FreshXtend Technologies Corp.
TSX VENTURE : FXT

FreshXtend Technologies Corp.

May 29, 2006 15:10 ET

FreshXtend Technologies Corp.: News Release

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2006) - FreshXtend Technologies Corp. ("FreshXtend" or "the Company") (TSX VENTURE:FXT) announces financial results for the quarter ended March 31, 2006. Highlights (which are all in US Dollars unless stated otherwise) are as follow:

- Revenue for the quarter ended March 31, 2006 ("Q1-2006") was $354,502, a 20% increase from revenue of $295,500 achieved in the quarter ended March 31, 2005 ("Q1-2005"). The revenue increase comes mainly from stronger antioxidant sales in North America.

- Total expenses in Q1-2006 were $446,140, compared to total expenses of $481,247 in Q1-2005, a cost decrease of 7% notwithstanding the increased commercial and technical support activity derived from higher quarterly sales. Without increasing staff, the Company has responded by integrating the expertise of its R&D staff into directed marketing roles.

- The most significant line of expenses continues to be general and administration expenses of $202,252 (Q1-2005: $206,639), followed by Research and Development costs of $167,294 (Q1-2005: $139,123), Sales and Marketing expense of $60,041 (Q1-2005: $61,216) and non-cash items and interest of $16,553 (Q1-2005: $61,216).

- In Q1-2006 FreshXtend posted a loss of $91,638 compared to a loss of $185,747 in Q1-2005. The loss in Q1-2006 is the lowest quarterly loss posted by the Company following its reorganization in late 2003.

- Important milestones towards the Company's ongoing goal of strengthening its revenue line in 2006 include repeat orders from a significant antioxidant client in North America, a letter of intent signed with the largest peach producing association in Beijing to test FreshSpan during the summer of 2006 and ongoing discussions with companies interested in testing the Company's technologies in a variety of fruits and vegetables.

- The Company held cash of $106,477 and working capital of $184,455 at March 31, 2006.

The information herein contained should be read in conjunction with the unaudited Consolidated Financial Statements and Management Discussion and Analysis for the quarter ended March 31, 2006 and with the audited Consolidated Financial Statements and Management Discussion and Analysis for the year ended December 31, 2005, available at the Company's website at www.freshxtend.com and at www.sedar.com.

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 in order to gain a competitive edge in the marketplace. 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.
    R.W. Robinson
    Director
    (604) 322-0759
    or
    FreshXtend Technologies Corp.
    Perry Lidster, Ph.D.
    COO & R&D Director
    (604) 322-0759
    (604) 322-0487 (FAX)
    www.freshxtend.com