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National Energy Services Reports 69% Increase in Net Revenues in First Quarter 2008

Posted on: Wednesday, 26 March 2008, 15:00 CDT

EGG HARBOR TOWNSHIP, N.J., March 26 /PRNewswire-FirstCall/ -- National Energy Services Company, Inc. (BULLETIN BOARD: NEGS) , a provider of customized energy reduction products and management services to long term care, hospitality, commercial and industrial facilities, today announced financial results for its fiscal first quarter ended January 31, 2008.

The Company reported net revenue of $703,529, up 69% from $416,824 in the first quarter of 2007. The majority of the revenue increase was derived from equipment sales of the Company's Ozone Laundry and Efficient Lighting Upgrades, which were up 75% over the first quarter of 2007 and represents a 97% of total revenue for the period.

The Company reported a net loss of $(109,073) for the fiscal quarter ended January 31, 2008, compared to a net gain of $3,273 for the same quarter in 2007. Approximately $84,000 of the loss in 2008 is attributable to non-cash transactions related to issuing stock to employees and consultants expenses.

John Grillo, President of NEGS, said, "We are very pleased with the growing acceptance of our products from repeat business and from new customers and markets. The first quarter was a period of gearing up for expansion as we formalized processes and increased our sales forces. The investment we are making in our organization is critical if we are to take advantage of the substantial first mover opportunity we have in the hospitality and skilled nursing facility markets for National Energy's products and services."

To date, the Company has installed over 500 Ozone Laundry Systems in skilled nursing facilities across the country.

About National Energy Services Company, Inc.

National Energy Services Company is engaged in the business of providing state-of-the-art, comprehensive and cost-driven energy products and management aimed at lowering energy consumption and helping its customers lower carbon footprints and purchase energy more efficiently. These services are designed to provide the customer minimal or no out of pocket cost. Services include the Ozone Laundry System (OLS), Lighting Upgrades, Mechanical Systems (HVAC), Water/Sewer Conservation Methods and Energy Management.

This release may contain projections or other forward-looking statements regarding future events or the future financial performance of National Energy Services Company. These statements are only predictions and reflect the current beliefs and expectations of National Energy Services Company. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation, (i) National Energy Services Company's unproven business model and limited operating history, (ii) National Energy Services Company's history of losses, (iii) the significant fluctuation to which National Energy Services Company's quarterly revenues and operating results are subject, (iv) other factors detailed in documents National Energy Services Company files from time to time with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Contact Vicki Weiner VMW Corporate and Investor Relations 212-616-6161 info@vmwcom.com National Energy Services Company Consolidated Statements of Operations for the Three Months Ended January 31, 2008 and 2007 (Unaudited) 2008 2007 Operating Revenues: Equipment Sales 684,089 390,700 Management Revenue 5,021 6,592 Energy Management Revenue 14,419 19,532 Total Operating Revenues 703,529 416,824 Cost of Sales 382,056 201,271 Gross Profit 321,473 215,553 Operating Expenses: Selling Expenses 106,726 41,456 General and Administrative Expenses 316,549 161,441 Depreciation and Amortization 2,494 684 Total operating expenses 425,769 203,581 Income (Loss) (Before Other Income (Expense) (104.296) 11,972 Other Income (Expense) Interest Income 1,979 - Interest Expense (6,756) (8,699) Income (Loss) Before Provision for Income Taxes (109,073) 3,273 Provision for Income Taxes -- -- Net Income (Loss) Applicable to Common Shares (109,073) 3,273 Net Income (Loss) Per Basic Shares (0.00) 0.00 Net Income (Loss) Per Diluted Share (0.00) 0.00 Weighted Average Number of Basic Common Shares Outstanding 29,528,379 22,006,022* Weighted Average Number of Basic Diluted Shares Outstanding 29,528,379 22,006,022*

*As of January 31, 2007, the Company had 150,000,000 shares authorized of $0.001 par value common stock and 27,676,576 shares issued and outstanding.

National Energy Services Company, Inc.

CONTACT: Vicki Weiner, VMW Corporate and Investor Relations,+1-212-616-6161, info@vmwcom.com

Source: PRNewswire-FirstCall

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