FreshXtend Technologies Corp.
TSX VENTURE : FXT

FreshXtend Technologies Corp.

August 29, 2007 13:03 ET

FreshXtend Announces Financial Results for the Quarter Ended June 30, 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2007) - FreshXtend Technologies Corp. (TSX VENTURE:FXT) ("FreshXtend" or "the Company") announced financial results for the quarter ended June 30, 2007 ("Q2-2007"). Highlights (which are all in US Dollars unless stated otherwise) are as follow:

- Revenue for the quarter ended June 30, 2007 was $449,965, compared to revenue of $439,846 in the quarter ended June 30, 2006. The increase in revenue was the result of higher antioxidant sales, mitigated by a decrease in licensing fees.

- Total operating expenses were $659,692 in Q2-2007, compared to operating expenses of $510,667 in Q2-2006. The single most important factor contributing to the increase in operating expenses was a foreign exchange expense in Q2-2007 of $73,977 (Q2-2006: $6,116), due to the significant appreciation of the Canadian dollar compared to the US dollar, recorded as of June 30, 2007.

- The operating loss recorded by the Company in Q2-2007 was $209,727, compared to an operating loss of $70,821 in Q2-2006. Net loss after litigation expenses was $248,370 in Q2-2007, compared to net loss of $70,821 in Q2-2006.

- YTD the Company has recorded an operating loss of $230,527 and a net loss of $333,906, compared to an operating loss and net loss of $162,459 in the six months ended June 30, 2006.

- The Company held cash of $621,235 and had working capital of $303,375 at June 30, 2007.

The information in this news release should be read in conjunction with the Company's Consolidated Financial Statements and Management Discussion and Analysis for the quarter ended and six months ended June 30, 2007 and the Company's Audited Consolidated Financial Statements and Management Discussion and Analysis for the year ended December 31, 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.

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.

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)