SmarTire Publishes Lower Q1 Losses

SmarTire Systems Inc has published first quarter results, which show a quarterly net loss of $2.38 million, or $0.02 per share. This compares with a net loss of $3.26 million $0.06 per share in the same quarter last year. At the same time the announced that its gross revenue has also decreased $126,357 to $301,169.

“As reflected in our recent announcements with Aston Martin, New Flyer and Redmer Industries, the company has focused considerable resources on securing strategic OEM accounts over the past months,” explained Robert Rudman, SmarTire Systems’ president and chief executive officer. “We see these OEM wins and key distributor signings as strengthening our position and revenue base going forward. With the availability of the new high-pressure systems for RVs, buses and commercial vehicles, the company is generating increased activity in these important target markets.”