Navigation Links
GeneLink Reports First Quarter 2012 Financial Results
Date:5/22/2012

ORLANDO, Fla., May 22, 2012 /PRNewswire/ -- GeneLink, Inc. (OTCBB: GNLK.OB, "the Company," or "GeneLink"), a leading consumer genomics biotech company, reports financial results for the three months ended March 31, 2012.

Financial Results:

  • On February 10, 2012 the Company closed on the sale of its direct selling subsidiary, GeneWize Life Sciences, Inc., consummating a transaction entered into in October 2011. The sale price was $500,000 plus a monthly earn-out provision over five years which is to total between $1,500,000 and $4,500,000 (dependent upon GeneWize revenues). Accompanying the sale was a licensing and distribution agreement which provided an additional $1,500,000 to GeneLink in licensing and other fees.
  • Quarterly net sales were $771,664, including GeneWize retail revenues through February 10, 2012.
  • The net loss for the quarter was $105,673, which included a book gain of $ 759,054 from the sale of GeneWize. The net operating loss was $788,468. 
  • Net cash used in operating activities was $464,468

Dr. Bernard Kasten, GeneLink's Chairman and CEO stated, "Our year has begun with a renewed energy from the sale of GeneWize, which we believe will help GeneWize grow and prosper.  As the centerpiece of that transaction, is an agreement for GeneLink to continue to provide our leading customized genetic products to the customers of GeneWize, we are extremely pleased with this relationship and the future prospects for GeneWize and GeneLink. Plans for additional products, new markets and improved manufacturing efficiencies should serve to build on that momentum in the coming months."

About GeneLink Biosciences, Inc.:

GeneLink Biosciences is a 17-year old leading biosciences company specializing in consumer genomics. GeneLink's patented technologies include proprietary DNA test assessments linked to personalized health, beauty and wellness applications and products. Its DNA assessments provide information that enables the customization of nutritional and skincare products designed and manufactured to fulfill each individual consumer's wellness needs. For more information visit www.genelinkbio.com.

This release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in the press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. GeneLink disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future developments or otherwise.


'/>"/>
SOURCE GeneLink, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. David L. Macdonald Appointed CEO of GeneLink BioSciences, Inc.
2. GeneLink Reports First Quarter Gains
3. GeneLink Announces HelixLife Private Label Distribution Agreement
4. GeneLink BioSciences, Inc. Ranked 62nd Fastest Growing Company in North America on Deloittes 2010 Technology Fast 500™
5. GeneLink Reports Third Quarter Results
6. GeneLink Announces New Licensing Partner
7. GeneLink Reports 2010 Results
8. GeneLink Reports Denial of Appeal
9. GeneLink Biosciences Expands its Scientific Advisory Board to Support New Product Lines
10. GeneLink Reports Second Quarter 2011 Results
11. GeneLink BioSciences, Inc. Ranked Number 33 Fastest Growing Company in North America on Deloittes 2011 Technology Fast 500™
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/12/2017)... ... October 12, 2017 , ... ... pharmaceutical and biotechnology industries to improve patient outcomes and quality of life, will ... analytical testing are being attributed to new regulatory requirements for all new drug ...
(Date:10/11/2017)... Palo Alto, CA, USA (PRWEB) , ... October 11, 2017 , ... ... is set to take place on 7th and 8th June 2018 in San Francisco, ... and policy influencers as well as several distinguished CEOs, board directors and government officials ...
(Date:10/11/2017)... ... 2017 , ... A new study published in Fertility and ... in vitro fertilization (IVF) transfer cycles. The multi-center matched cohort study ... comparing the results from the fresh and frozen transfer cohorts, the authors of ...
(Date:10/10/2017)... ... ... Dr. Bob Harman, founder and CEO of VetStem Biopharma, Inc. ... event entitled “Stem Cells and Their Regenerative Powers,” was held on August 31st, ... was joined by two human doctors: Peter B. Hanson, M.D., Chief of Orthopedic Surgery, ...
Breaking Biology Technology:
(Date:4/18/2017)... SUNNYVALE, Calif. , April 18, 2017  Socionext Inc., a ... prototype of a media edge server, the M820, which features the ... face recognition software provided by Tera Probe, Inc., will be showcased ... and at the NAB show at the Las Vegas ... ...
(Date:4/11/2017)... Research and Markets has announced the addition of the ... ... to grow at a CAGR of 30.37% during the period 2017-2021. ... been prepared based on an in-depth market analysis with inputs from ... prospects over the coming years. The report also includes a discussion ...
(Date:4/5/2017)... -- Today HYPR Corp. , leading innovator in ... the HYPR platform is officially FIDO® Certified . ... that empowers biometric authentication across Fortune 500 enterprises and ... 15 million users across the financial services industry, however ... suites and physical access represent a growing portion of ...
Breaking Biology News(10 mins):