SELLERSVILLE,
PA – November 13, 2007 - Delta Mutual, Inc. Reports Third Quarter
Results
Delta Mutual,
Inc. (OTCBB:DLTM), specializing in energy recovery and construction
services through environmentally-friendly technologies and products,
announces the release of third quarter results for the period ended
September 30, 2007.
The Company did not generate
any revenue for the quarter due to unexpected delays in negotiations
of the contract covering Indonesian operations, compared to $19,166
in 2006. The net loss was $255,665 compared to net loss of $531,329
in the prior year with the decrease primarily due to charges for
operating loss attributed to the minority owners of our discontinued
subsidiaries of approximately $164,000. The loss per share for the
quarter was $0.01 compared to $0.01 in 2006. The weighted number of
shares outstanding at the end of the third quarter was 62,989,677
compared to 54,324,578 in 2006. For additional details, please refer
to our SEC 10-Q filing.
Activities
associated with the insulating concrete form manufacturing facility
project valued at $3,369,000 will begin when we receive the initial
payment via a letter of credit. This is anticipated during the
fourth quarter. Negotiations for a new contract for oil sludge
processing in Indonesia continue despite the extended delays in
restarting the operation. As of the close of the quarter, we have
terminated all operations in Puerto Rico as the decision was made
not to proceed with a project in Toa Alta, Puerto Rico redesigned to
moderate-income housing from Section 124 low-income housing.
About Delta Mutual
Delta Mutual, Inc. (www.deltamutual.com) specializes in
international energy and resource recovery, and construction
services through environmentally friendly technologies and products.
The Company provides technology and management expertise through
joint ventures and strategic alliances. Delta’s environmental
business employs technologies that efficiently recover and convert
contaminants in soil, water and waste streams into marketable
residual materials. Delta’s construction business utilizes energy
efficient building material systems to construct affordable housing
and commercial structures, and is suitable for hurricane and seismic
areas.
Forward Looking Statement
This Press Release contains forward-looking statements that involve
risks and uncertainties, which may include statements about business
strategy and development plans, plans for entering into new
business, anticipated sources of funds, including the proceeds from
future operations and plans, objectives, expectations and intentions
contained in this Press Release that are not historical facts such
as “Negotiations are underway for a second contract in Indonesia to
process an unlimited amount of sludge on a 12-month basis.”” Because
these forward-looking statements involve risks and uncertainties,
actual results could differ materially from those discussed in this
Press Release. These risks are outlined in our SEC filings.