IRW-Press: Gemoscan Canada, Inc. Announces Improved Annual Financial Results And Provides Additional Corporate Development Update



Published on 01 August 2014


by Press Office

(IRW-PRESS and WireNews+Co)

Vienna, Austria


Gemoscan Canada, Inc. (TSXV: GES) (MUN: 1GE) ('Gemoscan' or the 'Company'), today reported operational and financial results for the fourth quarter and 12 months ended March 31, 2014. In this press release, all dollar amounts are expressed in Canadian currency and results are reported in accordance with International Financial Reporting Standards (IFRS).

Improved results were generated by the Company's regular focus on the emerging retail health care sector, driven by the rapidly growing paramedical goods and services sector. The Company continues to service consumers through pharmacies, healthcare professionals and third party paramedical clinics, as well as its own paramedical clinics. The Company's programs are available in nearly 600 pharmacies and paramedical clinics across Canada.

The current financial results reflect the Company's previously announced acquisition of Physiomed Kennedy Inc. (the 'PKI'), a multidisciplinary paramedical clinic, and consolidate nine months of relevant quarterly financial results for PKI. Also included are three months of management fees generated from the previously-announced definitive agreement with Physiomed Yorkdale Inc. to provide operational management services to it.

For the twelve months ended March 31, 2013, total revenues were $2,655,313 representing an increase of approximately 146% from $1,078,294, versus the comparative twelve-month period in fiscal 2013. Fiscal fourth quarter revenues of $703,049, were also better, representing a 305% increase over $172,174, for the comparative three-month period in fiscal 2013.

For the twelve months ended March 31, 2013 the Company posted a net loss for the year of $1,269,477. The loss is a reduction of 37% from the comparative-period loss of $2,004,014. Similarly, a reduced fiscal fourth quarter loss of $376,722 was also reported, versus $640,147 for the comparative period in fiscal 2013, equaling a reduction in loss of approximately 70%.

The Company further reported a reduction to cash used for operating activities for the 12 months ended March 31, 2013, of $316,271 versus $1,079,592 for the comparative period in fiscal 2013.

Furthermore, pursuant to the Company's news release of May 28, 2014, the Company continues to undertake due diligence and draft the necessary agreements and disclosure documents in its proposed acquisition of all of the issued and outstanding common shares of 2275518 Ontario Inc. and a related company, jointly known as Abira Healtchare, and is working with its Sponsor, as previously announced, and with the Company's advisors, to effect the soonest possible favorable outcome for all stakeholders.

In addition to the Company's news release of May 08, 2014, the Company has, until sufficient further documentation is received from Novo Healthnet, determined to suspend its due diligence around its prior announced, proposed two stage transaction, resulting in the intended acquisition of a 100% interest in seven paramedical clinics currently owned by Novo Healthnet.

The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

About Gemoscan Canada, Inc.

Gemoscan is an industry leader in food intolerance management and maintains a first-to- market position with Canada wide distribution through select retail partners. Founded in 2003, using its proprietary patented technology, Gemoscan develops, owns and markets comprehensive naturopathic dietary management solutions for consumers, including the HEMOCODE ™ System and the MenuWise ™ Plan, personalized medically supervised programs that promote dietary well-being. Gemoscan is the first and only provider to commercialize a food sensitivity management solution directly to consumers in partnership with retailers, and today offers the most comprehensive services available.

Gemoscan also owns and operates Physiomed Kennedy Inc., and operates Physiomed Yorkdale Inc., both being multidisciplinary paramedical clinics, located in Toronto, Ontario.

Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange under the symbol GES and is quoted on the Munich, Frankfurt and Stuttgart Stock Exchanges under the symbol 1GE.

Forward-Looking Information

This news release contains certain 'forward-looking information'. All statements, other than statements of historical fact that address activities, events or developments that Gemoscan believes, expects or anticipates will or may occur in the future. These forward-looking statements reflect the current expectations or beliefs of Gemoscan based on information currently available to Gemoscan. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Gemoscan to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Gemoscan. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Gemoscan disclaims any intent or obligation to update any forward - looking statement, whether as a result of new information, future events or results or otherwise. Although Gemoscan believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information please contact:

Brian Kalish, Chief Executive Officer

Gemoscan Canada, Inc.

Tel: 416.650.1200

bkalish@gemoscan.com

http://www.gemoscan.com


Contacts

  •  
  • Joachim Brunner
  • IRW-Press
  • PR Contact
  • Tel: +43724221193011
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Posted 2014-08-01 16:09:00