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Electronics Production | April 02, 2008

Adeptron director resigns

Adeptron Technologies reports that Paul Walker has stepped down as a director of the Company.
Mr. Walker resigned from the Board of Directors as a result of the submission of a proposal to the Company in respect of an equity transaction of up to $6 million.

Mr. Walker is a significant participant in this proposed alternative to the transaction with RH Global Technologies.

The company also announced its fiscal report 2007 with a loss of $6.9 million compared to net income of $1.6 million for the year 2006.

The 2007 loss includes a non-cash charge of $5.5 million for the write-off of goodwill, and restructuring charges of $651,000 for the consolidation of two Markham facilities into one facility and employee termination costs.

For the 2007, sales totalled $38.4 million (PY: $43.8 million) a decrease of 12%. The gross profit percentage decreased to 14.6% (PY 17.6%). EBITDA, excluding the non-cash write-off of goodwill, was $780,000 (PY: $3.3 million)
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