Press Release Source: MFIC Corporation
MFIC Corporation Announces Receipt of Approximately $2.9 Million of New Orders for Microfluidizer Processor Systems, Parts, and Increase in Backlog to Record Level
Thursday November 18, 3:21 pm ET
NEWTON, Mass.--(BUSINESS WIRE)--Nov. 18, 2004--MFIC Corporation (OTCBB: MFIC - News) announced today receipt since September 30, 2004 of a series of recent significant orders totaling approximately $2,900,000.
Equipment orders received include several M-700 Series production volume Microfluidizer processor systems. Also included are orders for a large number of proprietary interaction chambers and replacement parts, to be shipped during 2005, for high volume production Microfluidizer materials processor systems. Additionally, the backlog includes orders for a variety of configurations of laboratory Microfluidizer processor systems, pilot production systems and production systems.
Backlog for Microfluidics products, inclusive of the above orders, has increased from approximately $2,288,000 at September 30, 2004 to $4,660,210 at November 16, 2004, a record level.
Irwin Gruverman, CEO of MFIC Corporation stated, "This acceleration in booked activity indicates increased capital spending by biotech, pharmaceutical and other businesses. Interest and bookings for laboratory Microfluidizer processors are also robust, especially for our more advanced instrumented electric hydraulic units. The result of this demand is a marked increase in Microfluidics products backlog to a historic high level, with delivery of most of these new orders scheduled in 2005. We look forward to the completion in 2004 of a strong sales year and improving profitability. With the current orders and backlog in hand and existing level of sales quotations, inquiries and orders we can anticipate a significant portion of the 2005 year's sales."
Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company's ability to achieve attain and/or increase operating profitability, and/or to achieve and/or improve net income profitability. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to, the following risks and uncertainties: (i) whether the performance advantages of the Company's Microfluidizer materials processing equipment will be realized commercially or that a commercial market for the equipment will continue to develop, (ii) whether the Company will have access to sufficient working capital through continued and improving cash flow from sales and ongoing borrowing availability, the latter being subject to the Company's ability to comply with the covenants and terms of the Company's loan agreement with its senior lender, and (iii) whether the Company will be able to produce and make timely delivery of equipment under accepted purchase orders and outstanding sales quotations.
MFIC CORPORATION
MFIC Corporation, through its Microfluidics Division, provides patented and proprietary high performance Microfluidizer® materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. MFIC applies its 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid structures available, and has provided manufacturing systems for nanoparticle products for more than 15 years. The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to MFIC equipment customers.
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Contact:
MFIC Corporation
Irwin Gruverman, CEO & Chairman
Robert P. Bruno, President & COO, or
Jack M. Swig, Investor Relations.
617-969-5452
info@mfics.com
Website: www.mficcorp.com
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