LOS ANGELES, CA / ACCESSWIRE / May 25, 2017 / On May 22, 2017, Cavitation Technologies, Inc. (OTCQB: CVAT; Berlin: WTC), announced financial results for the fiscal quarter ended on March 31, 2017.
The company reported record quarterly revenues of 1,381,000, a 1,525% increase compared to revenue of $85,000 in the quarter of the prior fiscal year. Net income for its third fiscal quarter ended March 31, 2017 was also a record $569,000 compared to a net loss of ($64,000) in the same period of the prior fiscal year. Below are the results of operations for the recent fiscal quarter:
"We had record revenue and profit in the fiscal third quarter of 2017," said Neil Voloshin, COO/CFO of Cavitation Technologies, Inc. "Our primary sales targets this quarter were in North America and Europe. Additionally, CTi signed a strategic license, marketing and R&D agreement with GEA Group, Westfalia and this agreement covers new applications for our technology in water treatment and food processing. We are pleased that our diversified business model and strategic partnerships have continued to work well and we expect that it will provide us an opportunity for accelerated global sales growth," concluded Mr. Voloshin.
Other highlights for the quarter included:
- Design and development of home unit to enhance taste and reduce dehydration in spirits and wines
- First Commercial bio-diesel system trial in Columbia
- Investor updates on social media: LinkedIn, Twitter and Facebook
- Investor web page: CVAT.INFO
The company's full results can be found at http://cvat.info/investors/.
Founded in 2007, the company designs and manufactures state-of-the-art, flow-through, devices and systems as well as develops processing technologies for use in edible oil refining, renewable fuel production, expeditious petroleum upgrading, algae oil extraction, alcoholic beverage enhancement and water treatment. As an add-on to its existing neutralization systems, the company's patented Nano Reactor™ allows refiners to significantly reduce both processing costs and environmental impact, while also increasing yield.
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GEA is one of the largest suppliers for the food processing industry and a wide range of process industries that generated consolidated revenues of approximately EUR 4.6 billion in 2015. As an international technology group, the Company focuses on process technology and components for sophisticated production processes in various end-user markets. The Group generates more than 70 percent of its revenue in the food sector that enjoys long-term sustainable growth. As of December 31, 2016, the Company employed about 17,000 people worldwide. GEA is a market and technology leader in its business areas. The Company is listed on the German MDAX (G1A, WKN 660 200). In addition, GEA's share is a constituent of the MSCI Global Sustainability Indexes. Further information is available on the Internet at gea.com. If you do not want to receive any further information from GEA, please send an email to firstname.lastname@example.org.
Forward Looking Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions, and include statements regarding the continuing contribution of the Company's diversified business model and strategic partnerships and the expected opportunity for the Company's accelerated global sales growth. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forward looking statements as a result of a variety of factors including, among others, the state of the economy, the competitive environment, the continued success of our business model and strategic partnerships and other factors described in our most recent Form 10-K and our other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. In light of these risks and uncertainties there can be no assurance given that the forward looking statements contained in this press release will in fact transpire or prove to be accurate. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Cavitation Technologies, Inc.
Phone (818) 718-0905
SOURCE: Cavitation Technologies, Inc.