OTTAWA – Avalite Inc., the former Ramtelecom, recorded a net loss of $344,367 for 2009, a marked improvement from its 2008 net loss of $1.98 million.
Revenue for the year ended December 31, 2009 was $7,629. Revenues and expenses for subsidiary R.A. Misener Telecom Corporation were consolidated into the loss from a discontinued operations account, the company said in a statement.
Expenses on continuing operations for the year decreased to $243,199 from $1.41 million, while cash flow, excluding non-cash expenditures, was $819,942 for the year, compared to a negative cash flow of $14,414 for the year ended December 31, 2008.
After completing the sale of its only operating subsidiary Misener Telecom to OmniGlobe Networks last June, the company noted that "any type of discussion or comparison of historical performance would have little to no meaning."
Avalite entered into a definitive agreement to complete a business combination with True Production Services Inc. in December, and a special shareholder’s meeting will be held before June 15th with the transaction closing to follow.
