ELGT Electric and Gas Technology Inc (CE)

Electric & Gas Technology, Inc. (OTCBB:ELGT) today announced an amended filing of its 10-KSB for year ended July 31, 2005. The amended filing is due to an adjustment to the amount of U.S. Income Tax net operating loss carry-forward for the Company. The change accounts for an understatement and correction to $13,115,501.00. No other changes to the content of the 10-KSB were made. Daniel A. Zimmerman, CEO, commented, "Although losses, past, present or future are certainly not a part of any of our plans and strategies this valuable tax shelter will serve us well in the future as we achieve our goals of sustained operational and bottom line profitability." Commenting on the recently completed fiscal year, Zimmerman said, "We finished our fiscal year on July 31, 2006 exceeding our revenue objective of $12,000,000, an increase of approximately 40% over the $8,500,000 for the same period a year ago. ELGT annualized revenue growth over the last three reporting periods has averaged 30%. Run rates for the fourth quarter give us confidence going into the new year. The negative trends from the third quarter continued into the fourth quarter but we finished the year with marked improvement in many areas, including materials management and workforce productivity with overtime decreasing in consecutive months." Full results will be reported in the Company's upcoming 10-KSB. Continuing, Zimmerman added, "We have a strong focus on cost reduction to ensure that we can make money at these higher revenue rates. ELGT remains an excellent platform for near and long term increases in shareholder value. We believe that 2007 will be a major breakout year for the company." Electric & Gas Technology, Inc. (ELGT) is a publicly traded company that, through its subsidiaries, operates in two main segments: (1) Utilities Products and (2) Contract Manufacturing. This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, which represents the Company's expectations or beliefs concerning, among other things, future operating results and various components thereof and the adequacy of future operations to provide sufficient liquidity. The Company cautions that such matters necessarily involve significant risks and uncertainties that could cause actual operating results and liquidity needs to differ materially from such statements, including, without limitation: (i) increased competition, (ii) the price-sensitive nature of product demand, (iii) the Company's dependence upon favorable pricing from its suppliers and (iv) other risks indicated herein and in filings with the SEC.