| (STOCK SYMBOL - VSE, "HED") | NEWS RELEASE |
MISSISSAUGA, ONTARIO (MAY 24, 2000).
Dear shareholder,
Sales in the first quarter were $71,324, down 60% from the same period last year. However expenses of $191,491 were 38% lower than last year, thus resulting in a net loss of $155,490 compared to $174,458 for the first quarter of 2000.
Due to the timing of some customer orders, sales lagged our plan, however during this period we have sold Protect-It to new markets in Nova Scotia and overseas to the UK. Also Insecolo orders received subsequent to March 31st now exceed our total 2001 sales forecast for this product. Projected growth in Protect-It sales to the USA for 2001 still appear to be achievable.
In late March we received notice that the Agricultural Adaptation Council has agreed to funding the second year of a two year research grant towards the development of new insecticides formulated from naturally occurring substances.
As previously announced, on January 22, 2001 Mr. Larson assumed the duties of President and Chief Operating Officer. Mr. Goehrum still remains the company’s Chairman of the Board and Chief Executive Officer.
Hedley continues to focus on its primary business of marketing and R & D while pursuing all strategic alternatives that could enhance shareholder value.
On behalf of the Board,
Douglas R. Larson
President and Chief Operating Officer
Consolidated Financial Highlights
For the three months ended March 31, 2001 and 2000
Canadian
$
| March 31, 2001 | March 31, 2000 | |
| Revenues | $ 71,324 | $177,904 |
| Gross Profit | $ 155,490 | $ 174,458 |
| Loss per share | $ 0.016 | $ .018 |
| Weighted average shares outstanding | 9,920,195 | 9,920,195 |
All figures unless otherwise noted are reported in accordance with Canadian Generally Accepted Accounting Principles.
Please visit the SEDAR home page for a more detailed account of our filings.
|
René C. Goehrum President and CEO http://www.hedleytech.com |
Tel: (905) 206-0013 |
The Canadian Venture Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same.
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