VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/26/08 -- FreshXtend Technologies Corp. (TSX VENTURE: FXT) ("FreshXtend" or "the Company") announces financial results for the quarter ended September 30, 2008 ("Q3-2008"). Highlights (which are all in US Dollars unless stated otherwise) are as follows:
- Revenue in Q3-2008 was down to $24,942 compared to $552,817 in Q3-2007. The significant decrease in revenue follows the transfer of the Company's antioxidant business to Nature Seal Inc. and AgriCoat Nature Seal Limited (the "New Companies) on March 31, 2008. Antioxidant sales accounted for most of the Company's operating revenues in periods up to March 31, 2008.
- Total operating expenses were $508,064 in Q3-2008, compared to $639,234 in Q3-2007, mainly as a result of the elimination of a number of staff positions. Operating expenses will continue to decrease further in subsequent quarters as additional positions are eliminated.
- As a significant non-operating item, the Company recorded investment income of $228,914 in Q3-2008 ($nil in Q3-2007), derived from the Company's share of net earnings in the New Companies in the period.
- The Company recorded a net loss of $253,608 or $0.01 per share in Q3-2008, compared to a net loss of $129,852 or $nil per share in Q3-2007.
- The Company's cash position at September 30, 2008 was $295,766. As of the same date, the Company had a working capital deficiency of $1,263,243.
The Company also announces that it has called a Special Meeting of Shareholders, to be held on December 8, 2008 to vote with respect to a proposed Reorganization Plan that would include a delisting of the Company's shares from the TSX Venture Exchange. The Information Circular dated November 13, 2008 containing all relevant information of the Plan has been mailed to shareholders and is also available on www.sedar.com.
The information in this news release should be read in conjunction with the Company's Unaudited Consolidated Financial Statements and Management Discussion and Analysis for the quarter and nine months ended September 30, 2008 and the Company's Audited Consolidated Financial Statements and Management Discussion and Analysis for the year ended December 31, 2007, available at the Company's website at www.freshxtend.com and at www.sedar.com.
FreshXtend Technologies Corp.,
Trading symbol: (TSX VENTURE: FXT)
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)