MEDITE Files U.S. GAAP Financial Statements
18 June 2014 - 10:24PM
Marketwired
MEDITE Files U.S. GAAP Financial Statements
In Accordance With Terms of Acquisition Agreement With CytoCore
Company Files Form 8-K Including Full Year 2012, 2013 and First
Quarter 2014 Financial Results
2014 First Quarter Revenue Increases 51%
ORLANDO, FL--(Marketwired - Jun 18, 2014) - MEDITE
Group, a leading developer and manufacturer of innovative,
high-quality equipment and supplies for the cancer diagnostic
segments of histology, pathology and cytology laboratories,
announced that it filed Form 8-K with the Securities and Exchange
Commission (SEC) for the audited financial results for the years
ended December 31, 2012 and 2013. The Company also announced its
unaudited results for the first quarter ended March 31, 2014. The
results reflect the operations of MEDITE as a stand-alone company
as they occurred prior to closing of the April 3, 2014 acquisition
transaction with CytoCore, Inc. (OTCBB: CYOE).
For the first quarter ended March 31, 2014, MEDITE reported
record revenue of $2.7 million, representing a 51% increase
compared to $1.8 million in the prior year's first quarter. The
year over year performance reflects increased sales in the U.S. and
in its European Cytology business. The Company reported an
operating profit of $370,000 compared to an operating loss of
$30,000 in the year-ago first quarter.
The first quarter 2014 results does not reflect any revenue
contribution from recently announced U.S. and international
distribution contracts, including a leading anatomical pathology
company to market, sell and distribute MEDITE's coverslipping film
as an OEM product in the U.S. and Canada. The Company anticipates
these agreements will generate incremental revenue increases mainly
beginning in the second half of 2014.
Due to MEDITE being a privately-held company, it was required to
file audited US GAAP financial results within 75 days of the
completion of the merger transaction. Please visit the link to the
SEC website to view the full filings:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075439.
About MEDITE/CytoCore After execution of the acquisition
CytoCore Inc wholly owns MEDITE Enterprise Inc., Orlando, which
wholly-own Medite GmbH a Germany-based Company with its
subsidiaries CytoGlobe GmbH (Cytology Products, Germany), Medite
GmbH (Distributor, Austria), Medite Inc. (Distributor, Americas).
Since 1978, MEDITE® Group has specialized on the development,
manufacture and distribution of medical laboratory automation
equipment and supplies for pathology, histology and cytology. For
these fields, the Company offers a complete range of devices and
consumables. MEDITE Group currently sells into 70 countries and is
the market leader in Germany. Through CytoGlobe, a wholly owned
subsidiary, MEDITE offers a full range of products for Cytology
labs. Additional information on MEDITE's products and services can
be found at www.medite-group.com. CytoCore®, Inc. is a biomolecular
diagnostics company engaged in the design, development, and
commercialization of cost-effective cancer screening systems and
Biomarkers to assist in the early detection of cancer.
This press release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding future operating performance, events, trends and
plans. All statements other than statements of historical fact
contained herein, including, without limitation, statements
regarding our future financial position, business strategy,
budgets, projected revenues and costs, and plans and objectives of
management for future operations, are forward-looking statements.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "will," "expects,"
"intends," "plans," "projects," "estimates," "anticipates," or
"believes" or the negative thereof or any variation thereon or
similar terminology or expressions. We have based these
forward-looking statements on our current expectations and
projections about future events. These forward-looking statements
are not guarantees and are subject to known and unknown risks,
uncertainties and assumptions about us that may cause our actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause our
actual results to differ from our expectations, include but are not
limited to, MEDITE's ability following the acquisition to maintain
and grow its revenues, our ability to integrate MEDITE's operations
with our historic operations, the effect that the acquisition will
have on MEDITE's existing customers and employees as well as those
risk factors that apply to our operations as disclosed in our
Report on Form 10-K for the year ended December 31, 2013 and other
filings with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on our forward-looking
statements, as they speak only as of the date made. Such statements
are not guarantees of future performance or events and we undertake
no obligation to disclose any revision to these forward-looking
statements to reflect events or circumstances occurring after the
date hereof.
Himalaya Technologies (PK) (USOTC:HMLA)
Historical Stock Chart
From Apr 2024 to May 2024
Himalaya Technologies (PK) (USOTC:HMLA)
Historical Stock Chart
From May 2023 to May 2024