Sarine Technologies Ltd Issues Clarification

(IDEX Online News) – Sarine Technologies Ltd, a worldwide leader in the development, manufacturing, marketing and sale of precision technology products for the planning, processing, evaluation and measurement of diamonds and gems, has issued a clarification regarding its expected financial results for Q4 2014.

“Further to its reply published on 22 December 2014 after the close of trading, in response to a query by the SGX regarding the unexplained trading of its share that same day, it has come to the company’s attention that there are unwarranted concerns regarding its fourth quarter’s expected financial results, in light of the diamond industry conditions noted in said response.

“It has further come to the company’s attention that its response has seemingly been misconstrued as indicating that a loss for the quarter (Q4) could be expected. In light of this incorrect inference and other related negative suppositions regarding the company’s financial performance for this quarter, we would like to clarify that we expect revenues for Q4 2014 to be in line with or slightly better than those of Q4 2013 notwithstanding the challenges currently faced by the diamond industry.

“As we continue our planned investments in product development and marketing to launch a series of new products and services, we expect operational expenditures for Q4 2014 will be similar to those of Q3 of this year. Management strongly believes Sarine will be profitable for the quarter, which will allow us to recommend to the Annual General Meeting to approve a final dividend for the year in accordance with our published dividend policy.”