Plaintree Releases 2nd Quarter 2008 Results

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Thu Nov 29, 2007 8:00am EST

OTTAWA, Nov. 29 /PRNewswire-FirstCall/ - Plaintree Systems Inc.

("Plaintree" or "Company"), filed its unaudited financial statements for thequarter ended September 30, 2007 and the accompanying management's discussionand analysis.

Product revenue for the quarter was $108,677, up from $37,990 for thecorresponding quarter of the previous year. The Company also experienced asignificant decline in management services revenue for the quarter recording$27,650 in management services revenue as compared to $489,800 for thecorresponding period of fiscal 2007. The Company reported that the primaryreason for the reduction in management services revenue was due to theunavailability of Plaintree staff available for such services due to increasedPlaintree requirements that necessitated the Company's management team tospend the bulk of their time on Plaintree related business. It is expectedthat overall management services revenue will continue to decrease for thebalance of the year. There is no guarantee that the Company will be able toincrease management services revenue to past levels.

The Company also recorded an extraordinary gain related to the sale of itsproperty and land of $142,475 which transaction closed during the quarter.

The net loss experienced by the Company for the quarter was $113,647 or0.00 cents per share, compared to a net gain of $275,310 or (0.00) cents pershare for the corresponding quarter of the previous year.

For more information on these results, please refer to Plaintree'sfinancial statements together with the related management's discussion andanalysis report, copies of which can be obtained from the Company's website atwww.plaintree.com and/or under Plaintree's name at www.sedar.com.

Plaintree continues to investigate sources of financing. However, if theCompany is not successful in obtaining the necessary funding, continuation ofthe existing business may not be viable. There can be no assurance that theCompany will be able to raise additional capital or that anticipated revenueswill materialize or be at a level sufficient to sustain Plaintree'soperations. Should these funding options not materialize, the Company maycease operations.

About Plaintree Systems

    -----------------------    Ottawa-based, Plaintree Systems Inc. (www.plaintree.com), founded in 1988provides management services and specializes in developing optical wirelesscommunications equipment for the Local Area, Wide Area, Voice, Internet andSecurity Networks.    Plaintree is publicly quoted in the U.S. on the OTC BB (LANPF), with90,221,634 shares outstanding.    This press release may include statements that are forward-looking andbased on current expectations. The actual results of the company may differmaterially from current expectations. The business of the company is subjectto many risks and uncertainties, including changes in markets for thecompany's products, delays in product development and introduction tomanufacturing and intense competition. For a more detailed discussion of therisks and uncertainties related to the company's business, please refer todocuments filed by the company with the U.S. Securities and ExchangeCommission, including the Company's Form 20-F dated September 28, 2007.SOURCE  Plaintree Systems Inc.Lynn Saunders, (613) 623-3434



	
		

	

	



	
    


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