SELLERSVILLE, Pa., Aug. 11, 2006 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTM), specializing in energy recovery and construction services through environmentally-friendly technologies and products, today announced results for the second quarter and six months ending June 30, 2006.
Peter Russo, President and CEO, commented, "We have continued with our progress to achieve business growth since the beginning of the second quarter, particularly with our subsidiary, Delta-Envirotech." To summarize some of the more significant events:
-- Delta-Envirotech signed a Letter of Intent with SEPCO Environment
(Saudi Gulf Environmental Protection Company) to supply equipment
to recover silver from used x-ray film in Saudi Arabia. The
equipment purchase contract is subject to the approval of the
Saudi environmental authority (PME). Arrangements are being made
for PME inspectors to visit a facility in Pennsylvania in late
August where this equipment is in operation. In country operations
are anticipated to begin during the first quarter of 2007. Our
alliance relationship with SEPCO continues to strengthen. This has
resulted in the ongoing expansion of our activities to introduce
new technologies for projects that address hazardous wastes and
other forms of environmental contamination.
-- Delta-Envirotech has also signed a master distribution agreement
with Microbial Enhanced Oil Recovery, L.L.C. (MEOR) (www.meor.net)
to provide organic tank cleaning and well enhancement products.
The agreement covers territories located in the Middle East,
Nigeria, Korea and India. These products apply to oil storage tank
cleaning by significantly reducing the amount of time the storage
tank remains off line and enhancing oil well production. The
potential for these products extends to thousands of oil tanks and
wells located in the areas covered by the agreement.
Results from operations for the second quarter ended June 30, 2006 were revenues of $99,982 compared to no revenues in the second quarter of 2005. For the quarter there was a net loss of $642,082 or $0.02 per share which included non-cash expense related to the compensatory element of stock options of $237,040, compared to a net loss of $751,881 or a net loss of $0.03 per share that did not have a similar expense charge for the comparable period in the prior year. The weighted average number of shares outstanding in the second quarter was 41.9 million shares compared to 21.9 million shares in the second quarter of 2005.
Results from operations for the six months ended June 30, 2006 were revenues of $260,704 compared to no revenues in the first half of 2005. Net loss for the first six months was $1,444,783 or $0.04 per share including expenses associated with the compensatory element of stock options amounting to $447,435, compared to a net loss of $1,286,501 or $0.07 per share for the comparable period in the prior year not including the related expense. The weighted average number of shares outstanding in the second quarter was 41.0 million shares compared to 19.3 million shares in the second quarter of 2005.
For additional details, please refer to our SEC 10-Q filing.
About Delta Mutual, Inc.
Delta Mutual, Inc. specializes in energy recovery and construction services through environmentally-friendly technologies and products currently operating through joint ventures in the Middle East, Far East and Puerto Rico. Delta employs technologies that efficiently recover energy sources from soil, water and other waste streams while simultaneously improving existing environmental conditions. The Company also employs an energy efficient building material system for construction projects that are initially taking place in Puerto Rico. www.deltamutual.com.
If you would like to be added to the Company's e-mail list for press releases and updates, please send your e-mail address to dltm@focuspartners.com. For further information, including a factsheet on the company, please contact FOCUS Partners.
Forward-Looking Statement
This press release contains forward-looking statements that involve risks and uncertainties where actual results could differ materially from those discussed in this press release. Forward-looking statements involve risks and uncertainties. Forward looking statements include "Operations are anticipated to begin during the first quarter of 2007" regarding the equipment to recover silver from used x-ray film and "The potential for these products extends to thousands of oil tanks and wells located in the areas covered by the agreement" regarding the organic tank cleaning and well enhancement products. These risks and uncertainties include: lack of capital, delays in finalizing contracts, typical issues of dealing with foreign governments, availability of appropriate technology and additional risks as outlined in our SEC filings.