Denver, May 16, 2014 (GLOBE NEWSWIRE) -- FusionPharm, Inc. (FSPM) (the "Company"), the Denver based manufacturer of the PharmPods™ cultivation system, (www.pharmpods.com) is pleased to announce that the Company generated revenue of $305,000 for the quarter ending March 31, 2014, which represents the Company's delivery of 10 PharmPods. During the quarter, the Company manufactured 24 PharmPods for customer orders, representing its largest quarter to date in manufacturing. The Company had a net loss of $47,795 for the quarter, primarily attributable to the start up nature of its business and the scaling of the Company's operations. The Company is actively working to streamline its purchasing and manufacturing processes to improve margins. At the end of the quarter, the Company had $482,000 in signed contracts providing for construction of 20 PharmPod containers, $314,000 of which has been received in deposits. As of quarter end, the Company had $674,000 in the bank to fund ongoing operations.
Update from CEO Scott Dittman
I recently spent a week up in Canada where I helped a key client of ours with the installation of the first phase (6 PharmPods) of a 48 pod overall phased installation plan. While we don't have firm orders for the remaining 42 PharmPods, our customer's 15,000 thousand square foot facility was custom built to house PharmPods, which typifies our sales cycle and how we see the market evolving. We're seeing clients (and prospective clients) designing large-scale facilities to specifically house PharmPods and then making their firm purchases on a staggered basis with overall build out timeframes often in excess of one year. This is one of the many benefits to our customers of using PharmPods, they can build very large commercial cultivation centers with phased installation as the product demand and plant inventory grows. As our clients cultivation needs increase, we simply deliver them more pods to plug in and add production capacity.
This is a huge advantage over traditional cultivation facilities that must be completely built out at the outset, significantly speeding time to market for PharmPod cultivators.
Year to Date Highlights:
· Raised $1,010,000 in additional equity from the sale of 681,667 shares of restricted common stock.
· Retired all of our outstanding debt.
· More than doubled the size of our manufacturing facility
· Received ETL (Edison Testing Laboratories) certification of our PharmPods in the USA and Canada
· Hired a product development engineer, office administrator and marketing specialist, Finance & Administration consultant and a sales consultant.
· Revised our product website www.PharmPods.com
· CEO Scott Dittman participated in various National Cannabis Industry Association events (FusionPharm is a Founding Member of this organization) in Massachusetts, Illinois, Oregon, Washington, Colorado, Nevada and Washington DC.
· CEO Scott Dittman spent 2 days on Capitol Hill with more than 40 other NCIA representatives lobbying to enact banking laws and modify IRS rule 280e.
· Completed a comprehensive update of our marketing material and strategy
· CEO Scott Dittman was interviewed by iCannabis Radio in January.
· Signed a lease to open a new sales center in Seattle, opening date to be announced.
· Had a booth at the Maximum Yield "Coast to Coast Grow Like A Pro" indoor gardening expo during April.
About FusionPharm Inc. (FSPM)
FusionPharm, Inc. (FSPM) (www.fusionpharminc.com) was organized to capitalize on opportunities present in the rapidly growing vertical farming and cannabis industries. FusionPharm's primary focus is the development and deployment of the patent pending PharmPods™ advanced hydroponic commercial cultivation systems. PharmPods are constructed from standard ISO steel shipping containers that are repurposed for use in indoor controlled environment agriculture. Modular, stackable, cost competitive and financeable, PharmPods have become the industry leader for professional, commercial scale indoor plant cultivation.
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. No information in this press release should be construed as an indication of the Company's future financial performance, revenues or stock price. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Denver, Colorado, UNITED STATES
Day's Range: 0.00-0.00
Previous Close: 0.83
Market Cap: 0
Day's Volume: 0