For Immediate Release: March 24, 1998

ASE: PXR
12G: 82-4614
Cusip: 70428T

PAXTON PACIFIC RESOURCE PRODUCTS - Financial Results for Three Quarters Ending December 31, 1997

Paxton announces financial results for the first three quarters ended December 31, 1997. Third quarter sales increased 153% over the comparable 1996 period to $1,738,551. Fertilizer sales at the Pacific Calcium (PCI) facility accounted for 34% of third quarter revenue. Sales for the first three quarters were up 86% to $5,462,141.

Expenses for the first three quarters were up 79% to $1,576,091 largely due to increased advertising, travel, promotion, wages and benefits. Paxton also created 31 new jobs while at the same time net earnings for the three quarters were $171,782 resulting in earnings per share of $0.02.

Long term debt rose to $1,894,331 predominantly due to the acquisition of PCI. Capital assets increased by 84% to $4,195,326.

Further, Mr. Stu Norman reports that Mr. V. (Vic) Lang resigned from the Board of Directors as of March 13, 1998 and on behalf of Paxton's Board would like to thank Mr. V. (Vic) Lang for his contributions, and wishes him well in his future endeavors.

On behalf of the Board of Directors
PAXTON PACIFIC RESOURCE PRODUCTS INC.

Stuart Norman
President and Director

The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

top of page