Functional Technologies Announces Third Quarter 2011 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/29/11 -- Functional Technologies Corp. (TSX VENTURE: FEB) (the "Company") today reported operational and financial results for the third quarter ended May 31, 2011. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles ("Canadian GAAP").
Mr. Garth Greenham, Functional Technologies' President and COO, said, "We are pleased with the significant achievements accomplished in recent months, which demonstrates our focus in driving our technologies towards revenue. We continue to direct significant effort to attaining considerable revenue growth from our H2S-preventing wine yeasts and developing strategic partnerships across several food sectors for our acrylamide-preventing yeasts."
Q3 2011 Operating Highlights
Operating Highlights Subsequent to Quarter-End
Q3 2011 Financial Results
The Company incurred a net loss of $1.1 million for the three months ended May 31, 2011, compared to a net loss of $0.8 million for the three months ended May 31, 2010, representing an increase of $0.3 million due primarily to an increase in operating expenses and a decrease in government assistance.
Operating expenses, excluding stock-based compensation expenses, for Q3 2011 were $1.0 million, compared to $0.9 million in Q3 2010, consisting primarily of office and general expenses, professional fees, research and development costs, marketing efforts, salaries and wages, and the amortization of capital assets. The increase in operating expenses was attributed primarily to modest increases in depreciation of capital assets, travel and meal expenses and salaries and wages, associated in part with elevated development, business development, and marketing activities.
Liquidity and Outstanding Share Capital
As at May 31, 2011, the Company had cash and short-term investments of $2.3 million compared to $0.9 million as at August 31, 2010. As at May 31, 2011, the Company had working capital of $3.0 million compared to $1.4 million as at August 31, 2010. Subsequent to quarter-end, Functional Technologies received gross proceeds of $3.3 million associated with the conversion of 4.1 million common share purchase warrants.
As at July 28, 2011, Functional Technologies had 48,796,895 common shares issued and outstanding.
Additional Information
This news release should be read in conjunction with the Company's consolidated financial statements for the quarter ended May 31, 2011 and the notes thereto, together with the MD&A for the corresponding period, which are available on the Company's website and on SEDAR at .
Forward-Looking Statements
This news release contains forward-looking statements about Functional Technologies Inc. and its future plans. Forward-looking statements are statements that are not historical facts, and in this news release include the statements regarding: (1) the Company's expectation for volume and revenue growth in the upcoming winemaking seasons; (2) the expectation for additional key developments related to the Company's AP-yeasts; (3) the extended and amended agreement with BSG that includes an increase in the minimum purchase volume of Phyterra's H2S-preventing wine yeasts to U.S.; (4) the Company's expected commercial expansion in the U.S., Europe and South America; and (5) the expectation that collaborating with leading multinational firms in the food processing and ingredients sectors will provide key opportunities to gain rapid access to global production capacity and distribution networks. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. These risks, uncertainties and other factors include, without limitation, uncertainty as to the Company's ability to achieve the goals and satisfy the assumptions of management; uncertainty as to the demand for the Company's products and the Company's ability to meet such demand; and general economic factors and other factors that may be beyond the control of the Company. Forward-looking statements are based on the opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those opinions or expectations, or other circumstances, should change. Reference to the section entitled "Risks and Uncertainties" commencing on page 19 of the Company's management's discussion and analysis relating to the fiscal quarter ended May 31, 2011, which is available on SEDAR at .
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of the foul-smelling hydrogen sulphide (H2S) and the carcinogens acrylamide and ethyl carbamate (more commonly known as urethane), by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. With a head office in Vancouver, Functional Technologies Corp. has R&D operations in Prince Edward Island and Europe, as well as a U.S. sales office in Napa Valley, California. For more information, please visit our website at .
Neither the TSX Venture Exchange nor its Regulation Services Proivder (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Functional Technologies Corp.
Connie Chen, PhD
VP, Corporate Development and Communications
+1.647.282.5038
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Datum: 29.07.2011 - 05:00 Uhr
Sprache: Deutsch
News-ID 1025805
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