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NEWS RELEASE PERFECT FRY CORPORATION For Immediate Release Perfect Fry Reports Second Quarter Results - Unit Sales Increase; International Markets Strengthen CALGARY (June 29, 2004) - Perfect Fry Corporation reported today that the number of units sold in its strongest market, the United States, increased by 6 percent during the first six months of 2004, and that overseas interest continues to grow in the company's new CE model fryer. Even with an increase in the number of units sold in the U.S., however, revenues actually decreased over last year, a result of the declining U.S. exchange rate. "Last year's exchange rate for the first six months of the year ranged from 1.45 to 1.58," explains Gary Calderwood, president and CEO. "By contrast, in January of this year the rate was 1.27. Perfect Fry is looking at financial tools that will enable us to have better, and more proactive, control over our financial planning and mitigate our dependency on shifting exchanges rate over which we are powerless. In addition, Perfect Fry's dependency on U.S. dollars decreases as sales in Euros and other foreign currencies increase. The new CE model fryer, for example, continues to pique new interest in overseas market; for the first time ever, Perfect Fry will add Mexico City to its already strong roster of international trade shows. "Perfect Fry continues to be an industry leader," says
Calderwood. "Our products, our commitment to research and development,
and our comprehensive marketing plan enable us to sustain the ups
and downs of the marketplace and to move forward from a position
of strength."
Second Quarter Results 2004 and 2003:
As at April 30, 2004, the Company had 9,788,656 common shares issued and outstanding. Perfect Fry manufactures and markets the world's most sophisticated
counter-top deep fryer. Its patented air filtration and fire prevention
systems, compact design, and quick, clean operation have made the
Perfect Fryer a preferred choice among fast food retailers across
North America and around the world. The common shares of Perfect
Fry are listed for trading under the symbol PNM on the TSX Venture
Exchange. The TSX Venture Exchange has neither approved nor disapproved
of the information contained herein Contact: Sharon Haasdyk |
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