API Electronics Reports Record Results For Fiscal 2006
NEW YORK, September 29, 2006 - API Electronics Group Corp. (OTCBB: AEGCF) today announced record financial results for its fiscal year ended May 31, 2006. Note that all figures are in U.S. dollars and are presented according to U.S. GAAP.
Revenue for the fiscal year ended May 31, 2006 increased 25% to $15,634,093 from
$12,547,551 for the comparable 2005 fiscal year. A strong order flow also contributed to a backlog of $10,950,000.
For the fiscal year ended May 31, 2006, operating income increased 271% to $874,841 from $435,879 in the previous period. In addition, net income increased 138% to $716,598 from $301,006 in the previous year.
The audited U.S. GAAP financial statements for API Electronics Corp. are included in the joint proxy statement filed by API Electronics Corp. and Rubincon Ventures Inc. with the Securities and Exchange Commission on September 22, 2006, which is publicly available at www.sec.gov and can be found under the Edgar filings made by Rubincon Ventures Inc.
ABOUT API ELECTRONICS
API Electronics Group Corp., through its wholly owned subsidiaries API Electronics Inc., Filtran Group, TM Systems and Keytronics, is engaged in the manufacture of electronic components and systems for the defense and communications industries. With a growing list of blue chip customers, including Honeywell/Allied Signal, General Dynamics, Lockheed Martin and numerous other top technology-based firms around the world, API regularly ships off-the-shelf and custom designed products to clients in more than 34 countries. API owns state-of-the-art manufacturing and technology centers in New York, Connecticut and Ontario, Canada and has manufacturing capabilities in China and a distribution center in Britain. API Electronics trades on the OTC Bulletin Board under the symbol AEGCF. For further information, please visit our
website at www.apielectronics.com.
FOR FURTHER INFORMATION:
API Electronics Group
Tel: 1-877-274-0274
