Science & Technology
Science and Technology
Science and Technology
Wed, August 29, 2012
Tue, August 28, 2012 
August 28, 2012 20:37 ET
Biotonix Announces Second Quarter 2012 Results
BROSSARD, QUEBEC--(Marketwire - Aug. 28, 2012) - Biotonix (2010) inc. (TSX VENTURE:BTX) ("Biotonix"), a company offering innovative [ postural health ] solutions, today announced the financial results for the second quarter ended June 30, 2012.
HIGHLIGHTS
- During the quarter, Biotonix posted a comprehensive income of $76,748 upon writing off a debt, maintaining cutbacks on operating expenses and shelving research and development activities.
- On February 27, 2012, the Company entered into an agreement with privately-owned 9130-4519 Québec Inc. ("Atman"), whereby Biotonix acquired all outstanding shares of Alman subject to a number of conditions. This transaction is a reverse takeover of Biotonix under the policies of the TSX Venture Exchange. Atman provides 6th generation psychometric testing solutions to enterprises seeking to maximize success in employee recruitment, job allocation and team building by scientifically matching each individual's character and talents to specific company needs.
- On August 16, 2012, the Company filed a final prospectus to secure financing for a minimum of $1,500,000 and a maximum of $2,500,000 as part of the definitive agreement signed with 9130-4519 Québec Inc. ("Atman").
OVERVIEW OF FINANCIAL INFORMATION
For the quarter ended June 30, 2012, sales decreased compared to the corresponding quarter in 2011, reaching $137,876 compared $157,278 last year. In addition, the gross margin reached 49% in the second quarter of 2012, compared to 57% in 2011.
| Three months ended June 30th | Six months ended June 30th | ||||||
| Unaudited | Unaudited | ||||||
| 2012 Three months | 2011 Three months | 2012 Six months | 2011 Six months | ||||
| $ | $ | ||||||
| Statement of operations | |||||||
| Sales | 137,876 | 157,278 | 269,616 | 289,189 | |||
| Gross margin | 68,137 | 89,084 | 134,664 | 156,748 | |||
| Total profit (loss) | 76,748 | (341,761 | ) | (29,308 | ) | (857,834 | ) |
| Basic gain (loss) per share | 0.003 | (0.015 | ) | (0.001 | ) | (0.037 | ) |
| Weighted average number of shares | 27,188,661 | 23,188,667 | 24,265,926 | 23,141,667 | |||
| Balance sheet | |||||||
| Cash flow and deposits | 384,791 | 314,771 | 384,791 | 314,771 | |||
| Total assets | 703,447 | 683,977 | 703,447 | 683,977 | |||
| Total liabillities | 436,044 | 689,111 | 436,044 | 689,111 | |||
| Shareholder's equity | 267,403 | (5,134 | ) | 267,403 | (5,134 | ) | |
CASH POSITION
On the basis of current projections and cash inflows from the private financings, management believes the Company will have sufficient funds available to support its activities for the current fiscal year ending December 31, 2012, irrespective of the transaction with Atman. However, the Company must secure additional financing, increase its sales and/or cut operating costs in order to pursue it activities during the next 12 months.
In addition, the Company maintained its restructuring initiatives during the quarter due to slow penetration of target markets. It reduced its operating expenses and put a hold on its research and development, all in order to preserve its financial resources.
BIOTONIX PROFILE
WEB-BASED SOLUTIONS FOR POSTURE CORRECTION AND FITNESS
Biotonix has developed a unique [ biomechanical evaluation ] system and method which is at the core of all its applications. The system helps health and fitness professionals to assess, improve and monitor posture and overall fitness. The Biotonix web-based imaging software system is easy to use, non-invasive and provides a complete individualized assessment of musculoskeletal form and function, postural deviation detection, and corresponding corrective exercises. To date, the Company has generated over 425,000 postural and fitness assessments, including over 1,000 world-class athletes and corporations form the Fortune 500.
FitPrint™
Designed to meet the specific needs of the fitness market, [ FitPrint™ ] has the capability to assess posture as well as establish physiological age in order to improve muscular balance, performance and overall fitness.
MORE INFORMATION ON BIOTONIX
More information is available on Biotonix's website at [ www.biotonix.com ] as well as on the SEDAR website at [ www.sedar.com ].
BIOTONIX PROFILE
Biotonix (TSX VENTURE:BTX) offers innovative health solutions for posture correction and fitness using a web-based imaging software technology. For more information, please visit [ www.biotonix.com ]
BIOTONIX'S FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company's filings. While Biotonix anticipates that subsequent events and developments may cause its views to change, Biotonix specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.
Neither 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.
