MOORESVILLE, N.C., Feb. 17 /PRNewswire-FirstCall/ -- Anpath Group, Inc. (OTC Bulletin Board: ANPG), and its wholly-owned subsidiary, EnviroSystems, Inc. (ESI), today reported financial results for its fiscal 2010 third quarter which ended December 31, 2009.
Third Quarter Results:
The Company continued a positive trend of increased quarterly revenues and reduced losses year over year. Revenues for the third quarter were $66,988 compared with revenues of $28,176 in the same quarter last year; an increase of $38,812 or 138%. For the first nine (9) months of FY 2010 Anpath Group reported an increase in revenues of $321,558 or 336% over the same period of FY 2009. The Company realized a net loss of ($544,794) or ($0.03) per share for the third quarter compared to a loss of ($1,646,268) or ($0.11) per share for the third fiscal quarter last year. Total operating expenses for the third fiscal quarter were reduced by $1,112,165 or 69% compared to the same period for the prior year.
"Our positive trend of increased revenue and reduced expenses continued during the third quarter," stated J. Lloyd Breedlove, President and Chief Executive Officer of Anpath Group. "The Company is working to build a foundation of recurring revenue and operational efficiency."
During the third quarter ANPG continued work on several previously announced initiatives. Highlights for the quarter included expansion of the Company's distribution network into the Cleveland, OH region by means of an agreement with Zaymat Distributors, and consolidation of its Korean distribution network by entering into a new exclusive "take or pay" agreement with Clebio. The Korea arrangement is valued at $2.5 million over the three-year term of the agreement.
The Company received in late December 2009 an initial order associated with its new Korean distribution agreement. This order was not shipped before the end of the third quarter and as such the company was unable to recognize the approximately $80,000 in revenue represented by the order in the 2010 third quarter. The revenue will be recognized in the fourth quarter which ends March 31, 2010. The $80,000 in revenue is the initial order in the $2.5 million "take or pay" agreement with Clebio.
During the quarter the Company retained Laidlaw &Company to provide financial advisory and investment banking services and assistance with identification of strategic partners. Related to that engagement the Company reported that ANPG Lending LLC, the Company's primary note holder, extended the maturity of its note to accommodate the Laidlaw initiative.
The Company also reported continued progress toward the introduction of an environmentally correct geobiocide for use in the oil & gas industry. Laidlaw & Company efforts are primarily focused on identifying and engaging potential strategic partners for the oil & gas industry.
About Anpath Group, Incorporated:
Anpath Group, Inc. (Anpath), through its wholly-owned subsidiary EnviroSystems, Inc., produces cleaning and disinfecting products that it believes will help prevent the spread of infectious microorganisms while minimizing the harmful effects to people, equipment or the environment. Visit www.anpathgroup.com for more information.
EnviroSystems, Inc. is focused on safe infection prevention technologies that the company believes will position the company in the forefront of the industry at a time when there is rapidly growing awareness of the critical need to prevent biological risks -- both natural and man-made. Visit www.envirosi.com for more information.
Forward Looking Statements:
This release may contain forward-looking statements, which reflect expectation or belief by Anpath Group, Inc. concerning future events that involve risks and uncertainties. Anpath Group can give no assurance that the expectations reflected in forward looking statements will prove correct and various factors could cause results to differ materially from Anpath Group expectations, including, but not limited to EPA and state registration of Anpath Group's products, its ability to carry out its business plan, successful development and commercial acceptance of its products, ability to fund development of its technology, the risk that products may not result from development activities, protection of its intellectual property, need for regulatory approvals, and other factors discussed in periodic Anpath Group, Inc. filings with the Securities and Exchange Commission. Forward-looking statements are qualified in their entirety by the above cautionary statement. Anpath Group assumes no duty to update its outlook or other forward-looking statements as of any future date.
SOURCE Anpath Group, Inc.
|SOURCE Anpath Group, Inc.|
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