CANTON, Conn., April 25, 2012 /PRNewswire/ -- Kelyniam
(Pinksheets: KLYG.PK), is pleased to announce first quarter
2012 revenues of $210,635, a
four-fold increase from the fourth quarter of 2011. The
increase in revenues was driven by surgeries at new hospitals and
from surgeons who have converted to using the Kelyniam Custom Skull
Implant made from PEEK material. The first quarter 2012 represents
the first full quarter with the new management and a full sales
force.
We expect the growth to continue as we gain ground in the
domestic custom cranial implant market. We are currently
working on reaching out to the international market this year and
believe this will have a direct positive benefit to our bottom
line. "Kelyniam is extremely excited to open up new
markets and hopes to capitalize on those with new product lines in
the near future, stated President and CEO Tennyson Anthony.
Mark Chenoweth, Vice President of
Sales commented, "We continue to make significant progress in
building our presence in hospitals, teaching institutions, and
trauma centers across the U.S. The weekly feedback we receive from
surgeons who are using our implants has been excellent. They are
realizing the benefits of our fast turnaround capabilities, and are
thrilled with the time and effort we save them in the O.R. due to
our precision fitting implants. With our unique product
offering, we look forward to another exciting 2nd Quarter,
providing both the surgeons and patients the best custom skull
implant option available in the market today."
The CPA firm, Sadler, Gibb & Associates, has compiled the
balance sheet and income statement for Kelyniam for the period end
March 31, 2012. No audit has
been performed on the statements presented.
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KELYNIAM GLOBAL, INC.
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Balance
Sheets
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ASSETS
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March
31,
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2012
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CURRENT
ASSETS
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Cash
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$
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35,303
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Accounts
receivable, net
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95,728
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Inventory
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25,512
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Other
current assets
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11,111
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Total
Current Assets
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167,654
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PROPERTY
AND EQUIPMENT, net
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525,661
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OTHER
ASSETS
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Distributer rights, net
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44,005
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Total
Other Assets
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44,005
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TOTAL
ASSETS
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$
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737,320
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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CURRENT
LIABILITIES
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Accounts
payable and accrued expenses
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$
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105,080
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Accrued
interest
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11,966
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Other
current liabilities
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35,000
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Notes
payable, current portion
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77,585
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Total
Current Liabilities
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229,631
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LONG-TERM
LIABILITIES
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Notes
payable
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92,018
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Convertible notes payable, net
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147,500
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Total
Long-Term Liabilities
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239,518
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TOTAL
LIABILITIES
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469,149
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STOCKHOLDERS' DEFICIT
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Common
stock; $0.001 par value, 60,000,000 shares
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authorized; 16,696,235 and 17,152,235 shares issued
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and
outstanding, respectively
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17,153
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Additional
paid-in capital
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2,299,428
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Deficit
accumulated during the development stage
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(2,048,410)
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Total
Stockholders' Deficit
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268,171
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TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT
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$
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737,320
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KELYNIAM GLOBAL, INC.
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Statements
of Operations
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For the
Three
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Months
Ended
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March
31,
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2012
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REVENUES
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$
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210,635
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COSTS OF
GOODS SOLD
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113,006
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GROSS
MARGIN
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97,629
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OPERATING
EXPENSES
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Depreciation and amortization
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33,956
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Professional fees
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18,601
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Commissions, salaries and wages
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138,268
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General
and administrative expense
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63,375
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Total
Operating Expenses
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254,200
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OPERATING
LOSS
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(156,571)
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OTHER
INCOME (EXPENSE)
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Interest
expense
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(37,548)
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Total
Other Income (Expense)
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(37,548)
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NET LOSS
BEFORE INCOME TAXES
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(194,119)
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Provision
for income taxes
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-
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NET
LOSS
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$
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(194,119)
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BASIC AND
DILUTED LOSS PER SHARE
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$
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(0.01)
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WEIGHTED
AVERAGE NUMBER
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OF SHARES
OUTSTANDING
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17,100,061
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A proxy has been distributed to shareholders of record
March 27th regarding the annual
meeting scheduled for May 11th at the
company's headquarters. Shareholders are reminded to vote and
return proxies no later than 2pm EST
on May 9, 2012.
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), Inc. specializes in the use
of CAD/CAM technology to provide patient specific custom implants
to assist medical professionals by allowing them to operate more
effectively, improve patient care, and reduce health care costs by
providing the highest quality products available with today's
technology. The company is continually researching and developing
new products and processes to help patients live more active and
productive lives.
Please visit our website at www.kelyniam.com for more
information.
Forward-Looking Statements
Except for historical information contained in this release, the
matters discussed are forward-looking statements that involve risks
and uncertainties. When used in this release, words such as
"anticipate," "believes," "estimate," "expect," "should," "intend,"
"projects," "objective" and "appears" and similar expressions, as
they relate to the Company or its management, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of the Company's management, as well as
assumptions made by and information currently available to the
Company's management. Among the factors that could cause actual
results to differ materially are the following: the effect of
business and economic conditions; the impact of competitive
products and pricing; capacity and supply constraints or
difficulties; product development, commercialization or
technological difficulties; the regulatory and trade environment;
the impact of reimbursement rates and coverage; and the risk
factors reported from time to time in the Company's SEC reports.
The Company undertakes no obligation to revise any forward-looking
statements as a result of future events or developments.
For Question regarding this Press Release, please contact:
Kelyniam Global Inc.
Michael Hamblett, 800-280-8192
x3
Director of Investor Relations
SOURCE Kelyniam Global Inc.