SAN MARCOS, Calif., Oct. 16, 2008 (GLOBE NEWSWIRE) -- Omnitek Engineering, Corp. (Pink Sheets:OMTK) today reports record results for the 3rd quarter of fiscal 2008, ending September 30, 2008.
Revenue for the three months increased to $1,175,171 from $334,064 for the same period in 2007. Profit was $31,641 compared to a loss of $26,757 for the same period in 2007.
Revenue for the first nine months of fiscal 2008 increased to $2,673,449 from $678,446 for the same 9 month period in 2007. At the close of the third quarter FY08 the company's backlog of firm orders was at approximately $663,000.
Omnitek's CEO, Werner Funk, reports, "We are happy to report another record quarter. As expected, sales of our industry leading diesel-to-natural gas conversion system accounted for most of sales. In the month to come we will introduce several new products, which should help to increase sales and our bottom line even further."
The Company's proprietary diesel-to-natural gas conversion system has been successfully applied in over 12 countries and is the leading system worldwide for this application.
About Omnitek Engineering, Corp. (Pink Sheets:OMTK)
Omnitek Engineering, Corp. develops and sells new natural gas engines, as well as a proprietary diesel-to-natural gas conversion system, which has established Omnitek as a leader in the industry.
Omnitek offers a total system approach and is dedicated to supplying alternative energy and emissions control solutions that are sustainable, affordable and contribute to combat global warming.
As the price of crude oil continues to increase and the threat of global warming and air pollution remains, the search for an alternative fuel becomes increasingly important. Natural gas has emerged as a perfect solution to these challenges. Readily available in many countries from indigenous sources, natural gas is inexpensive and clean burning.
Diesel engines have been the backbone of the transportation industry. Valued for their power, fuel economy and durability, diesel powered trucks and buses are used worldwide, however, they are heavy polluters and significantly contribute to global warming. Omnitek has developed a system to convert any existing diesel engine to a clean-burning natural gas engine at a fraction of the cost of a new engine.
Omnitek estimates the population of heavy-duty diesel vehicles and stationary engines around the world which can be converted using the Omnitek Diesel-to-Natural Gas Conversion System and offer the best ROI approaching ten million engines.
Prevailing economic factors, rising oil prices and the real threat of global warming make abundantly available and inexpensive natural gas the fuel for the future.
Forward-Looking Statements
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other "forward-looking" information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions. Important factors that may cause actual results to differ from projections include, among many others, the ability of the Company to raise sufficient capital to meet operating requirements, completion of R&D and successful commercialization of products/services, patent completion, prosecution and defense against well-capitalized competitors. These are serious risks and there is no assurance that our forward-looking statements will occur or prove to be accurate. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.