FreshXtend Technologies Corp.
TSX VENTURE : FXT

FreshXtend Technologies Corp.

November 22, 2006 17:06 ET

FreshXtend Announces Financial Results for Quarter Ended September 30, 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 22, 2006) - FreshXtend Technologies Corp. (TSX VENTURE:FXT) ("FreshXtend" or "the Company") is pleased to announce financial results for the quarter ended September 30, 2006. Highlights (which are all in US Dollars unless stated otherwise) are as follow:

- Revenue for the quarter ended September 30, 2006 ("Q3-2006") was $363,329, a 17% increase from revenue of $309,760 achieved in the quarter ended September 30, 2005 ("Q3-2005").

- Total operating expenses in Q3-2006 were $606,956, compared to total operating expenses of $564,028 in Q3-2005, a cost increase of 8% which is mostly derived from higher sales and marketing expenses, and is more than offset by the revenue increase achieved.

- The most significant line of expenses continues to be general and administration expenses of $214,255 (Q3-2005: $246,717), followed by non-cash items and interest of $141,730 (Q3-2006: $105,254), sales and marketing expense of $131,006 (Q3-2006: $59,395) and research and development costs of $119,965 (Q3-2005: $152,662).

- In Q3-2006 FreshXtend posted a loss before other item of $243,627 compared to a loss before other item of $254,268 in Q3-2005.

- Net loss for Q3-2006 was $285,697, compared to a net loss of $2254,268 in Q3-2005.

- The Company held cash of $176,143 and had a working capital deficit of $30,258 at September 30, 2006.

The information in this news release should be read in conjunction with the Consolidated Financial Statements and Management Discussion and Analysis for the quarter ended September 30, 2006, which will be available at the Company's website at www.freshxtend.com and at www.sedar.com.

FreshXtend Technologies Corp.,

Roy Robinson, Director

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.

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.

Contact Information

  • FreshXtend Technologies Corp.
    Roy Robinson
    Director
    (604) 322-0759
    (604) 322-0487 (FAX)
    or
    FreshXtend Technologies Corp.
    Perry Lidster, Ph.D.
    Director
    (604) 322-0759
    (604) 322-0487 (FAX)
    Website: www.freshxtend.com