Net loss for the three months was $(395,000) or $(0.04) per share compared to a loss of $(281,000) or $(0.03) per share for the same period of the prior fiscal year. The net loss for the nine month period was $(1,461,000) or $(0.13) per share compared to a loss of $(691,000) or $(0.06) per share in the prior fiscal period.
Commenting on the results of the quarter, Mr. William Spencer, Imagenetix's Chief Executive Officer said, "Although our retail launch has taken longer to implement than we had anticipated, we are starting to see a significant increase in demand for the product by retail customers. In addition we are in the process of increasing the number of retailers who will be carrying our product during our fourth fiscal quarter of 2008 and first fiscal quarter of 2009. Our advertorial approach utilizing, Tony Gwynn, has produced a dramatic impact on sales of our product in stores located in areas where the ads have been placed. These results have been instrumental in attracting additional retail locations."
Mr. Spencer added, "During the quarter we have made substantial progress on a number of other fronts and expect to see additional sales of other products, particularly in the Private Label area, in the near future."
During the quarter warrant holders with warrants scheduled to expire on October 23, 2007 were given the right to extend their warrants for three years for a warrant extension fee of $.05 per warrant share. Upon this extension the call provision was also changed to allow the Company to call the warrants if the stock should trade for 10 business days at a 20% premium to the adjusted conversion price.
As a result of
|SOURCE Imagenetix, Inc.|
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