Delta, British Columbia--(Newsfile Corp. - October 27, 2023) - Fab-Form Industries Ltd. (TSXV: FBF) ("Fab-Form" or "company") releases results for the six months period ended 30 June 2023. The company recorded a net profit of $482,594 during this period, reflecting a 26% decrease compared to the corresponding period in 2022. Additionally, the revenue for the six months ended 30 June 2023 was $2,591,065, which represents a 13.98% decrease compared to the first six months of 2022. The operating income during this period was $666,948, showing a 25% decline compared to the same period in 2022.
For further details and comprehensive information related to the financial statements, you can access the company's website at https://www.fab-form.com/investor/financials.php, or visit SEDAR+ at www.sedarplus.ca. Alternatively, you can request additional information directly from Fab-Form's head office in Delta.
Update on Fast-Tube
The production of Fast-Tube has commenced according to schedule in October 2023. The company is continuing to use its existing welding technology for production, with no significant alterations to the current machinery. Furthermore, there is ongoing development of polymer-based technology, with manufacturing using an auger requiring five months of testing. The auger has been completed by the supplier in Thailand and is expected to be delivered to the Delta warehouse in early November for assembly. Once the assembly is finalized, the testing of the polymer solution will begin.
About Fab-Form
Fab-Form Industries Ltd., located in Vancouver, BC, Canada, is recognized as a prominent manufacturer of concrete forming products. The company was founded in 1986 and has been dedicated to creating and commercializing sustainable and efficient foundation products for the building industry. Fab-Form has been listed on the TSX Venture Exchange (TSXV) under the symbol FBF since 1999.
Forward Looking Statements
Some statements contained in this news release constitute "forward-looking statements" as is defined in applicable securities laws. These statements include, without limitation, the success of developing, manufacturing, and distributing new products and other similar statements concerning anticipated future events, conditions, or results that are not historical in nature, and reflect management's current estimates, beliefs, intentions, and expectations. These statements do not guarantee future performance. The Company cautions that all forward-looking information is inherently uncertain, and that actual performance may be affected by several material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to product development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; potential defects in product performance; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; the uncertainty of capturing market share and other risks and uncertainties. Accordingly, actual future events, conditions, and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. These statements are made as of the Report Date and, except as required by law, the Company is under no obligation to update or alter any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Contact: Richard Fearn| rick@fab-form.com | 604 596-3278
For additional information please visit our website at www.fab-form.com
View our profile on SEDAR.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185489
