|By Marketwired .||
|May 30, 2014 04:56 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/30/14 -- Formation Fluid Management Inc. (TSX VENTURE:FFM) ("Formation Fluid" or the "Company") is pleased to announce that its third quarter financial statements for the nine month period ending March 31, 2014 reported an operating profit of $675,258 on revenues of $2.58 million. The Company did not generate any revenues in the third quarter itself due to seasonal winter shutdown of operations, however we commenced operations earlier than previously expected in April on another water remediation contract and anticipate profitable operations for the fourth quarter of fiscal 2014 as well as for the full year ending on June 30, 2014. The Company's full financial statements and management discussion and analysis are available online at SEDAR at www.sedar.com.
The Company is also pleased to announce that construction of additional water processing plants is well underway. These plants will provide the necessary water processing capacity to continue with the Company's planned growth.
About Formation Fluids
Formation Fluid Technology has developed a waste water treatment plant that uses a proprietary process to clean waste water. The system is mobile and can be scaled to process required volumes. This system treats water to meet or exceed CCME Guidelines (Canadian Environmental Quality Guidelines), resulting in reusable water that can be used for: Boilers, Frac Water, Water Floods, and Drilling Operations. Formation Fluids is seeking to service a significantly underdeveloped segment within the oil and gas industry; its waste water treatment system is intended to cost effectively deal with produced water while satisfying the need to reuse and recycle an increasing valuable resource. For more information, please visit: www.formationfluid.com or contact Investor Relations at 403 887-8874.
On behalf of the Board of Directors.
Ken Rose, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including references to the Company's receipt of applicable approvals, may constitute forward-looking information under applicable Canadian securities legislation. These statements relate to future events and are prospective in nature. All statements other than statements of historical fact may constitute forward-looking statements or contain forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "project", "predict", "potential", "plan", "continue", "estimate", "expect", "targeting", "intend", "could", "might", "seek", "anticipate", "should", "believe" or variations thereof. Forward-looking information may relate to management's future outlook and anticipated events or results and may include statements or information regarding the future plans or prospects of the Company. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release are reasonable, but no assurance can be given that they will prove to be correct. Actual results and future events may differ materially from those anticipated and accordingly forward-looking statements should not be unduly relied upon. Forward-looking statements contained in this document speak only as of the date of this news release. Except as required by applicable law, the Company disclaims any obligation to update any forward-looking information.