commercial domes, foundations for unstable soil conditions and flood zones, for free-form structures, barrel vaults, space frames and covers Industrial Dome, Elmira Stove Works Inc. is a manufacturer of high-end heritage and vintage kitchen appliances under the brand names “Northstar”, “Fireview” and “Antique” and Spotton Corporation, a designer and manufacturer of high quality hydraulic and pneumatic valves and cylinders.
The electronics division of the business includes Hypernetics and Summit Aerospace USA Inc.. Established in 1972, Hypernetics is a manufacturer of avionics components for various applications including aircraft anti-slip brakes, aircraft instrument indicators, solenoids, high purity valves and permanent magnet generators. Summit Aerospace USA Inc. High-resolution formations for the aerospace and defense markets. Our facility includes precision 5-axis CNC machining for complex castings and large ring parts such as turbines and assembly housings as well as assembly and pressure seals. The Summit will support requirements from concept, prototype, and throughout production.
Plaintree’s stock is traded under the symbol “NPT”. Shareholders and investors can access company information on the CSE website and receive a full monthly company disclosure. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid and ask price, brokerage post, internal reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx. ca or the company’s website at www.plaintree.com.
Plaintree is publicly traded in Canada on CSE (NPT) with 12,925,253 common stock and 18,325 preferred stock outstanding.
This press release may contain statements that are forward-looking and based on current expectations. Actual results of the company may differ materially from current expectations. The Company’s business is subject to many risks and uncertainties, including changes in the Company’s product markets, delays in product development, introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties relating to the Company’s business, please refer to the documents the Company has filed with the Canadian regulatory authorities, including the Company’s Annual Report for the financial year ended March 31, 2022 and the relevant management discussion and analysis.
The Canadian Stock Exchange has not reviewed and is not responsible for the adequacy or accuracy of the content of this news release.
For more information: Lynn Saunders, CFO (613) 623-3434 x2223
source: Planetree Systems Inc.