Mirenco Improves Financial Performance
RADCLIFFE, Iowa--(MARKET WIRE)—February 24, 2005—Mirenco, Inc., (OTCBB:MREO)
reports a loss of 9 cents per share for the fiscal year ending December 31, 2004
compared to a loss of 12 cents for the fiscal year ending December 31, 2003. The
fourth quarter of 2004 resulted in a loss of 1 cent per share versus 3 cents for
the same period the previous year. These results are subject to the completion
of the audit being conducted by Mirenco’s auditors; Stark, Winter, Schenkein &
Co., LLP.
“The narrowing of the loss is significant because it demonstrates that through
our plan of redirecting costs to our marketing efforts; which is now generating
a sales stream and reducing research, development and administrative costs, we
are moving closer to breakeven and profitability,” says Rich Musal, Mirenco’s
Chief Operating Officer and Chief Financial Officer. “We have increased our
sales commitments for 2005 significantly since the fourth quarter of last year
and by controlling our costs and continually increasing sales through the
acceptance of our products, we will quickly close the distance to
profitability.”
“We had to prove the capability of our products to our customers in the
underground mining and truck fleet markets. We have turned the corner in doing
so as demonstrated by attracting new clients including; Wells Blue Bunny,
Holiday Express and Abbott Labs. This makes our products much more attractive to
distributors and national accounts. We have begun the evaluation stages with
customers in both the distributor and national account categories recently and
are seeking more opportunities at these levels,” Musal stated.
About Mirenco
Mirenco is a Radcliffe, Iowa-based Company that specializes in patented vehicle
management technology and consultative services for reducing vehicle emissions,
improving fuel economy and lengthening the service life of heavy-duty diesel
vehicles. More information is available at
www.mirenco.com, or via e-mail at
info@mirenco.com or by calling
800.423.9903.
Some of the statements made in this press release are forward-looking in
nature. Actual results may differ materially from those projected in
forward-looking statements. Additional information concerning Mirenco, Inc. can
be found within Mirenco's filings with the Securities and Exchange Commission.
Statements in this release should be evaluated in light of this additional
information.
Contact Information:
Dwayne Fosseen
fosseen@mirenco.com
800-423-9903
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