VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 04/15/08 -- FreshXtend Technologies Corp. (TSX VENTURE: FXT) ("FreshXtend" or "the Company") is pleased to announce audited financial results for the year ended December 31, 2007. Highlights (which are all in US Dollars unless stated otherwise) are as follows:
- Revenue for the year ended December 31, 2007 was $2,038,266, a 24% increase from revenue of $1,640,508 achieved in the year ended December 31, 2006. The growth in revenue was mainly the result of stronger antioxidant sales.
- Total operating expenses were $2,723,592, compared to total operating expenses of $2,106,802 in 2006, a cost increase of 29% mostly derived from higher sales and marketing expenses and a significant increase in foreign exchange expense, resulting from the appreciation of the Canadian dollar as compared to the US dollar during the year.
- The Company posted a net loss of $952,386 in fiscal 2007, compared to a net loss of $563,175 in 2006.
- The cash position of the Company at December 31, 2007 was $385,677, with a working capital deficiency of $1,046,123.
The information in this news release should be read in conjunction with the Audited Consolidated Financial Statements and Management Discussion and Analysis for the year ended December 31, 2007, which will be available at the Company's website at www.freshxtend.com and at www.sedar.com.
FreshXtend Technologies Corp.,
FreshXtend is a leading provider of life extension technology to the high growth Fresh Produce and Flower Industry and uses its technological leadership to pursue licensing opportunities. The Company's patented technologies naturally place produce in a state of hibernation while it is being shipped, and extends the shelf life of fresh produce, flowers and juices, thereby enabling economic distribution of premium quality vine-ripened fruit and vegetables. The Company has a network of R&D relationships, which include the University of British Columbia and focuses on building features that will appeal to FreshXtend's customers. The Company continues to pursue licensing opportunities through grower/processor channels as a way of maximizing the distribution for its technologies.
Trading symbol: FXT (TSX-V)
Manual Listing S & P's Industrial & Int'l, 12g (3)b Exemption: #82-2190
The statements in this news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are subject to the safe harbour created by these sections. Actual results may differ materially from the Company's expectations.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
FreshXtend Technologies Corp.
(604) 322-0487 (FAX)