puraDYN Filter Technologies Inc., the global by-pass oil filtration system company, announced Apr.8financial results for the year ended December 31, 2001. Net sales for theyear totaled $1.47 million as compared with $1.17 million in 2000.puraDYN's President and Chief Operating Officer Kevin G. Kroger commented,"Results for 2001 were in line with our expectations. This was a year ofchallenge and opportunity. We want to assure the market that althoughdelays in our product launch and a declining US economy affected puraDYN'sbottom line, we expect significant revenue growth in the upcoming year as wecontinue to implement and expand distribution agreements."In 2001, net loss was $4.56 million ($0.31 per share on a diluted basis) ascompared with a net loss of $7.09 million the previous year ($0.55 per shareon a diluted basis). "We have had some notable achievements in the last several months,"continued Mr. Kroger. According to the company, current milestones include: Domestic and international distributionnetwork expanded by over 80%
Patent-pending CGP technology validatedby independent research lab for efficiency in reducing solidcontaminants below 1 micron
Substantial orders generated from one of thelargest private truck fleets in the US
Filter purchase program established with theStates of Florida and Texas
Aftermarket programs launched withtransportation leaders including Mack Trucks and Volvo Trucks North America."We are confident that 2002 will deliver higher sales and EBITDA. Severalnew orders were recently announced and we expect the new order trend toaccelerate in the second half of the year," Mr. Kroger stated. "We areoperating in a large, growing and fragmented market estimated at $7.8billion. If we achieve even a small penetration of our products, shareholdervalue will greatly appreciate." The oil filtration system is designed to safely extend oil drain intervals.According to puraDYN, the system will dramatically reduce operating expenses, maintenance costs,capital expenses and environmental damage.About puraDYN Filter Technologies Inc.puraDYN designs, manufactures and markets the puraDYN By-PassOil Filtration System, a unit that continuously cleans lubricating oil,maintains oil viscosity and extends oil changeintervals and engine life. Effective for internal combustion engines,transmissions and hydraulic applications, the patented system is a cost-effective and energy conscious solution targeting a $7.8billion potential market, according to the company. The Company has established aftermarket programswith several of the transportation industry leaders. For more information on puraDYN Filter Technologies Inc.,visit www.puradyn.com.