Navigation Links
Sangui BioTech International, Inc., Reports Sales Increase, Continued Losses

Wolfgang Barnikol Resigns From Executive Positions

WITTEN, Germany, April 8 /PRNewswire-FirstCall/ -- Sangui BioTech International, Inc. (OTC: SGBI), published its financial statements for its fiscal year ended June 30, 2006, on April 3, 2008. According to the report on form 10-KSB as filed with the SEC the company almost tripled its sales of cosmetics and wound management products, although from a low level. In FY 2006, Sangui yielded sales of approximately USD 137,000 and a Gross Profit of approximately USD 19,000. Due to the ongoing cost containment program operating expenses were down 25% to approximately USD 758,000. The company reports a net loss for the year of approximately USD 743,000. The resulting accumulated deficit amounts to approximately USD 21.8 million. Total shareholders' deficit as of June 30, 2006 stands at approximately USD 384,000. Net cash used in operating activities of approximately USD 283,000 was partially offset by cash inflows from financing activities in the amount of approximately USD 235,000.

According to the 10-KSB report these conditions raise substantial doubt about the Company's ability to continue as a going concern. In order for the Company to continue its operations at its existing levels, the Company will require significant additional funds. Therefore, the Company is dependent on funds raised through equity or debt offerings.

Preliminary unaudited figures for Sangui's fiscal year ended June 30, 2007, indicate that Sangui yielded sales in this period of approximately USD 373,000. An increase in operating expenses which is attributable to increased marketing and sales efforts is the main factor for the resulting net loss of approximately USD 704,000. The company strives to file its pending quarterly and annual reports for its 2007 and 2008 fiscal years over the next couple of months.

Cornerstones of Sangui's current business include sales of cosmetics and wound management products through different distribution partners in Germany and abroad. Sales in several Arab countries are subject to their registration in the respective countries. Sangui is not involved in these registration procedures and has no influence on them. At present, there is no reliable basis to predict when sales will start and which volumes may be generated. Negotiations about raising a substantial mezzanine loan were now discontinued as conditions appeared to be unfavorable for the company. Further business opportunities are largely dependent on the successful registration of Sangui's Hemospray wound spray. The company's current plans anticipate that the registration for sales in the European Union may be obtained in the course of calendar year 2008.

The company currently has two employees as well as consulting agreements with five persons in charge of management and development acitivities. In the course of the 2007 calendar year several European investors provided cash inflows to the company of more than EUR 0.6 million.

Wolfgang Barnikol resigns from executive positions

Professor Wolfgang Barnikol has declared to lay down his positions as President, Chief Executive Officer and Chief Financial Officer of Sangui BioTech International, Inc.. He will continue to serve as a Member of the Board of the company and contribute his scientific and medical expertise to further promote Sangui projects. The Board of Directors has agreed to appoint Thomas Striepe as interim CEO and Joachim Fleing as interim CFO of Sangui International. Both will serve in this position until the election of a new Board of Directors on the occasion of the planned shareholders' meeting. Operations of the company will continue to be directed by Hubertus Schmelz, the Managing Director of SanguiBioTech GmbH the Witten based wholly-owned subsidiary.

SanguiBioTech GmbH is a wholly owned subsidiary of Sangui BioTech International, Inc. ( SGBI)

Some of the statements contained in this news release discuss future expectations, contain projections of results of operation or financial condition or state other "forward-looking" information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions. Important factors that may cause actual results to differ from projections include, among many others, the ability of the Company to raise sufficient capital to meet operating requirements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information please contact:

Joachim Fleing

Phone: +49-(160)-741-27-17

Fax: +49-(2302)-915-191


SOURCE Sangui BioTech International, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Sangui Partnership Enters a New Phase:
2. Canadian Centre for DNA Barcoding to Participate in Microchip Biotechnologies Early Access Program for Microchip-Based DNA Sample Preparation and Cycle Sequencing
3. Amsterdam Molecular Therapeutics Part of Next Biotech Index
4. Raven biotechnologies Announces Collaboration With Monogram Biosciences to Advance Diagnostic Cancer Technologies
5. Hawaii Biotech Receives Funding From the Pediatric Dengue Vaccine Initiative
6. Raven biotechnologies and Bioprocessing Technology Institute Announce Collaboration to Advance Discovery of Stem Cell Antibodies
7. EnzySurge, Maker of DermaStream(TM), Establishes a US Office in the Virginia Biotech Commercialization Center
8. Genetic Engineering & Biotechnology News reports on cancer biomarkers
9. Biotech Avoids Fall Out From Tough Quarter for Capital Markets
10. HighPoint Solutions Selected by Global Biotechnology Company to Provide Master Data Management Solution
11. Champions Biotechnology, Inc. Appoints New Board Members and Forms Management Team
Post Your Comments:
(Date:11/24/2015)... ... November 24, 2015 , ... ... year and one of the premier annual events for pharmaceutical manufacturing: 2015 Annual ... November 2015, where ISPE hosted the largest number of attendees in more than ...
(Date:11/24/2015)... , Nov. 24, 2015  Clintrax Global, Inc., a worldwide ... Carolina , today announced that the company has set a ... a 391% quarter on quarter growth posted for Q3 of 2014 ... and Mexico , with the establishment of ... December 2015. --> United Kingdom and ...
(Date:11/24/2015)... , ... November 24, 2015 , ... This fall, global ... competitive events in five states to develop and pitch their BIG ideas to improve ... each state are competing for votes to win the title of SAP's Teen Innovator, ...
(Date:11/24/2015)... November 24, 2015 SHPG ) announced today ... the Piper Jaffray 27 th Annual Healthcare Conference in ... 2015, at 8:30 a.m. EST (1:30 p.m. GMT). --> ... Officer, will participate in the Piper Jaffray 27 th Annual ... on Tuesday, December 1, 2015, at 8:30 a.m. EST (1:30 p.m. ...
Breaking Biology Technology:
(Date:11/17/2015)... PARIS , November 17, 2015 ... 17 au 19 novembre  2015.  --> Paris ... 2015.  --> DERMALOG, le leader de l,innovation ... à la fois passeports et empreintes sur la même ... pour les passeports et l,autre pour les empreintes digitales. ...
(Date:11/12/2015)... 12, 2015  A golden retriever that stayed healthy ... (DMD) has provided a new lead for treating this ... Broad Institute of MIT and Harvard and the University ... Cell, pinpoints a protective gene ... disease,s effects. The Boston Children,s lab of Lou ...
(Date:11/10/2015)... 10, 2015  In this report, the ... of product, type, application, disease indication, and ... report are consumables, services, software. The type ... biomarkers, efficacy biomarkers, and validation biomarkers. The ... diagnostics development, drug discovery and development, personalized ...
Breaking Biology News(10 mins):