CANTON, Conn., April 25, 2012 /PRNewswire/ -- Kelyniam (Pinksheets: KLYG.PK), is pleased to announce first quarter 2012 revenues of $210,635, a four-fold increase from the fourth quarter of 2011. The increase in revenues was driven by surgeries at new hospitals and from surgeons who have converted to using the Kelyniam Custom Skull Implant made from PEEK material. The first quarter 2012 represents the first full quarter with the new management and a full sales force.
We expect the growth to continue as we gain ground in the domestic custom cranial implant market. We are currently working on reaching out to the international market this year and believe this will have a direct positive benefit to our bottom line.
"Kelyniam is extremely excited to open up new markets and hopes to capitalize on those with new product lines in the near future, stated President and CEO Tennyson Anthony.
Mark Chenoweth, Vice President of Sales commented, "We continue to make significant progress in building our presence in hospitals, teaching institutions, and trauma centers across the U.S. The weekly feedback we receive from surgeons who are using our implants has been excellent. They are realizing the benefits of our fast turnaround capabilities, and are thrilled with the time and effort we save them in the O.R. due to our precision fitting implants.
With our unique product offering, we look forward to another exciting 2nd Quarter, providing both the surgeons and patients the best custom skull implant option available in the market today."
The CPA firm, Sadler, Gibb & Associates, has compiled the balance sheet and income statement for Kelyniam for the period end March 31, 2012. No audit has been performed on the statements presented.KELYNIAM GLOBAL, INC.Balance SheetsASSETSMarch 31,2012CURRENT ASSETSCash
35,303Accounts receivable, net95,728Inventory25,512Other current assets11,111Total Current Assets167,654PROPERTY AND EQUIPMENT, net525,661OTHER ASSETSDistributer rights, net44,005Total Other Assets44,005TOTAL ASSETS
737,320LIABILITIES AND STOCKHOLDERS' DEFICITCURRENT LIABILITIESAccounts payable and accrued expenses
105,080Accrued interest11,966Other current liabilities35,000Notes payable, current portion77,585Total Current Liabilities229,631LONG-TERM LIABILITIESNotes payable92,018Convertible notes payable, net147,500Total Long-Term Liabilities239,518TOTAL LIABILITIES469,149STOCKHOLDERS' DEFICITCommon stock; $0.001 par value, 60,000,000 shares authorized; 16,696,235 and 17,152,235 shares issued and outstanding, respectively17,153Additional paid-in capital2,299,428Deficit accumulated during the development stage(2,048,410)Total Stockholders' Deficit268,171TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
737,320 KELYNIAM GLOBAL, INC.Statements of OperationsFor the Three Months EndedMarch 31,2012REVENUES
210,635COSTS OF GOODS SOLD113,006GROSS MARGIN97,629OPERATING EXPENSESDepreciation and amortization33,956Professional fees18,601Commissions, salaries and wages138,268General and administrative expense63,375Total Operating Expenses254,200OPERATING LOSS(156,571)OTHER INCOME (EXPENSE)Interest expense(37,548)Total Other Income (Expense)(37,548)NET LOSS BEFORE INCOME TAXES(194,119)Provision for income taxes-NET LOSS
(194,119)BASIC AND DILUTED LOSS PER SHARE
(0.01)WEIGHTED AVERAGE NUMBEROF SHARES OUTSTANDING17,100,061A proxy has been distributed to shareholders of record March 27th regarding the annual meeting scheduled for May 11th at the company's headquarters. Shareholders are reminded to vote and return proxies no later than 2pm EST on May 9, 2012.
About Kelyniam Global, IncorporatedKelyniam Global (Pinksheets: KLYG), Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more active and productive lives.
Please visit our website at www.kelyniam.com for more information.
Forward-Looking StatementsExcept for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective" and "appears" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
For Question regarding this Press Release, please contact:
Kelyniam Global Inc.
Michael Hamblett, 800-280-8192 x3
Director of Investor Relations
|SOURCE Kelyniam Global Inc.|
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