VANCOUVER, British Columbia, June 17, 2004 (PRIMEZONE) -- AMS Homecare Inc. (TSX Venture Exchange:AHC) (OTCBB:AHCKF) (http://www.amshomecare.com), a leading national provider of mobility products, durable and disposable medical products and patient monitoring technology to the aging North American population, is pleased to report audited financial results for the year ended February 29, 2004 that represent significant year-over-year increases across all financial metrics.
For the complete fiscal year, AMS Homecare achieved record revenues of $4,394,857, an increase of 63% over last year. In achieving these year-end results, AMS generated net profits of $255,725, a significant improvement over a loss of $237,433 in the previous year. The complete audited report can be reviewed on SEDAR by using the following direct link to the company's SEDAR documents:
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00007936
Company information can also be obtained from www.sec.gov/ for US filings from the company.
Financial Highlights
--Revenues -- $4,394,857 -- 63%% Increase over last year --Net Profit -- $255,725 -- (Loss of $237,777 last year) --Gross Profit -- $1,653,611 -- 72% Increase over last year --Gross Profit Margin -- 37.6% -- 5.2% Increase over last year --Selling Expenses -- 12.6% -- 24% Decrease over last year
AMS President and Chairperson, Rani Gill, stated, "It brings me great pride and pleasure to be able to report record financial achievements across so many metrics to our shareholders. I also want to congratulate the employees at AMS Homecare for helping to deliver both significant increases in revenues and profits, as well as significant decreases in expenditures to achieve such growth. Suffice it to say, we will continue to attempt to surpass our performance in the current fiscal year and beyond."
Operational Highlights For The Year
March 8, 2004 -- AMS announced that it had received its OTC Bulletin Board trading symbol (AHCKF), and that will commence trading of its common stock on the OTCBB.
February 9, 2004 -- AMS announced that the company has purchased the assets of IER Systems, a business involved in the selling of wireless products and services relating to nursing call and emergency alert systems.
December 11, 2003 -- AMS announced that it had signed a renewable one-year exclusive agreement with Soleus Mobility of California, under which AMS Homecare would market and sell the Soleus Freedom Add-On, a product that transforms manual wheelchairs into automatic wheelchairs, throughout Canada.
September 17, 2003 -- AMS announced that it had signed a three-year agreement with Swabplus Canada for the world OEM license of Swabplus' patented, liquid-filled cotton swab technology and any improvements or enhancements of this technology.
September 11, 2003 -- AMS received a binding commitment for $1.5 million USD from an international financing group. The funds that have been arranged is a bridging loan to the company subject to certain conditions which will allow the closing of the previously announced purchase of a 49,000 square foot warehouse facility with manufacturing equipment for a powder coating facility in Eastern United States.
July 3, 2003 -- AMS signed a renewable two-year exclusive agreement with Supracor Inc. under which AMS Homecare shall market and sell Supracor's StimuLITE Honeycomb Cushioning products for the health care industry in Canada. Supracor health care industry products are used primarily for wheelchairs and electric scooters.
AMS Homecare CEO and Director, Harj Gill, stated, "The substantial growth and performance of AMS Homecare, as measured by these key financial metrics, continues to prove that AMS is moving in the right direction. We intend to continue capitalizing on our strong market position and achieve continued strong growth throughout North America."
About AMS Homecare
Founded in 1989, AMS Homecare is a successful purveyor of mobility equipment, durable and disposable medical products and patient monitoring technology that is recognized for its innovation, quality and style. With a base of 300 plus dealer customers in Canada, the company is moving forward to strengthen its foundation and to build an organization capable of serving the independence needs of the aging populations in Canada and the United States.
More information is available at www.amshomecare.com.
Statements contained in this release relating to AMS Homecare Inc. that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's most current filed Annual and Interim Reports. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements. The TSX Venture securities market has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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