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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
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SOURCE GeneLink, Inc.
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