SELLERSVILLE, Pa., May 21, 2007 (PRIME NEWSWIRE) -- Delta Mutual, Inc. (OTCBB:DLTM), specializing in energy recovery and construction services through environmentally-friendly technologies and products, announces first quarter results for the period ended March 31, 2007.
The Company did not realize any revenue for the quarter due to the renegotiation of the contract covering Indonesian operations compared to $160,722 in 2006. The net loss narrowed to $585,971 compared to net loss of $802,700 in the prior year period due to reduced administration expenses. 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 first quarter was 62,185,922 compared to 38,630,794 in 2006. For additional details, please refer to our SEC 10-Q filing.
On March 8, 2007, the Company received a purchase agreement to supply the equipment and services valued at $3,369,000 for an insulating concrete form facility in Saudi Arabia. We are currently negotiating a new contract for oil sludge processing in Indonesia. In January 2007, the Company secured a purchase option on a tract of land in Toa Alto, Puerto Rico for construction of Section 124 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, "We are currently negotiating 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.