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midastouch017

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midastouch017

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Tuesday, 05/02/2006 9:18:01 AM

Tuesday, May 02, 2006 9:18:01 AM

Post# of 963
OrganiTech USA Inc., Announces Financial Results for Year 2005 First Year of Significant Revenue - $1.65 Million - Increase of 338 % From Year 2004

Tuesday May 2, 7:02 am ET

The Company Initiates Process for Resuming Quotation on NASDAQ OTC Bulletin Board
Organitech Ltd. is Announcing its Audited Financial Report for the Year Ended December 31, 2005

YOKNEAM, Israel, May 2 /PRNewswire-FirstCall/ -- Revenue was $1.65 Million for the year ended December 31, 2005 - an increase of 338% from $377 thousand for the year ended December 31, 2004.
This was the first year in which the Company had significant revenues, the majority was contributed by a large scale project signed in Russia, for a total consideration of $2.7 Millions, which we believe will be recognized in full during year 2006.

Net Loss decreased 23% to $1.0 Millions in 2005 in 2005 from $1.3 Millions in 2004.

The audited financial report for the year 2005 is being announced less than a month after the Company announced its audited financial report for the year 2004; all as part of the Company's policy to fulfill all of its regulatory commitments, prior to resuming the quotation of its shares on NASDAQ OTC Bulletin Board. In order to achieve this result, the Company intends to file its quarterly financial reports for 2005 within few weeks.

Mrs. Heli Ben-Nun, the Company's new CEO, who was appointed in January 2006, said: "The hydroponics technology for producing green leaf vegetables is in its early stages all over the world and OrganiTech is at the beginning of a new era as our Hydroponics growing systems create new attractive business opportunities."

"OrganiTech's technological leadership is the result of the hard work and professionalism of our team led by it founder, Mr. Lior Hessel, during the last 6 years and OrganiTech's potential is visible on a daily basis. We are confident in our ability to realize this opportunity. We believe that in year 2006 we will continue to improve our financial results and when our shares resume being quoted on the NASDAQ OTC Bulletin Board, we hope that this will create value for our Company's shareholders."

OrganiTech (OTC: ORGT.PK - News) designs, develops, manufactures, markets and supports Hydroponics solutions and platforms for the Agriculture and Life-Science industries, enabling the growth of leafy vegetables in a highly economic, clean and automated surrounding. The GT2500, the Company's leading product, is a fully automated, computerized controlled Hydroponics sustainable greenhouse designed to grow and harvest commercial quantities of hydroponics, pesticide free, green leaf vegetables while making optimal use of resources such as water, energy, labor and land. The GT2000 is a self-contained, portable, robotic, sustainable agricultural platform for close place, designed to automatically seed, transplant, grow and harvest commercial quantities of hydroponics, pesticide free, green leaf vegetables.


For information contact:
Yaron Shalem, CFO
+972-4-9590515

http://biz.yahoo.com/prnews/060502/uktu001.html?.v=60

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