Southern Manufacturing

ZCL Composites INC - Year End Results

28 June 2000

ZCL Composites Inc. reports a net loss of $1,120,000 for the year ended March 31, 2000 compared to net income of $1,857,000 for the year ended March 31, 1999. Revenue increased 7% to $25.7 million for the year from $24.1 million for the year ended March 31, 1999. Results for the year were significantly reduced by other costs related to the recently settled license litigation with Xerxes Corporation and the shutdown and sale of the Belleville plant. "The litigation and plant shutdown costs were incurred to create growth opportunities and improve future performance. Now that they are behind us, we can expect much better results in the immediate future." says Ven Cote, President. "Domestic revenues surged during the fourth quarter and we are now seeing good momentum in the Canadian market that will carry on into the current fiscal year." ZCL Composites Inc. is Canada's largest manufacturer of fibreglass underground storage tanks and the leading supplier of tanks to the retail petroleum market. ZCL markets its tanks under the "Greentank", "Prezerver" and "Protektor" trademarks.

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