SELLERSVILLE, Pa., Nov. 13, 2007 (PRIME NEWSWIRE) -- Delta Mutual, Inc. (OTCBB:DLTM), specializing in energy recovery and construction services through environmentally-friendly technologies and products, announces the release of third quarter results for the period ended September 30, 2007.
The Company did not generate any revenue for the quarter due to unexpected delays in negotiations of the contract covering Indonesian operations, compared to $19,166 in 2006. The net loss was $255,665 compared to net loss of $531,329 in the prior year with the decrease primarily due to charges for operating loss attributed to the minority owners of our discontinued subsidiaries of approximately $164,000. The loss per share for the quarter was $0.01 compared to $0.01 in 2006. The weighted number of shares outstanding at the end of the third quarter was 62,989,677 compared to 54,324,578 in 2006. For additional details, please refer to our SEC 10-Q filing.
Activities associated with the insulating concrete form manufacturing facility project valued at $3,369,000 will begin when we receive the initial payment via a letter of credit. This is anticipated during the fourth quarter. Negotiations for a new contract for oil sludge processing in Indonesia continue despite the extended delays in restarting the operation. As of the close of the quarter, we have terminated all operations in Puerto Rico as the decision was made not to proceed with a project in Toa Alta, Puerto Rico redesigned to moderate-income housing from Section 124 low-income housing.
About Delta Mutual
Delta Mutual, Inc. (www.deltamutual.com) specializes in international energy and resource recovery, and construction services through environmentally friendly technologies and products. The Company provides technology and management expertise through joint ventures and strategic alliances. Delta's environmental business employs technologies that efficiently recover and convert contaminants in soil, water and waste streams into marketable residual materials. Delta's construction business utilizes energy efficient building material systems to construct affordable housing and commercial structures, and is suitable for hurricane and seismic areas.
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 proceeds from future operations and plans, objectives, expectations and intentions contained in this Press Release that are not historical facts such as "This is anticipated during the fourth quarter." and "Negotiations for a new contract for oil sludge processing in Indonesia continue . . ." Because these forward-looking statements involve risk and uncertainties, actual results could differ materially from those discussed in this Press Release. These risks are outlined in our SEC filings.