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NEWS RELEASE PERFECT FRY CORPORATION For Immediate Release Perfect Fry Becomes Debt Free CALGARY, AB (September 20, 2002) - Perfect Fry Corporation reported today it continued to experience strong revenue and earnings during the third quarter, enabling the Company to retire its bank debt, leaving the Company entirely debt free. Revenue for the quarter, ended July 31, was $858,426, compared with $695,469 for the third quarter last year. Net earnings for the quarter this year were $35,980, compared with a loss of $51,519 for the third quarter of 2001. Revenue for the first nine months of 2002 totaled $2,662,343, bringing net earnings to $133,188. This compares with revenue for the first nine months last year of $1,940,517 and a loss for that period of $44,997. "What a great feeling it is to be entirely debt free," said Gary Calderwood, Perfect Fry's President and CEO. He added that the growth in revenue and earnings are primarily the result of the top quality sales and service network the Company has been carefully building for the past several years to support its advanced products and its customers around the world. "We have the best products in the world and they are being
purchased by the best customers any company could ever hope for,"
he added. "In my opinion, both deserve the best sales and support
network we can possibly provide." Third Quarter Results 2002 and 2001 ($'000's of dollars, except number of shares):
As at July 31, 2002, 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 around the world. The common shares of Perfect Fry are listed on the TSX Venture Exchange under the symbol PNM. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Contact: Sharon Haasdyk |
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