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Hemisphere GPS Issues Preliminary Q1 Revenues, Earnings Date and Conference Call Notice

^{Published on 2011-05-06 06:21:03 - Market Wire}
 

CALGARY, May 6 /CNW/ - (TSX: HEM)   Hemisphere GPS today provided preliminary revenues and a conference call notice for its 2011 first quarter financial results.  Preliminary revenues for the first quarter of 2011 are approximately $21M, representing a year-over-year increase of approximately 40% over revenues of $15M for the first quarter of 2010.

In compliance with the Canadian Accounting Standards Board (AcSB) for all Canadian Publicly Accountable Enterprises in 2011, beginning in the first quarter, Hemisphere GPS adopts International Financial Reporting Standards (IFRS). Growing numbers of countries are adopting IFRS. Benefits of the new standards include improved transparency of financial reporting, and international consistency. To accommodate the changeover, the Canadian Securities Administrators (CSA) has provided a 30-day extension for Publicly Accountable Entities to file their first IFRS interim financial report.

The Company will release financial results prior to the open of trading on the Toronto Stock Exchange on Thursday, May 19, 2011. A conference call and Web cast for shareholders, analysts and other members of the investment community has been scheduled the same day at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) to discuss the financial results and provide updates on operations.

To participate in the conference call, please dial +1-647-427-7450 or 1-888-231-8191 approximately 10 minutes before the conference call. Please note that a live Web cast of the call will be available on the Hemisphere GPS Web site at [ http://www.hemispheregps.com ]. The Web cast will be archived there for later review.

A recording of the call will be available through May 26. Please dial 1- 416-849-0833 or 1-800-642-1687 and enter password 65875615 to listen to the rebroadcast.

About Hemisphere GPS

Hemisphere GPS designs and manufactures innovative, cost-effective GPS products for positioning, guidance, and machine control applications in agriculture, marine, construction, and other markets. The Company holds numerous patents and other intellectual property and owns several leading brand names, including Outback Guidance®, a leading brand in precision GPS for agriculture. The Company is headquartered in Calgary, Alberta, with major product development, sales, and marketing facilities in Arizona, Kansas, and Australia. Hemisphere GPS is listed on the Toronto Stock Exchange (TSX) trading under the symbol "HEM" and is one of the TSX Cleantech designated companies. For more information about Hemisphere GPS, please go to [ www.hemispheregps.com ].