Shareholders' Meeting to be Held on November 18, 2008
WITTEN, Germany, October 22 /PRNewswire-FirstCall/ -- Sangui BioTech International, Inc., published its financial statements for its fiscal year ended June 30, 2008, on October 21. According to the report on form 10-KSB as filed with the SEC the company yielded sales of its cosmetics and wound management products in the amount of approximately USD 207,000 a decrease of 44% as compared with sales revenues of approximately USD 372,000 in the previous year. The decrease is attributable to the company's focus on product development (new cosmetics series, new surgical application of Chitoskin wound pads) and a lower return on marketing efforts with respect to cosmetic products. This also entailed higher research and development cost as well as an increase in General and administrative expenses.
The company reports a net loss for the year of approximately USD 854,000 (2007 net loss: approximately USD 721,000). The resulting accumulated deficit amounts to approximately USD 23.3 million. Total shareholders' deficit as of June 30, 2006 stands at approximately USD 1.1 million. Net cash used in operating activities of approximately USD 1.1 million was offset by cash inflows from financing activities (net of effects of exchange rates) in the amount of approximately USD 1.4 million.
Operations in the 2008 financial year were financed by investments from several European investors in the amount of approximately USD 994,000. In accordance with US-GAAP the amount is shown as foreign currency translation adjustments in the profit-and-loss statement.
The company invites its shareholders to attend the General Meeting of Shareholders on November 18, 2008 on the premises of the Forschungs- und Entwicklungszentrum in Witten, Germany.
SanguiBioTech GmbH is a wholly owned subsidiary of Sangui BioTech International, Inc. (htp://www.pinksheets.com: 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:
|SOURCE Sangui Bio Tech International Inc.|
Copyright©2008 PR Newswire.
All rights reserved