TORONTO, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. (TSXV:GES) (MUN:1GE) ("Gemoscan" or the "Company"), a leading owner and marketer of food sensitivity and dietary management solutions, today reported operational and financial results for its fiscal third quarter ended December 31, 2012. In this press release, all dollar amounts are expressed in Canadian currency and results are reported in accordance with International Financial Reporting Standards (IFRS).
Results were characterized by significantly improved financial performance, driven primarily by the initial success of Gemoscan's focus on the retail segment of its business and the expansion of its revenue base with new sales through various paramedical clinics.
For the three months ended December 31, 2012, total revenues were $352,750, an increase of 289% from $90,612 for the same three-month period in 2011 and up 26% sequentially from $280,629 in the previous quarter. The Company reported a fiscal third quarter net loss of $244,654, or $0.01 loss per common share, as compared to a net loss of $857,271, or $0.04 loss per common share, for the three months ended December 31, 2011.
"While our financial statements continue to reflect the very early stages of the roll out of our HEMOCODE™ and MenuWise™ retail programs, our revenue growth this quarter clearly demonstrates that consumer interest in food intolerance management continues to keep pace with the broader trends related to diet and diet-based wellness. As efforts directed at expanding Gemoscan's retail points of presence continue, we are committed to managing our expenses as we grow, putting us on a clear pathway toward profitability," said Brian Kalish, Gemoscan's President and Chief Executive Officer.
The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
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 food sensitivity and dietary management solutions for consumers, including the HEMOCODE™ Food Intolerance System and the MenuWise™ Food Intolerance Plan, personalized naturopathically supervised nutritional programs that promote well-being. Gemoscan is the first and only provider to commercialize a food intolerance management solution directly to consumers in partnership with retailers, and today offers the most comprehensive services available.
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 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.
Company website: www.gemoscan.com