SELLERSVILLE, Pa., April 13, 2006 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTM), specializing in energy recovery and construction services through environmentally-friendly technologies and products, announces annual results for the year 2005, ended December 31, 2005.
Peter Russo, President and CEO, commented, "2005 represents a milestone in that the Company began operations in Indonesia in mid-December by processing oil sludge and reported its first revenues since the Company's inception in 1999. The Company anticipates expanding the activities over the course of 2006 for additional oil sludge processing and the cleaning of oil storage tanks."
During the year the Company raised approximately $1,140,000 with a significant portion of this dedicated to the Indonesia equipment and the acquisition and patent filings for the intellectual property.
In addition to the start of operations in Indonesia, significant accomplishments were made in our other current geographic market areas. To summarize some of the more significant events:
-- An agreement with Saudi Gulf Environmental Protection Company
(SEPCO) to jointly handle all types of hazardous wastes including
biological, chemical and industrial in April 2005. In August,
a working agreement was reached on the structure of our proposed
operation to provide technology and equipment, on a turn-key
basis, to recover silver from used x-ray film.
-- A working agreement with SaFarCu to provide a turn-key
manufacturing facility to manufacture insulating concrete wall
forming products (ICF) for their building industry. This will
be the first of several anticipated facilities for the growing
Saudi Arabia construction market.
-- In August, we acquired intellectual property and filed a patent
application for a new insulating concrete wall forming system.
The new system, known as Delta Wall, was introduced at the
International Builders Show in January 2006. The Company believes
that the new system affords builders cost savings and, homeowners
energy savings in hot or cold climates. Tooling for the new
product is underway and we anticipate production in 2006.
-- Guayanilla Project - Our planned low-income housing project is
part of a 200 acre site containing a hotel, strip mall and other,
more expensive housing. The developer is planning to file the
master plan as soon as practicable. Up to this point, our primary
investment has been a deposit that is refundable at any time.
Mr. Russo went on to say, "the Company continues to plan the construction of low-income homes in Puerto Rico through two projects, despite delays encountered with securing the proper zoning for permits in Aguadilla. The Company intends to negotiate a restructure of the Aguadilla project if required so that zoning approvals will be received. To present fiscally conservative financial statements, and due to changes in the timing of the project, management made the decision to write off deferred design costs associated with Aguadilla.
Results from operations for the year ended December 31, 2005 were a loss of $2,003,561 compared to a loss of $1,848,078 for the year ended December 31, 2004. The net loss per share for the year ended December 31, 2005 was $0.10 compared to a net loss per share of $0.14 for the year ended December 31, 2004. The weighted average number of shares outstanding at the end of the year was 25,128,690 in 2005, compared to 14,250,963 in 2004.
For additional details, please refer to our SEC 10-KSB filing.
Forward-Looking Statement
This Press Release contains forward-looking statements that involve risks and uncertainties, which may include statements about business strategy and development plans, plans for entering into new business, anticipated sources of funds, including the proceeds from future operations and plans, objectives, expectations and intentions contained in this Press Release that are not historical facts including "The Company anticipates expanding the activities over the course of 2006 for additional oil sludge processing and the cleaning of oil storage tanks" and "We anticipate production of the new product in 2006." Risk factors associated with these forward-looking statements include: Raising the necessary capital to finance the facility, government approvals, the market for crude oil, processing efficiency, doing business in Indonesia and other risk factors as outlined in the Company's SEC filings. Because these forward-looking statements involve risks and uncertainties, actual results could differ materially from those discussed in this Press Release. These risks are outlined in our SEC filings.