SAN ANTONIO, Nov. 13, 2007 (PRIME NEWSWIRE) -- Sweet Success Enterprises (OTCBB:SWTS), the maker of GlucaSafe(tm), a product which supports healthy glucose levels, announced third quarter results today. GlucaSafe is undergoing substantial product promotion during November which is National Diabetes Month. Recent research indicates that one of every three newborn children will contract diabetes before the onset of their adult years.
Sweet Success announced today that it has filed its third quarter results on Form 10-QSB and reported a non-cash profit for the third quarter of approximately $2.7 million primarily resulting from non-cash changes in the fair value of derivatives related to its convertible debt.
"The non-cash profit was the result of market activities that affected the price of our outstanding derivatives," said William Gallagher, Sweet Success CEO. "We have improved our net cash used in operating activities, reducing our cash used for the third quarter to $187,553 for the September 30th quarter versus $317,761 for the second quarter and $627,830 in the first quarter. We are continuing to increase our points of distribution and have begun to see higher sales primarily from the recent roll-out to outlets in the northern United States," added Gallagher.
Q1 Q2 Q3
Net income (loss) $(768,299) $(6,185,602) $2,655,312
Change in fair value
of derivative
instruments - income
(loss) $ 830,647 $(3,625,292) $4,583,842
Net cash used in
operations $ 627,830 $ 317,761 $ 187,553
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Product statements have not been evaluated by the FDA. The products are not intended to diagnose, treat, cure or prevent disease.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements which address actual results could differ materially from those expressed or implied in forward-looking statements. These statements are made on the basis of management's views and assumptions. As a result, there can be no assurance that management's expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Management cautions that the ability to attract clients and generate business may be affected by a decline in the Company's financial ratings, the competitive environment, the Company's ability to raise sufficient capital to meet the collateral requirements associated with its current business and to fund the Company's continuing operations and changes in market conditions.