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Groupe Athena, Inc. Reports Record First Quarter Revenues, Adoption Of IFRS Accounting Standard In Anticipation Of Applying For Listing On The NASDAQ Bulletin Board
Date:11/14/2012

MUMBAI, India, Nov. 14, 2012 /PRNewswire/ -- Groupe Athena, Inc. (Pink sheets: GATA) announced today record revenues of $15,367,544 for the first quarter ending September 30, 2012, which is a 25% increase over the same period in 2011. Net after tax income for the period was $1,307,293 or $.03 per share which included a one time expense of $407,181 related to the purchase of the company's new facility in India. Trailing twelve month (ttm) earnings remained strong at nearly $.10 per share. The company also has a very healthy cash position and no long term debt.

The Company's Chairman, D. Purohit stated, "The pharma industry within our region is still very robust and Groupe Athena is extremely well positioned to continue on our current growth track for the foreseeable future. And with the recently reported asset additions which allow us to perform more services in-house, our margins are also increasing significantly."

In other news the Company has completed their recent transition from GAAP to the International Financial Reporting Standard (IFRS) for all future audited financials. The Company's annual report for the recent fiscal yearend on June 30, 2012 which was released on August 20, 2012 was audited using IFRS. With the completion of the audit for this fiscal year end on June 30, 2013 the company will seek to qualify for listing on the NASDAQ Bulletin Board quotation system.

To review the complete quarterly report please go to www.otcmarkets.com/stock/GATA/quote and click on "Financials."

The company reports it is still committed to funding all capital expenditures entirely from internal cash accruals without any shareholder dilution or debt increases.

As was previously stated, the Indian pharmaceutical industry is increasingly focusing on exports to the United States and GATA is well
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SOURCE Groupe Athena, Inc.
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