Biotonix Announces Fourth Quarter 2011 Results
(firmenpresse) - BROSSARD, QUEBEC -- (Marketwire) -- 03/28/12 -- Biotonix (2010) inc. (TSX VENTURE: BTX) ("Biotonix"), a company offering innovative solutions, today announced the financial results for the fourth quarter ended December 31, 2011.
HIGHLIGHTS
OVERVIEW OF FINANCIAL INFORMATION
For the fourth quarter ended December 31, 2011, sales reached $ 159,542, compared to $ 167,733 for the same period last year, a decrease of 5%. The variation is due to lower sales of hardware products and of postural evaluations solutions. Gross margin was 50% versus 49% in 2010. The implementation of measures to reduce costs has allowed the Society to continue reducing its net loss during the fourth quarter to $ 360,710 versus $ 458,321 against the same period in 2010.
For the year ended December 31, 2011, sales reached $ 607,236, compared to $ 570,295 for the prior year, an increase of 6%, primarily due to the change in accounting with regards to a contract with a client. Gross margin of the Society continued to grow throughout the year to reach 52%, an increase of 19% compared to 2010. The net loss for the year ended December 31, 2011 was $ 1,415,129 compared to $ 2,514,154 in 2010. The variance results from expenditure reductions announced in the third quarter of 2011.
Considering the slow penetration of target markets and in order to preserve cash, our efforts were focused on the reorganization of the Company, resulting in the reduction of staff, pay cuts, hold on R&D activities and decrease in operating costs.
Furthermore, Biotonix has entered into a final agreement dated February 27, 2012 with The Atman Co. ("Atman"), a non-reporting issuer incorporated under the laws of the Province of Quebec, pursuant to which Biotonix will, subject to a number of conditions, acquire all of the issued and outstanding securities of Atman. The transaction will constitute a reverse take-over (the "RTO") of Biotonix under the policies of the TSX Venture Exchange (the "Exchange"). Atman provides 6th generation psychometric testing solutions to enterprises seeking to maximize success in employee recruitment, job allocation and team building by scientifically matching each individual's character and talents to specific company needs.
Biotonix is also pleased to announce that Rene Vachon has joined its board of directors effective March 27, 2012. Mr. Vachon is Executive Vice-President Corporate Development at Miranda Technologies Inc. (TSX: MT), a leader in the development, manufacturing and marketing of high-performance hardware and software for the whole chain of value of the television broadcast industry. He is a member of the Ordre des comptables agrees du Quebec and of the Canadian Institute of Chartered Accountants since 1980. Moreover, the Society announced that Rene Vachon was awarded 50,000 options to purchase its common shares at the price of $0.10 each, with an expiration date of March 27, 2017.
In addition, the Society declared that it has closed the first tranche of a non-brokered private placement for an amount totaling $210,000.
CASH POSITION
On the basis of current projections and cash inflows from the private financings, management believes the Company will have sufficient funds available to support its activities for the next twelve months.
In addition, the Society completed reorganization during this quarter due to slow penetration of target markets. It reduced its spending through a decrease in staff, salary cuts, reduction of its operating costs and a hold on its research and development, all in order to preserve its financial resources.
BIOTONIX PROFILE
WEB-BASED SOLUTIONS FOR POSTURE CORRECTION AND FITNESS
Biotonix has developed a unique system and method which is at the core of all its applications. The system helps health and fitness professionals to assess, improve and monitor posture and overall fitness. The Biotonix web-based imaging software system is easy to use, non-invasive and provides a complete individualized assessment of musculoskeletal form and function, postural deviation detection, and corresponding corrective exercises. To date, the Company has generated over 425,000 postural and fitness assessments, including over 1,000 world-class athletes and corporations form the Fortune 500.
FitPrint™
Designed to meet the specific needs of the fitness market, ™ has the capability to assess posture as well as establish physiological age in order to improve muscular balance, performance and overall fitness.
MORE INFORMATION ON BIOTONIX
More information is available on Biotonix's website at as well as on the SEDAR website at .
BIOTONIX PROFILE
Biotonix (TSX VENTURE: BTX) offers innovative health solutions for posture correction and fitness using a web-based imaging software technology. For more information please visit
BIOTONIX'S FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company's filings. While Biotonix anticipates that subsequent events and developments may cause its views to change, Biotonix specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.
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.
Contacts:
Biotonix
Louise St-Onge
Chief Executive Officer
514.840.0004 ext 229
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Datum: 28.03.2012 - 14:04 Uhr
Sprache: Deutsch
News-ID 1097626
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