OTTAWA, Aug. 29 /CNW Telbec/ - Clearford Industries Inc. ("Clearford", TSX-V: CLI) today announced financial results for the second quarter of 2008, which ended June 30, 2008 (all figures in Canadian dollars and in accordance with Canadian GAAP).

As previously announced, on July 31, 2008, following shareholder and TSX approval, the Company completed the divestiture of the Brooklin Concrete Division ("Brooklin") assets and the assignment of the right to purchase the shares of Boucher Pre-Cast Concrete Limited for $43 million (the "Transaction"). The Company subsequently repaid all bank and debenture debt following the divestiture. As a result of this Transaction, the results of operations of Brooklin for the current quarter have been segregated to discontinued operations on the Statement of Operations, and the net assets of Brooklin have been segregated to Held for Sale on the Balance Sheet.

The Brooklin Division recorded net income from discontinued operations for the second quarter of $920,622 compared to $788,123 for the same period of the prior year. This increase was mainly attributable to the increase in revenue during the current quarter as compared to the same period of the prior year. The Wastewater Division recorded $202,389 of revenue for the current quarter compared to no revenue for the same period of the prior year and recorded a loss from continuing operations of $473,405 for the current quarter as compared to a loss from continuing operations of $656,040 for the same period of the prior year. Total net income for the Company for the second quarter was $447,217 or $0.02 per share compared to net income of $132,083 or $0.01 per share for the same period of the prior year and a net loss of $3,303,268 or $0.13 per share for the first quarter of 2008.

The Brooklin Concrete Division recorded a net loss from discontinued operations for the six months ended June 30, 2008 of $1,836,285 compared to a net loss of $1,720,768 for the same period of the prior year. The Wastewater Division recorded $202,389 of revenue for the six months ended June 30, 2008 as compared to $125,000 of revenue for the same period of the prior year and recorded a loss from continuing operations of $1,019,766 for the six months ended June 30, 2008 as compared to a loss from continuing operations of $1,137,665 for the same period of the prior year.