Corgenix Announces 2nd Quarter Results DENVER, Feb. 11 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (BULLETIN BOARD: CONX) today announced financial results for the second quarter ended December 31, 2003. Sales for the second quarter offiscal 2004 decreased 10.3% to $1,186,738 compared with $1,323,529 for the same period in the prior fiscal year. Sales for the six-month period decreased 12.6% to $2,389,068 from $2,733,569 for the comparable prior year period. The second quarter andsix month reduction in sales was primarily due to reduced sales in Japan. The Company reported a loss of $75,520 or $ 0.02 per share for the quarter compared to a loss of $98,635 or $0.03 per share for fiscal 2003's second quarter. For the comparablesix-month periods, the net loss was $140,900, or $0.03 per share for the current six month period compared to net income of $50,110 or less than $0.01 per share in the prior year. Douglass Simpson, President of Corgenix, stated, "Even though our salesdeclined for the quarter and six months as compared to the prior year, we are encouraged with our improved financial performance in the second quarter compared to this fiscal year's first quarter. When we factor out of both current periods a discontinued contract manufacturing agreement with a significant customer in Japan, we continue to demonstrate sales growth in most of our product areas. Equally important, our recently enacted cost controls are helping us keep operating expenses in line and are getting us ever closer to renewed profitability. We believe that the continued strength of our principal portfolio of diagnostic products, in addition to our pending merger with Genesis Bioventures bodes well for the continued growth and success of our company." Merger Update On August 5, 2003, Corgenix entered into a letter of intent to merge with Genesis Bioventures, Inc. ("Genesis" or "GBI") a biomedical development company listed on the American Stock Exchange and focused primarily on the development of a novel breast cancer risk assessment diagnostic test. Under the terms of the letter of intent, Genesis will issue 14,000,000 Genesis shares in exchange for 100% of Corgenix's outstanding shares at the time of the merger. The terms of the letter of intent also provide that Corgenix's current management team will assume the responsibility of managing the combined entity, which will continue to be known as Genesis Bioventures, Inc. The letter of intent was amended on October 21, 2003 and as a result, Corgenix and GBI sought to complete a definitive merger agreement on or about December 15, 2003 and planned to consummate the merger on or about March 31, 2004. The Company has waived the above timelines and we recently announced that the initial merger-related fund raising effort, led by a full service investment bank specializing in the biotech industry, is in progress, and both Corgenix and GBI are confident that the fund raising will be successfully completed by no later than the end of this month and, as a result, both companies are continuing to proceed with the intent to complete the merger during the summer of 2004. About Corgenix Medical Corporation Corgenix is a leader in the development and manufacturing of anti-Phospholipid test kits, being the first on the market with an FDA cleared assay for anti-Cardiolipin (aCL), and is still the only manufacturer of an FDA cleared anti-phosphatidylserine (aPS) and an anti-Prothrombin (aPT) test kit. The company is based in metropolitan Denver and is focused on the development of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint diseases. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. About Genesis Bioventures Genesis Bioventures, Inc. (GBI) is a biomedical development corporation focusing on the development and marketing of novel diagnostics and therapeutics. The Company's wholly owned subsidiary, Biomedical Diagnostics, LLC, specializes in the development of cancer diagnostics. The first product commercially available is the MSA as a screen for breast cancer risk. In addition, the Company has equity interest in Prion Developmental Laboratories, Inc., which specializes in thedevelopment of diagnostic tests to detect prion disease in cattle, deer, sheep and elk as well as in human blood. Statements in this press release that are not strictly historical facts are "forward looking" statements (identified by the words "believe," "estimate," "project," "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, changes in the regulatoryenvironment, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the company does not undertake any obligation to publicly update or revise any forward-looking statements. Condensed Statements of Operations (in thousands, except per share amounts) Three Months EndedSix Months Ended December 31, December 31, December 31, December 31, 2003 2002 2003 2002 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $1,187 1,324 2,389 2,734 Gross profit 741 859 1,471 1,857 Operating income (loss) (53) (75) (93) 103 Net income (loss) (76)(99) (141) 50 Accretion of discount on redeemable common stock 22 23 43 43 Net (loss) income to common shareholders (97) (121) (184) 7 Basic and diluted earnings per share $(0.02) (0.03) (0.03) * Diluted shares outstanding 5,299,163 5,223,197 5,296,820 5,234,804 * Less than $0.01 per share SUMMARY BALANCE SHEET DATA (in thousands) December 31, June 30, 2003 2003 (unaudited) Cash $ 255 342 Working capital 192 350 Total assets 2,362 2,556 Long-term debt 334 435 Total stockholders' equity 105 293 Complete copies of the Corgenix Medical Corporation Forms 10-KSB and 10-QSB are available at http://www.sec.gov/ . Copies and additional information can be obtained by contacting William Critchfield, Chief Financial Officer: phone (303) 453-8903, or e-mail at . DATASOURCE: Corgenix Medical Corporation CONTACT: William Critchfield, Chief Financial Officer of Corgenix Medical Corporation, +1-303-453-8903,

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