WITTEN, Germany, June 20 /PRNewswire-FirstCall/ -- Sangui BioTech International, Inc., has now filed its quarterly reports on Form 10QSB with the SEC covering the quarters ended September 30, 2006; December 31, 2006, and March 31, 2007. In the first nine month of its 2007 financial year the company generated sales of approximately USD 345,000 as compared to approximately USD 95,000 in the first nine months of FY 2006. Operating expenses amounted to almost USD 600,000. The increase as compared to the USD 356,000 in the previous year period is due to increased efforts to expand operations to international markets. The company incurred a net loss of approximately USD 486,000. Sangui used cash in operating acitivities of approximately USD 457,000 (2006 period: approximately USD 242,000). The company's accumulated deficit amounted to USD 22.3 million as of March 31, 2007.
Apart from the contribution margin generated from sales of its cosmetics and wound management products, operations in the first nine months of FY 2007 were financed by investments from several European investors in the amount of approximately USD 543,000. In accordance with US-GAAP the amount is shown as Foreign currency translation adjustments in the profit-and-loss statement and as Effect of exchange rate changes in the cash-flow statement respectively.
In the first nine months of its financial year 2008 (July 1, 2007 through March 31, 2008), Sangui BioTech International, Inc., generated hardly any sales. The company invested in identifying and establishing new sales opportunities in international markets, to wit Mexico and the Arab countries, as well as in the approval process of its Hemospray wound spray in accordance with European, Mexican and US regulations. Ensuing losses were financed by continued investments from several European investors.
SanguiBioTech GmbH is a wholly owned subsidiary of Sangui BioTech International, Inc. (http://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.
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|SOURCE Sangui BioTech International, Inc.|
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