BROSSARD, QUEBEC--(Marketwire - May 31, 2012) - Biotonix (2010) inc. (TSX VENTURE:BTX) ("Biotonix"), a company offering innovative postural health solutions, today announced the financial results for the first quarter ended March 31, 2012.
HIGHLIGHTS
- During the quarter, Biotonix generated total sales of $131,740, compared to $131,911 for the same period in 2011. The Company also pursued its restructuring initiatives, thereby lowering expenses by $353,017 through operating expenses cutbacks and a hold on research and development activities. During the quarter, the Company posted an operating loss of $106,056, an improvement compared to a loss of $516,073 in 2011.
- On February 23, 2012, the Company entered into a final agreement with 9130-4519 Québec Inc. ("Atman"), with respect to the reverse takeover of Biotonix by Atman.
- On March 21 and 30, Biotonix closed two private placements without broker. As part of the transaction, the Company issued 3,999,994 units at $0.075 CAD, for an amount totaling $300,000.
OVERVIEW OF FINANCIAL INFORMATION
For the quarter ended March 31, 2012, sales remained stable compared to the corresponding quarter in 2011, reaching $131,740 compared to $131,911 last year. In addition, the gross margin reached 50% in the first quarter of 2012, compared to 49% in 2011.
| Quarter ended March 31st | ||
| Unaudited | ||
| 2012 | 2011 | |
| $ | $ | |
| Statement of Operations | ||
| Sales | 131,740 | 131,911 |
| Gross margin | 66,527 | 67,664 |
| Net loss | (106,056) | (516,073) |
| Net loss per share, basic and diluted | (0.004) | (0.02) |
| Weighted average number of shares | 27,188,661 | 23,094,167 |
| Balance sheet | ||
| Cash flow and deposits | 558,705 | 1,092,358 |
| Total assets | 746,786 | 1,411,489 |
| Total liabilities | 556,131 | 529,197 |
| Shareholder's equity | 190,655 | 882,292 |
CASH POSITION
On the basis of current projections and cash inflows from the private financings, management believes the Company will have sufficient funds available to support its activities for the current fiscal year, excluding the expenses incurred as part of the transaction with Atman.
In addition, the Company maintained its restructuring initiatives during the quarter due to slow penetration of target markets. It reduced its operating expenses and put a hold on its research and development, all in order to preserve its financial resources.
BIOTONIX PROFILE
WEB-BASED SOLUTIONS FOR POSTURE CORRECTION AND FITNESS
Biotonix has developed a unique biomechanical evaluation system and method which is at the core of all its applications. The system helps health and fitness professionals to assess, improve and monitor posture and overall fitness. The Biotonix web-based imaging software system is easy to use, non-invasive and provides a complete individualized assessment of musculoskeletal form and function, postural deviation detection, and corresponding corrective exercises. To date, the Company has generated over 425,000 postural and fitness assessments, including over 1,000 world-class athletes and corporations form the Fortune 500.
FitPrint™
Designed to meet the specific needs of the fitness market, FitPrint™ has the capability to assess posture as well as establish physiological age in order to improve muscular balance, performance and overall fitness.
MORE INFORMATION ON BIOTONIX
More information is available on Biotonix's website at www.biotonix.com as well as on the SEDAR website at www.sedar.com.
BIOTONIX PROFILE
Biotonix (TSX VENTURE:BTX) offers innovative health solutions for posture correction and fitness using a web-based imaging software technology. For more information please visit www.biotonix.com
BIOTONIX'S FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company's filings. While Biotonix anticipates that subsequent events and developments may cause its views to change, Biotonix specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Louise St-Onge
Chief Executive Office
stongel@biotonix.com
514-840-0004, ext. 229
www.biotonix.com