FreshXtend Announces Financial Results for the Quarter Ended March 31, 2008
2008年5月28日 - 12:19AM
Marketwired
VANCOUVER, BRITISH COLUMBIA ("FreshXtend" or "the Company") is
pleased to announce financial results for the quarter ended March
31, 2008 ("Q1-2008"). Highlights (which are all in US Dollars
unless stated otherwise) are as follow:
- Revenue for the quarter ended March 31, 2008 was a record
$778,310, a 52% increase from revenue of $513,652 achieved in the
quarter ended March 31, 2007, from stronger antioxidant sales in
North America and in Europe.
- Total operating expenses were $566,133 in Q1-2008, compared to
operating expenses of $539,642 in Q1-2007, an increase of 5%, due
mainly to higher sales and marketing costs, more than offset by
higher sales in the quarter.
- The Company recorded operating income of $212,177 and net
income of $165,297 in Q1-2008, compared to an operating loss of
$25,990 and a net loss of $85,536in Q1-2007
- Most of the revenue generated by the Company in Q1-2008 and in
prior fiscal periods was derived from the sale of antioxidant
products, a proprietary blend of vitamins and minerals designed to
help fresh-cut fruits and vegetables maintain their colour, texture
and "just picked" taste. Pursuant to a litigation settlement, on
March 31, 2008 the Company transferred its antioxidant business
into two companies marketing antioxidant products worldwide (the
"New Companies") and ceased directly marketing its antioxidant
products. The Company became a 17% shareholder in the New
Companies.
- In Q1-2008 the Company closed a private placement of $280,000;
proceeds were used to settle outstanding accounts payable due to a
significant shareholder. The Company also issued a secured
convertible note of $600,000 to a significant shareholder. Proceeds
of $500,000 towards the note were paid by the subscriber to the
Company's lawyers in order to fund the Company's working capital
contributions in the New Companies and for general working capital
purposes. Cash balances were $275,744 at March 31, 2008, compared
to $385,677 at December 31, 2007.
The information in this news release should be read in
conjunction with the Company's Unaudited Consolidated Financial
Statements and Management Discussion and Analysis for the quarter
ended March 31, 2008 and the Company's Audited Consolidated
Financial Statements and Management Discussion and Analysis for the
year ended December 31, 2007, which will be available at the
Company's website at www.freshxtend.com and at www.sedar.com.
FreshXtend Technologies Corp.,
Trading symbol: FXT (TSX-V)
Manual Listing S & P's Industrial & Int'l, 12g (3)b
Exemption: #82-2190
The statements in this news release may contain certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Exchange Act of 1934
and are subject to the safe harbour created by these sections.
Actual results may differ materially from the Company's
expectations.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release.
Contacts: FreshXtend Technologies Corp. Roy Robinson Director
(604) 322-0759 (604) 322-0487 (FAX) Website: www.freshxtend.com
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