MISSISSAUGA, Ont. — Hy-Drive Technologies, a company that provides a hydrogen generating system it says saves fuel and reduces emissions, has reported a third quarter loss of $2.2 million.
The company reported a loss of $996,279 a year ago. Yesterday’s loss amounted to four cents per share. The Canadian company, which promotes its technology within the trucking industry, earned revenues of $280,090 for the period ending Sept. 30. That’s far better than last year when it had no earnings to report for the same time period.
“Third-quarter focus has been working with existing North American partners on the refinement and improving our existing HGS G-2 unit for validation of our upcoming third-generation slated for early 2007,” chief operating office John Wright said in a statement. “In addition, we have continued to increase our international base of strategic partners together with finding new applications and market verticals for our technology.”
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