Tornado Global Hydrovacs Ltd. ("Tornado" or the "Company") (TSX VENTURE:TGH) today reported its audited consolidated financial results for the fiscal year ended December 31, 2016. The audited consolidated financial statements and MD&A have been filed on SEDAR and can be reviewed at www.sedar.com.
Summary of 2016 consolidated annual results
The Fourth Quarter 2016 Adjusted EBITDA loss was reduced to $528 from the Third Quarter EBITDA Loss which was $840. It is also important to note that there was a $552 loss on starting operations in China which was largely incurred in the Fourth Quarter of 2016. This means that the North American operations were returning to profitability in the Fourth Quarter.
Management believes that 2017 will be a positive year for its North America operation and a building year for its Chinese operation. In North America, we have experienced improvement in the hydrovac market equipment purchase demand with increased interest coming out of the municipal sector. There are three primary reasons for this increased demand for hydrovacs;
As a consequence, the Company is seeing an improvement in its financial performance in 2017 with this increase in market demand and specific demand for its patent pending design.
In China, we continue to execute our plan to develop and penetrate this significant market. The highlights of both what we have achieved to date and are targeting to achieve in 2017 include:
About Tornado Global Hydrovacs Ltd.
The Company designs, manufactures and sells hydrovac trucks for excavation service providers to the oil and gas industry and the municipal markets. Hydrovac trucks use high pressure water to pulverize soil and turn it into mud, and then vacuum up the resulting mud into its tank. Tornado currently operates in North America and intends to expand its hydrovac business into China.
SOURCE: Tornado Global Hydrovacs Ltd.
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