Amiworld Reports Third Quarter 2009 Financial Results
Posted on November 30, 2009 at 10:40 AM EST
Revenues Increase 227% to a Quarterly Record of $18,691,898
NEW YORK, Nov. 30, 2009 (GLOBE NEWSWIRE) -- Amiworld, Inc. (OTCBB:AMWO) (BSX:AMI BH), an international energy company engaged in the production and distribution of diversified fuel products and services with a focus on emerging global economies, today reported financial results for its third quarter ended September 30, 2009:
* Revenues of $18,691,898, compared to $5,710,492 for the third quarter in 2008, a 227% increase; * Revenues included: * $15,608,242 by Odin Petroleum from petroleum resale * $3,083,656 by Odin Energy, the biodiesel production business * Gross profit of $1,084,183, compared to $1,282,877 for the similar period in 2008; * Net loss of $1,129,897 (approximately $.05 per share) for the three months ended September 30, 2009, compared to net income of $92,377 (less than $.01 per share) for the same period a year ago.
The decrease in gross profit was attributable to substantial increase in petroleum resales, which carries a lower margin than refinery sales. Additionally during the three months ended September 30, 2009 Odin Petroil did not have any sales as the division is in the process of developing a stable customer base.
"Our primary business over the next 12 months will be the continued expansion and operation of our biodiesel plant and oil refinery. Both of our plants are currently operational and we are currently continuing to build our supply and customer bases," stated Mamoru Saito, Chief Executive Officer of Amiworld. "In addition, we are also exploring the possibility of developing additional refineries, including other refineries in coastal cities in Colombia. Given our strong working relationship with the government in Colombia, we believe it makes economic sense for us to consider expansion in this area. Finally, we are exploring the possibility of engaging in limited oil exploration activities in Colombia in order to reduce our crude costs and secure future sources of crude for our operations. These plans are in support of our stated corporate goal of becoming a major petroleum and biodiesel supplier and reseller in Colombia and throughout Latin America."
About Amiworld, Inc.
Amiworld, Inc. (www.amiworld.com) is a high growth New York-based international energy company engaged in the production and distribution of alternative and traditional energy products and services. With state-of-the-art biodiesel plant and petroleum refinery, and distribution facilities in Colombia, South America, the Company is capitalizing on the worldwide energy demand with diversified products and services including biodiesel, petroleum diesel, international oil trading and the shipping of oil and fuel products with an initial principal focus on economies in South America. With an overriding commitment of building shareholder value, Amiworld continuously evaluates opportunities to drive revenues and earnings growth through its current operations and through strategic acquisitions.
In addition to its other business endeavors, Amiworld is the owner and operator of the only government certified biodiesel plant in Colombia. The Company believes it is well positioned to capitalize on its unique government status as a result of the Colombian government's aggressive biofuels initiatives mandating a 5% biodiesel mix by 2008 and 10% by 2009. With global biofuels demand projected to grow by 20% annually to 92 million tons by 2011, Amiworld intends to significantly increase its market penetration in South America, Asia and the US.
The Amiworld, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5921
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of AMWO could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.
CONTACT: Makovsky + Company Daniela Viola (212) 508-9676 firstname.lastname@example.org
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