LOS ANGELES, April 9, 2010 (GLOBE NEWSWIRE) -- Cash Technologies, Inc. (Pink Sheets:CTQN) announced today its CPI Holdings, LLC dba Champion Parts subsidiary ("Champion") reported gross revenues of $306,188 in March, generating a gross profit of $106,105 and EBITDA of $15,492. Net loss before amortization was $(18,864).
"After the seasonally slow winter months, business has rebounded steadily," stated Jerry Bragiel, president of CPI Holdings. "We expect growth to continue through the spring from both our legacy products and the recent addition of air conditioning compressors to our product line. We are also making progress on our turbocharger manufacturing line, expected to be in production by year's end."
The auto parts market has continued to show strong performance compared to other segments of the economy, with our retail customers reporting growth in our product category over last year. This has been reflected in larger purchase orders.
The turbocharger market continues to present a very exciting opportunity as we gear up for production of the most popular models. Tens of millions of vehicles including many new car designs and virtually all diesel cars and trucks use turbochargers to increase fuel efficiency, reduce toxic emissions and increase power.
Our plan is to produce drop-in replacements for original manufacturer (OEM) turbos at a substantially lower price than current dealer prices and with higher performance characteristics than the original devices. With access to more than 10,000 retail stores through our existing customer base, we believe the turbo business will greatly outpace our other business lines in the future.
Matters discussed in this release include forward-looking statements within the meaning of the "Safe Harbor" provisions of the PSLRA that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include revenues not reaching expected levels, unexpected competition within the automotive products industry, anticipated improvements in operating costs and net operating margins not being realized, failure to complete expected financing, risks related to management and labor, activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC.