Gemoscan Reports Strong Fiscal Third Quarter Financial Results
TORONTO, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. (TSXV:GES)
(MUN:1GE) ("Gemoscan" or the "Company"), a leading owner and marketer of food
sensitivity and dietary management solutions, today reported operational and
financial results for its fiscal third quarter ended December 31, 2012. In
this press release, all dollar amounts are expressed in Canadian currency and
results are reported in accordance with International Financial Reporting
Results were characterized by significantly improved financial performance,
driven primarily by the initial success of Gemoscan's focus on the retail
segment of its business and the expansion of its revenue base with new sales
through various paramedical clinics.
For the three months ended December 31, 2012, total revenues were $352,750, an
increase of 289% from $90,612 for the same three-month period in 2011 and up
26% sequentially from $280,629 in the previous quarter. The Company reported a
fiscal third quarter net loss of $244,654, or $0.01 loss per common share, as
compared to a net loss of $857,271, or $0.04 loss per common share, for the
three months ended December 31, 2011.
"While our financial statements continue to reflect the very early stages of
the roll out of our HEMOCODE™ and MenuWise™ retail programs, our revenue
growth this quarter clearly demonstrates that consumer interest in food
intolerance management continues to keep pace with the broader trends related
to diet and diet-based wellness. As efforts directed at expanding Gemoscan's
retail points of presence continue, we are committed to managing our expenses
as we grow, putting us on a clear pathway toward profitability," said Brian
Kalish, Gemoscan's President and Chief Executive Officer.
The Company's financial statements and management's discussion and analysis
are available on www.sedar.com.
About Gemoscan Canada, Inc.
Gemoscan is an industry leader in food intolerance management and maintains a
first-to-market position with Canada-wide distribution through select retail
partners. Founded in 2003, using its proprietary patented technology, Gemoscan
develops, owns and markets comprehensive food sensitivity and dietary
management solutions for consumers, including the HEMOCODE™ Food Intolerance
System and the MenuWise™ Food Intolerance Plan, personalized naturopathically
supervised nutritional programs that promote well-being. Gemoscan is the first
and only provider to commercialize a food intolerance management solution
directly to consumers in partnership with retailers, and today offers the most
comprehensive services available.
Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange under
the symbol GES and is quoted on the Munich, Frankfurt and Stuttgart Stock
Exchanges under the symbol 1GE.
This news release contains certain "forward-looking information." All
statements, other than statements of historical fact that address activities,
events or developments that Gemoscan believes, expects or anticipates will or
may occur in the future. These forward-looking statements reflect the current
expectations or beliefs of Gemoscan based on information currently available
to Gemoscan. Forward-looking statements are subject to a number of significant
risks and uncertainties and other factors that may cause the actual results of
Gemoscan to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on Gemoscan. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, Gemoscan disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although Gemoscan believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Company website: www.gemoscan.com
Chief Executive Officer
Gemoscan Canada, Inc.
Kilmer Lucas Inc.
T: (416) 833-9317
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