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For Immediate Release: March 5, 1999
ASE: PXN
Cusip: 704276 10 4
PAXTON INTERNATIONAL RESOURCES LTD. - Paxton Increases
Nine-Month Sales
Your company is continuing to restructure while sustaining
growth in all areas.
Paxton Forest Products Inc. (PFP) has, through discussion
with the Government of British Columbia, identified the long
term fibre needs for not just our Monte Lake Mill but also
for a possible three new operations. We believe that these
discussions will bear fruit in the very near future.
PFP has also taken steps by way of an automated sort, debark
and chipping system to recover the maximum possible from
the fibre that enters our yard. We believe that shareholders
will see a direct result from this system in the upcoming
quarters.
We are pleased to report that PFP has shown an increase
in sales over the same period of 1998.
Nature's Intent (NI) has seen a continuing expansion in
product lines. The preparatory work on trademarks, packaging
and advertising is well advanced, allowing us to introduce
the full product line at a commercial level in Canada and
the United States in the first and second quarters of 1999.
Pacific Calcium, Inc. (PCI) has, through production agreements
and expansion of its product line, positioned itself to become
a significant contributor to the bottom line.
We are expecting 1999 to be a year of significant expansion
for all divisions and we hope that 1998 will show that steps
taken have enhanced our shareholder's value.
Our Corporate office has focused on such issues as governance,
structure and expansion of the Company's business into areas
that will bring rewards to our shareholders. We continue
to work towards listing the Company on a more senior exchange.
1998 has seen the building of what we believe to be a solid
foundation for our future growth and, at a time when the
Forestry, Soil Amendments and Fertilizer Industries have
seen tremendous adjustments, we are confident of continued
growth and subsequent increases in returns to our shareholders
for the future.
| |
1998 |
1997 |
Income |
|
|
Sales
|
$6,378,591 |
$5,462,141 |
Cost of goods sold |
4,706,577 |
3,714,268 |
|
1,671,014 |
1,747,873 |
Expenses |
|
|
Amortization |
486,564 |
457,903 |
Interest on long-term debt |
182,325 |
144,418 |
General and admin |
1,386,084 |
973,770 |
| |
2,054,973 |
1,576,091 |
Earnings before other items |
(382,959) |
171,782 |
Other items |
|
|
Gain on sale |
$ 1,833 |
- |
Net earnings (loss) |
$ (381,126) |
$171,782 |
Earnings (loss) per share |
(9 cents) |
(2 cents) |
© Copyright 1999 Canjex
Publishing Ltd.
On behalf of the Board of Directors
PAXTON INTERNATIONAL RESOURCES LTD.
Michael Stephenson
President and Director
The Alberta Stock Exchange has neither approved nor disapproved
the information contained herein.
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