BioForce Nanosciences Holdings, Inc. (OTC BB: BFNH), a producer of
integrated biological and mechanical systems for life science
researchers at the micro and nano scales, today announced record
revenue and gross profit for the three months ended March 31, 2008.
First Quarter Highlights Net revenues were $403,567 for the first
quarter of 2008, the highest first quarter revenues in the
Company�s history, and a 13% increase from net revenues of $358,755
for the first quarter of 2008. Five Nano eNabler� systems were sold
during the first quarter of 2008, equaling the highest number of
Nano eNabler� systems sold in any quarter in BioForce�s history.
Gross profit was $189,342 for the first quarter of 2008, the
highest first quarter gross profit in the Company�s history, and a
7% increase from gross profit of $176,149 for the first quarter of
2007. Net loss on common stock was $756,162 ($0.03 per fully
diluted share) for the first quarter of 2008, as compared to a net
loss on common stock of $923,317 ($0.04 per fully diluted share)
for the first quarter of 2007. Operations Review Kerry Frey,
President and Chief Executive Officer of BioForce, said, �We are
pleased with what was another excellent quarter for BioForce. We
sold five Nano eNabler� systems during the three months ended March
31, 2008, matching the number sold during the fourth quarter of
2007. Two of the sales during the first quarter were to overseas
customers, continuing the good results that we have experienced
from our international network of distributors. The other three
sales were to U.S.-based research institutions that took part in
our 2006 Pilot Placement Program. It is encouraging that these
long-time Nano eNabler� users have seen fit to purchase their
instruments as vital parts of their research direction. �We have
now sold sixteen Nano eNabler� systems since the initial sale of
the product in 2006, with ten of those sales occurring in the past
two quarters. The momentum that we are seeing in the market is
certainly encouraging. We believe that the unique capability of the
Nano eNabler� to deposit biological materials, such as proteins and
antibodies, in one to twenty micron spot sizes in a precise,
consistent, flexible and affordable manner will provide expanding
demand for this product. The industrial consulting firm of Frost
and Sullivan concurred with our views of the advantages of the Nano
eNabler� in their February 2008 report describing the key
advantages of the Nano eNabler� over other technologies for the
deposition of biological materials at the ultramicro and nano
scales." Frey concluded, �During the first quarter we announced two
new products, our Cyto eNabler� molecular printer, which is
specifically configured for the needs of cellular biology
researchers, and our custom patterned surfaces, which are produced
to the specifications of the customer by our personnel using the
Nano eNabler�. We believe that the introduction of these new
products, plus the Nano eNabler� system and the continued
development of the market for that product, will provide the basis
for our future growth.� Greg Brown, BioForce�s Chief Financial
Officer, commented, �The growth in our revenues, and reduction in
our operating expenses, has allowed us to significantly narrow our
operating losses over the past two quarters, and we remain focused
upon achieving profitability. While we are pleased with these
results and the resulting reduction in our cash loss from
operations, we do require additional financing and are in
discussions with potential sources of capital.� About BioForce
Nanosciences Holdings, Inc. BioForce Nanosciences creates products
and solutions for the life sciences by integrating biological and
mechanical systems at the micro and nano scales. BioForce�s
flagship product, the Nano eNabler� molecular printer, gives the
Company and its customers a platform for development and discovery
by printing tiny domains of biological materials on surfaces with
nanometer spatial precision. BioForce technology is being used in
areas such as biosensor functionalization; pattering and cell
adhesion; and the printing of proteins to guide neural cell growth.
For more information, visit www.bioforcenano.com or call
515-233-8333. This news release contains forward-looking
information that may be affected by certain risks and
uncertainties, including those risks and uncertainties described in
BioForce Nanosciences' most recent filings with the Securities and
Exchange Commission. BioForce Nanosciences' actual results could
differ materially from such forward-looking statements. BioForce
assumes no duty to update these statements at any future date.
BIOFORCE NANOSCIENCES HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS �
� ASSETS 03/31/08 � 12/31/07 (unaudited) CURRENT ASSETS Cash and
cash equivalents $ 57,773 $ 268,930 Accounts receivable - trade,
net 172,732 313,756 Account receivable - invoice factoring 34,071 -
Inventory 900,616 1,046,683 Prepaid expenses and other assets �
90,908 � � 146,007 � Total current assets � 1,256,100 � � 1,775,376
� PROPERTY AND EQUIPMENT � Computer equipment 113,963 113,963 �
Scientific and laboratory equipment 906,382 889,368 � Leasehold
improvements 380,000 380,000 � Office furniture and fixtures �
89,760 � � 89,760 � Total 1,490,105 1,473,091 � Less accumulated
depreciation � 944,470 � � 889,469 � Net property and equipment �
545,635 � � 583,622 � INTANGIBLE ASSETS Patent costs, net of
accumulated amortization of $86,201 and $78,502, respectively
678,997 641,017 Trademark costs, net of accumulated amortization of
$17,588 and $15,471, respectively � 97,823 � � 90,908 Total
intangible assets � 776,821 � � 731,925 � TOTAL ASSETS $ 2,578,556
� $ 3,090,923 BIOFORCE NANOSCIENCES HOLDINGS, INC. CONSOLIDATED
BALANCE SHEETS � � LIABILITIES AND STOCKHOLDERS' EQUITY 03/31/08 �
12/31/07 (unaudited) CURRENT LIABILITIES Accounts payable $ 418,431
$ 305,314 Accrued expenses 228,143 241,650 Recourse obligation -
invoice factoring 7,962 - Accrued dividends on preferred stock
10,000 13,333 Deferred revenue 35,861 53,754 Current portion of
long-term debt � 73,247 � � 89,180 � Total current liabilities
773,644 703,231 � LONG-TERM DEBT, NET � 143,607 � � 154,860 � Total
liabilities � 917,251 � � 858,091 COMMITMENTS and CONTINGENCIES �
STOCKHOLDERS' EQUITY Preferred stock - 2008 and 2007: $0.001 par
value, 10,000,000 shares authorized to be issued in various classes
Series A Convertible Preferred Stock - $0.001 par value, 2007:
1,100,000 shares authorized, 1,000,000 shares issued and
outstanding, 2008: liquidation � value $510,000; 2007: liquidation
value $513,333 1,000 1,000 � Common stock - 2008 and 2007: $0.001
par value, 100,000,000 shares authorized, 2008: 25,116,401 shares
issued and outstanding; 2007: 25,099,950 shares � issued and
outstanding 25,116 25,100 � Additional paid-in capital 16,531,333
16,341,714 Deferred stock offering costs (5,000) - � Accumulated
deficit � (14,891,144) � � (14,134,982) � Total stockholders'
equity � 1,661,305 � � 2,232,832 � TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,578,556 � $ 3,090,923 - more - BIOFORCE
NANOSCIENCES HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) � � For the Three Months Ended March 31, 2008 � 2007
REVENUES $ 403,567 $ 358,755 � COST OF GOODS SOLD � 214,225 � �
182,606 � Gross profit 189,342 176,149 � OPERATING EXPENSES
Research and development 298,490 278,800 Sales and marketing
289,695 306,008 General and administrative 442,975 658,708
Reimbursement of grant expenses � (99,895) � � (124,923) Total
operating expenses � 931,265 � � 1,118,593 � Loss from operations
before other income (expense) (741,923) (942,444) � OTHER INCOME
(EXPENSE) Interest and other income 1,540 22,136 Interest expense �
(5,779) � � (3,009) Total other income (expense) � (4,239) � �
19,127 � Loss before income tax (746,162) (923,317) � INCOME TAX
EXPENSE � - � � - � Net loss $ (746,162) $ (923,317) � DIVIDENDS ON
PREFERRED STOCK � 10,000 � � - � Net loss on common stock $
(756,162) � $ (923,317) � BASIC AND DILUTED LOSS PER SHARE $ (0.03)
� $ (0.04) � WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING �
25,114,051 � � 24,040,950
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