MESA, Ariz., June 27, 2006 (PRIMEZONE) -- Humatech, Inc. (Pink Sheets:HUMT) today became current with its SEC filings, submitting its Form 10-QSB for its 2006 third fiscal quarter, and taking immediate steps to gain relisting on the OTC Bulletin Board as its revenues for the first nine months of the fiscal year exceeded $1,000,000.
For the quarter ended January 31, 2006, Humatech had revenues of $530,646, up 219% compared with revenues of $166,417 in the same quarter in fiscal 2005. Gross profit for the quarter was $211,146, up 938% compared with $20,334 in the 2005 fiscal year's quarter.
Net loss for the quarter totaled $71,909, down 69% from the fiscal 2005 third quarter loss of $230,400. Net loss per share, with weighted average basic and fully diluted shares totaling 34,304,848, amounted to $0.00 for the 2006 third fiscal quarter, compared with a loss of $0.01 per share in the same quarter of the prior year when weighted average basic and fully diluted shares outstanding totaled 33,486,940.
For the nine months ended January 31, 2006, Humatech had revenues of $1,209,297, up 209% from the $390,772 for the first nine months of fiscal 2005. Gross profit for the nine months amounted to $358,835, up 887% compared with $36,339 in the first three quarters of fiscal 2005.
Net loss for the nine months amounted to $444,222, a 54% improvement over a loss of $972,673 in the first nine months of fiscal 2005. Net loss per share, with weighted average basic and fully diluted shares totaling 34,147,348 for the first nine months of fiscal 2006, amounted to $0.01 per share, compared with $0.03 per share in the same period last year when weighted average basic and fully diluted shares totaled 31,237,426.
In its third quarter report, the company said that it was continuing to pursue funding to expand its manufacturing and marketing capabilities, and believed that it continued to have a competitive advantage with its animal feed supplement products. Humatech management said these products have generated significant increases in net revenues both internationally and domestically, and that the company anticipates continued revenue growth in the future as it expands its sales, production and distribution infrastructure.
Humatech, Inc. manufactures all natural nutrient solutions for plants and animals, produced from a proprietary process described as "Iso-Molecular" technology. The company markets Promax(r) to the animal feed industry in several countries, and also has an agricultural product line, which it markets in the USA and Europe, as well as its newly developed Organic Advantage(r) retail product line, which consists of 12 organic based liquid products ranging in size from a 4oz. Planting Solution, to a 2 1/2 gallon Lawn Food.
Certain information contained in this news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these statements are made to convey the company's progress, business opportunities and growth prospects, readers are cautioned that such forward looking statements represent management's opinion. Actual company results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. A more extensive listing of risks and factors that may affect the business prospects of the company and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.
For additional information regarding the company, and its product lines, please visit http://www.humatech.com .