IDAHO FALLS, Idaho, Nov. 12, 2003 (PRIMEZONE) -- Intrepid Technology and Resources, Inc., a renewable energy company (OTCBB:IESV) has just completed its 4th consecutive profitable quarter ending September 30th 2003. Revenues for the quarter increased 25% to $804,000 and the company reported a net profit of $45,300, compared to a net loss of $119,167 in the comparable 2002-quarter. The company additionally increased its current order backlog to 956,000 from 431,000 in 2002 indicating strong sequential revenue growth.
The company continues to record significant progress with its alternate and renewable energy generation, which focuses on biodiesel, biogas and ethanol and believes that that segment will continue to contribute substantially to future revenue beginning, possibly, as early as the current fiscal year. Dr. Dennis Keiser, Intrepid's CEO has stated. "We fully expect that 80% of our business will come from the production of bio-fuels produced and used in the west within the next three years." The company is presently in late stage negotiations with a number of end-users to begin production on a facility of "significant capacity."
As previously stated the company will continue to focus on alternate and renewable energy as the drivers to future growth. However the company is continuing to explore options for maximizing shareholder value with the Garnet Gold property. This could range from an outright sale to a 3rd party joint operating venture.
Certain statements contained herein constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward looking information contained herein. Further, the Company assumes no obligation to update or otherwise publicly revise the forward-looking information disclosed herein to reflect circumstances existing after the date hereof.