SELLERSVILLE, Pa., Aug. 22, 2005 (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, 2005.
Peter Russo, President and CEO, commented, "We have made substantial progress since the beginning of the second quarter as noted in earlier progress reports. To summarize some of the more significant events:
-- An agreement with the Saudi Gulf Environmental Protection
Company (SEPCO) to jointly handle all types of hazardous wastes
including biological, chemical and industrial was signed in
April 2005. SEPCO currently handles all medical waste produced
in Saudi Arabia. Our alliance is to expand their technologies
and to jointly handle all types of hazardous wastes. The
Company has made significant progress on this relationship and
expects to update shareholders in the next several weeks on
progress made to date.
-- The Company retained T&T Asset Management (T&T) to provide
investment banking services including capital raising and
project financing. T&T has recently raised $635,000 over the
past two months and continues to move toward the initial
commitment of $1 million.
-- The Company recently announced an agreement to provide its
first turn-key factory to manufacture insulated concrete form
(ICF) products. The agreement is with SaFarCu, a private Saudi
Arabian company, formed to construct government housing. A
typical plant requires an investment of several million dollars
depending on the size and variety of ICF products to be produced.
Results from operations for the quarter ended June 30, 2005 were a loss of $751,881 compared to a loss of $353,177 in the second quarter of 2004. The net loss per share for the second quarter was $0.03 per share compared to a net loss of $0.03 per share for comparable period in the prior year. The weighted average number of shares outstanding in the second quarter was 21.9 million compared to 13.2 million in the second quarter of 2004.
Results from operations for the six months ended June 30, 2005 were a loss of $1.29 million compared to a loss of $667,504 in the first half of 2004. The net loss per share for the six months was $0.07 per share compared to a net loss of $0.06 per share for comparable period in the prior year. The weighted average number of shares outstanding for the six months was 19.3 million compared to 11.4 million in the first half of 2004.
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. 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.