SOURCE: EFT BioTech Holdings

June 12, 2008 09:00 ET

EFT BioTech Holdings, Inc. Restates 2007 and 2006 Unaudited Financial Results

Annual Revenues Increased to $86.8 Million in 2007 From $48.6 in 2006

Annual Net Income Increased 156% to $26.4 million With EPS of $0.43

CITY OF INDUSTRY, CA and HONG KONG--(Marketwire - June 12, 2008) - EFT BioTech Holdings, Inc. (PINKSHEETS: EFTB), the E-Business company serving consumers with EFTB's world-class products, through its online business platform and through its Affiliate network, today announced restated unaudited financial results for 2007 and 2006.

2007 Unaudited Highlights

--  Revenue increased to $86.8 million versus $48.6 million in 2006.
--  Net income increased to $26.4 million, up 156% versus $10.2 2006.
--  Our existing products continue to generate strong sales growth and
--  EPS for 2007 was $0.43.
    

Revenues for the year ended March 31, 2007 increased to $86.8 million up from $48.6 million in 2006. The significant increase in revenues was due to our rapidly expanded affiliate network and EFT BioTech's world-class product portfolio supported by enhanced marketing efforts. The Company believes that this extraordinary growth should provide investors with confidence in EFT BioTech's ability to execute on our strategic plan going forward.

Net income was $26.4 million, representing an increase of 156% from $10.2 for the same year ago period. Fully diluted earnings per share were $0.43 up from $0.17 in 2006. The growth and improved profits were primarily due to the substantial increase in revenues of EFT BioTech's unique Business-to-Consumer platform using the World Wide Web as our "storefront" that eliminates the physical limitations and expenses normally faced by conventional retail outlets.

"As we await our forthcoming audited financial reports prior to applying for uplisting from Pink Sheets we are pleased to report strong revenue and net income growth as EFT BioTech rapidly becomes a leading B to C company in several parts of the World," commented Jack Qin, President and CEO of EFT BioTech Holdings.

About EFT BioTech, Inc.

EFT BioTech, Inc. is an E-Business Company serving consumers with EFTB's world-class products, through an online business platform as its primary means to attract and cultivate its Affiliate network program. EFTB consumers can become EFTB Affiliates by sharing EFTB's product information with other potential consumers. EFTB offers its Affiliate network a portfolio of world-class products to market, and a robust infrastructure through which to receive payments and manage their customer referral sales. For more information please visit www.EFTB.us.

Safe Harbor for Forward-Looking Statements

Statements made in this release with the respect to the Company's current plans, estimates, strategies and beliefs and other statements that are not historical are forward-looking statements. Forward-looking statements include, but are not limited to, those statements using words such as "believe," "expect," "plans," "strategy," prospects," "forecast," "estimate," "project," "anticipate," "aim," "may" or "might" and words of similar meaning in connection with a discussion of future operations, financial performance, vents or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management's assumptions and belief in light of the information currently available to it. The company cautions you that a number of important risks and uncertainties could cause actual results to materially differ from those discussed in the forward-looking statements, and therefore, you should not place undue reliance on them. You also should not rely on any obligation of the Company to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The company disclaims any such obligation unless required by law. Risks and uncertainties that might affect the Company include, but are not limited to (i) the global economic environment in which the Company operates, as well as the economic conditions in the Company's markets, (ii) levels of consumer spending, and (iii) exchange rates, particularly between the Chinese Yen and the U.S. Dollar. Risks and uncertainties also include the impact of any future events with material adverse impacts.

Contact Information

  • Contact:
    John Tsemberides
    44 Wall Street 12th floor
    New York, N.Y. 10005
    O: 212-400-2337
    C: 917-734-1524
    john@informedir.com