USA: SunBlush Technologies Corporation Announces Financial Results for Year Ended December 31, 1999
Revenue for the 12 months ended December 31, 1999 was $59.9 million, versus $63.7 million for the year ended December 31, 1998. The decline in revenue is primarily attributable to the sale of Paradise foods during the fourth quarter of the year. The loss decreased over last year to $4.5 million versus $6.6 million for the previous year. The improvement is a result of a continuing focus on improving operating efficiencies and reducing expenses.
"While the Company continued to sustain loses from some of its operating activities in 1999, we took decisive action to address this problem," said Nigel Lees, President and Chief Executive Officer. "We continue to reduce overheads, and more fundamentally, we are executing a strategic shift in favour of our higher margin licensing business."
The previously announced private placement of $4 million will now be a combination of convertible preferred shares at a price of Cdn. $1.65 per share and common shares at a price of Cdn. $1.50 per share, subject to regulatory approval. In addition the Company has raised $1.1 million through the issuance of short-term notes which are convertible into common shares at a price of Cdn. $1.50 per share.
The SunBlush Technologies Corporation is the leading provider of life extension technology to the high growth Fresh Produce and Flower Industry and uses its technological leadership to pursue licensing opportunities. SunBlush's patented technology, first developed at the University of British Columbia, naturally place produce in a state of hibernation while it is being shipped, extends the shelf life of fresh produce, flowers, and juices, thereby enabling economic distribution of premium quality vine-ripened fruit and vegetables.
Trading Symbol: SBT (CDNX and OFEX)
On Behalf of the Board The SunBlush Technologies Corporation Roy Robinson, Director and Corporate Secretary
The statements in this press 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 Canadian Venture Exchange has neither approved nor disapproved the contents of this news release.
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