SELLERSVILLE, Pa., May 18, 2005 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTM), specializing in energy recovery and construction services through environmentally-friendly technologies and products, today announced results for the quarter ending March 31, 2005.
Peter Russo, President and CEO, commented, "Our financial results in the first quarter of 2005 do not reflect the progress we have made, and are making, in positioning the Company for what we believe will be significant growth. Since the beginning of this year, we have announced the signing of a multi-year landmark agreement that will establish a permanent oil sludge processing facility in Indonesia, we have begun discussions with various organizations requiring off-shore oil storage facility cleaning, commenced work on a municipal water treatment plan, opened discussions with Saudi environmental authorities on several oil sludge projects, and have retained Santa Fe Capital to provide Delta investment banking services including capital raising and project financing. Over the next several quarters, we believe that shareholders will start to see the results of these activities."
Results from operations for the quarter ended March 31, 2005 were a loss of $435,920 compared to a loss of $314,326 in the first quarter of 2004. The net loss per share for the first quarter was $0.02 per share compared to a net loss of $0.03 per share for comparable period in the prior year. The weighted number of shares outstanding in the first quarter were 20.5 million compared to 10.5 million in the first quarter of 2004.
About Delta Mutual
Delta Mutual, Inc. specializes in energy recovery and construction services through environmentally-friendly technologies and products currently operating through joint ventures in the Middle East, Far East and Puerto Rico. Delta employs technologies that efficiently recover energy sources from soil, water and other waste streams while simultaneously improving existing environmental conditions. The Company also employs an energy efficient building material system for construction projects that are initially taking place in Puerto Rico. www.deltamutual.com
If you would like to be added to the Company's e-mail list for press releases and updates, please send your e-mail address to dltm@focuspartners.com. For further information, including a factsheet on the company, please contact FOCUS Partners.
Forward Looking Statement
This press release contains forward-looking statements that involve risks and uncertainties where actual results could differ materially from those discussed in this Press Release. Forward-looking statements including ".progress we have made and are making in positioning the Company for what we believe will be significant growth" involve risks and uncertainties. These risks and uncertainties include: lack of capital, delays in finalizing contracts, typical issues of dealing with a foreign government, using the appropriate technology and additional risks as outlined in our SEC filings.