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:10/9/2017)... ... October 09, 2017 , ... The award-winning American Farmer television ... quarter 2018. American Farmer airs Tuesdays at 8:30aET on RFD-TV. , With global ... the challenge of how to continue to feed a growing nation. At the same ...
(Date:10/9/2017)... San Antonio, Texas (PRWEB) , ... ... ... a new study published on October 5, 2017, in the medical journal, ... demonstrated equivalence with the gold standard, video EEG, in detecting generalized tonic-clonic ...
(Date:10/7/2017)... , Oct. 6, 2017  The 2017 ... of three scientists, Jacques Dubochet, Joachim Frank ... developments in cryo-electron microscopy (cryo-EM) have ... within the structural biology community. The winners worked ... can now routinely produce highly resolved, three-dimensional images ...
(Date:10/5/2017)... ... October 05, 2017 , ... LabRoots , the leading provider of educational ... is giving back to cancer research with a month-long promotion supporting the advancement of ... 31, shoppers can use promo code PinkRibbon to get 10 percent off their purchase ...
Breaking Biology Technology:
(Date:4/24/2017)... , April 24, 2017 ... and partner with  Identity Strategy Partners, LLP (IdSP) ... "With or without President Trump,s March 6, 2017 ... Terrorist Entry , refugee vetting can be instilled with ... resettlement. (Right now, all refugee applications are suspended ...
(Date:4/13/2017)... According to a new market research report "Consumer IAM Market ... Authorization), Service, Authentication Type, Deployment Mode, Vertical, and Region - Global Forecast ... from USD 14.30 Billion in 2017 to USD 31.75 Billion by 2022, ... ... MarketsandMarkets Logo ...
(Date:4/6/2017)... Forecasts by Product Type (EAC), Biometrics, Card-Based ... & Logistics, Government & Public Sector, Utilities / Energy ... Nuclear Power), Industrial, Retail, Business Organisation (BFSI), Hospitality & ... for a definitive report on the $27.9bn Access Control ... ...
Breaking Biology News(10 mins):