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GeneLink Reports 2011 Financial Results
Date:5/11/2012

ORLANDO, Fla., May 10, 2012 /PRNewswire/ -- GeneLink, Inc. (OTC Bulletin Board: GNLKE, "the Company," or "GeneLink"), a leading consumer genomics biotech company, reports financial results for the fiscal year ended December 31, 2011.

Financial Results:

  • The Company reached an agreement in October 2011 to sell its direct selling subsidiary, GeneWize Life Sciences, Inc. to Capsalus Corp (OTCBB:WELL.OB, or "Capsalus"). Capsalus assumed management of GeneWize for the last quarter of the year and the sale closed in February of 2012. Accompanying the sale was a licensing and distribution agreement which provided $1,000,000 to GeneLink during the fiscal year.
  • Annual net sales decreased from $7,839,972 to $4,684,577 as GeneWize struggled during the year to maintain their brand partner enthusiasm in advance of the sale and while combating competitive pressures.  In addition, anticipated revenues from the launch of other channels were delayed.
  • The operating loss in 2011 was $3,566,615.  Most of the loss is attributable to the reduction in sales in GeneWize and implementation of plans to support GeneLink's expansion into additional channels.  In addition, we had extraordinary legal expenses related to regulatory compliance.  Excluding the non-recurring legal fees and expenses of $665,000, and $379,670 in non-cash charges relating to the granting of stock, options and warrants, operating losses would be $2,521,945.

Dr. Bernard Kasten, GeneLink's Chairman and CEO stated, "2011 was a year of transition for us, which included the sale of our direct selling subsidiary, GeneWize Life Sciences, to Capsalus Corp (OTCBB:WELL.OB).  Though the pending transaction challenged GeneWize's 2011 sales, newly infused enthusiasm through Capsalus bodes well for both Capsalus and GeneLink as GeneWize continues to feature GeneLink's highly differentiated nutrition
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SOURCE GeneLink, Inc.
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