FreshXtend Announces Financial Results for the Year Ended December 31, 2007
15 April 2008 - 8:30PM
Marketwired
VANCOUVER, BRITISH COLUMBIA ("FreshXtend" or "the Company") is
pleased to announce audited financial results for the year ended
December 31, 2007. Highlights (which are all in US Dollars unless
stated otherwise) are as follows:
- Revenue for the year ended December 31, 2007 was $2,038,266, a
24% increase from revenue of $1,640,508 achieved in the year ended
December 31, 2006. The growth in revenue was mainly the result of
stronger antioxidant sales.
- Total operating expenses were $2,723,592, compared to total
operating expenses of $2,106,802 in 2006, a cost increase of 29%
mostly derived from higher sales and marketing expenses and a
significant increase in foreign exchange expense, resulting from
the appreciation of the Canadian dollar as compared to the US
dollar during the year.
- The Company posted a net loss of $952,386 in fiscal 2007,
compared to a net loss of $563,175 in 2006.
- The cash position of the Company at December 31, 2007 was
$385,677, with a working capital deficiency of $1,046,123.
The information in this news release should be read in
conjunction with the 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.,
R.W.Robinson, Director
FreshXtend is a leading provider of life extension technology to
the high growth Fresh Produce and Flower Industry and uses its
technological leadership to pursue licensing opportunities. The
Company's patented technologies naturally place produce in a state
of hibernation while it is being shipped, and extends the shelf
life of fresh produce, flowers and juices, thereby enabling
economic distribution of premium quality vine-ripened fruit and
vegetables. The Company has a network of R&D relationships,
which include the University of British Columbia and focuses on
building features that will appeal to FreshXtend's customers. The
Company continues to pursue licensing opportunities through
grower/processor channels as a way of maximizing the distribution
for its technologies.
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. R.W. Robinson Director
(604) 322-0759 (604) 322-0487 (FAX) Website: www.freshxtend.com
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