SELLERSVILLE, Pa., Aug. 10, 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 second quarter results for the period ended June 30, 2007.
The Company did not realize any revenue for the quarter due to unexpected delays in negotiations of the contract covering Indonesian operations, compared to $99,982 in 2006. The net loss was $763,795 compared to net loss of $642,082 in the prior year with the increase primarily due to a one-time non-cash charge of $248,000 related to the termination of a consulting contract. The loss per share for the quarter was $0.01 compared to $0.02 in 2006. The weighted number of shares outstanding at the end of the second quarter was 62,229,342 compared to 41,030,224 in 2006. For additional details, please refer to our SEC 10-Q filing.
In March 2007, the Company received a purchase agreement to supply the equipment and services valued at $3,369,000 for an insulating concrete form manufacturing facility in Saudi Arabia. We expect the activities associated with this project to begin when we receive the initial payment via a letter of credit. Negotiations for a new contract for oil sludge processing in Indonesia are continuing. In January 2007, the Company secured a purchase option on a tract of land in Toa Alta, Puerto Rico for construction of Section 124 low-income housing. Subsequent analysis of the site indicated that it is better suited for moderate-income housing. Because this would represent a change from the original project, we are evaluating a moderate-income project on the proposed site.
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, "We are continuing to negotiate a new contract for oil sludge processing in Indonesia." 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.