CHANNELVIEW, Texas, Nov. 24 /PRNewswire-FirstCall/ -- Exousia Advanced Materials, Inc. (OTC Bulletin Board: EXOU.OB), a manufacturer of advanced industrial coatings for worldwide infrastructure applications and engineered composites for eco-friendly wood substitutes, has released its results for third quarter 2009 with lower than expected revenue offset by significant cost savings measures.
Wayne Rodrigue, CEO of Exousia noted, "With the overall world economy soft, we have had to recognize and take action to reduce costs. In this quarter we identified operating inefficiencies resulting in monthly savings of almost 66% to our budget, including the relocation of our corporate offices to our manufacturing facilities in Channelview, Texas. We have also increased our focus on implementation in China and in the US market for coatings specifically targeting infrastructure projects due to the success we have experienced in pilot projects in both markets. The platform that we have built is strong and will allow the company to achieve the growth expected in 2010 and beyond both internationally and domestically."
Rodrigue added, "Although our revenue numbers came in lower than expected, due to longer delivery times for some of our key customers, the management team remains confident in our business plan and our sales initiatives, especially in China."
"In Q3 it is important to note that none of the sales contracts previously announced were reflected in the revenue numbers, due to the fact that revenues are not booked until the final product is delivered to the customer. We saw revenues expected in Q3 pushed back into the next quarter and continue to see strong growth for 2010. We currently have several of these orders in inventory awaiting our customer's final delivery dates," continued Mr. Rodrigue.
"In the US we have begun to see increased activity from our existing customers as inventories are decreasing and being rebuilt. While most of the country has seen a dramatic overall economic slowdown, preliminary indications we are seeing show signs of improvement with orders increasing weekly," Mr. Rodrigue concluded.
About Exousia Advanced Materials, Inc.
Exousia manufactures advanced resins, engineered particles, high-performance coatings and structural products. Exousia products enhance strength, durability, cost effectiveness and performance for a wide range of manufacturing, commercial and construction applications. The Company serves both domestic and international markets. Additional information on Exousia can be found at http://www.exousiacorp.com.
FORWARD-LOOKING STATEMENTS
Statements released by Exousia Advanced Materials, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Brokers: Surety Financial Group, LLC 410-833-0078
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