FreshXtend Technologies Corp.
TSX VENTURE : FXT

FreshXtend Technologies Corp.

October 24, 2005 17:29 ET

FreshXtend Technologies Corp.: Quarterly Results Announced

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 24, 2005) - FreshXtend Technologies Corp. ("FreshXtend" or "the Company") (TSX VENTURE:FXT) announces financial results for the quarter ended September 30, 2005. Highlights (which are all in US Dollars unless stated otherwise) are as follow:

- Revenue for the quarter ended September 30, 2005 was $319,300, a 67% increase from revenue of $191,753 in the quarter ended September 30, 2004. The increase in revenue continues to be driven by sales growth from the Company's line of antioxidants and from initial fees from the Welch's technology license.

- Total expenses in Q3-2005 were $573,568 compared to total expenses of $345,635 in Q3-2004.

- An operating and net loss of $254,268 was posted in Q3-2005, compared to an operating and net loss of $153,882 in Q3-2004, an increase in losses of $100,386 between the two comparative periods.

- For the nine months ended September 30, 2005, the Company reports revenue of $903,615 (2004: $553,396), total expenses of $1,522,113 (2004: $1,125,430), an operating loss of $618,498 (2004: $572,034) and a net loss of $618,498 (2004: $527,757).

- The Company held cash of $54,445 at September 30, 2005 compared to cash of $293,841 at June 30, 2005.

FreshXend also announces it has received regulatory approval on the takeover of Solphen Group Limited ("Solphen"), based in the United Kingdom. As a result of the takeover of Solphen, the Company will issue a total of 1,290,619 shares at a deemed price of Cdn$0.13 per share, plus cash consideration of Pounds Sterling 26,313 (Cdn$55,018) to former Solphen shareholders. Of the shares issued to former Solphen shareholders, 734,089 will be issued to insiders of the Company.

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.

Trading symbol: FXT (TSX-V)

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 information herein contained should be read in conjunction with the Consolidated Financial Statements and Management Discussion and Analysis for the quarter ended September 30, 2005, available at the Company's website at www.freshxtend.com and at www.sedar.com.

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
    (604) 322-0487 (FAX)
    or
    FreshXtend Technologies Corp.
    Perry Lidster, Ph.D.
    President
    (604) 322-0759
    (604) 322-0487 (FAX)
    www.freshxtend.com