that is correct dog in 2006 that did happen. take a gander at some of the things they accomplished since.
American Scientific Releases 2009 Financial Results and Highlights of the Past Year
1:15 PM ET 4/16/10 | PR Newswire
American Scientific Resources, Inc. (the "Company") (Pink Sheets: ASFX.PK) confirms today that the Company has released its audited financial statements for the period ending December 31st 2009, in accordance with US GAAP. The financial statements are posted at www.pinksheets.com, where the common stock is currently quoted. The Company anticipates taking additional steps to have its common stock quoted on the Over-the-Counter Bulletin Board ("OTCBB").
With the expansion of the management team and the implementation of the Company's restructuring and growth plan beginning in June 2009, substantial progress has been made; work which the Company is pleased is reflected in the significant increase in traded market value of the Company's stock over the past 9 months.
Assets are up due to the purchase of the Disintegrator patent
Current liabilities are down, including reductions of certain debt obligations
Operating expenses reduced, gross profits steady and higher gross margins
Value creation indicated by Shareholder's deficit reduction of $1.7 million
View data
American Scientific Resources, Inc.
Summary of Consolidated Financial Results
(US dollars in thousands except per share amounts)
2009 2008 Change %
---- ---- ------ ---
Selected Balance
Sheet Data:
Total Assets 3,272 1,351 1,921 Up 142%
Current
Liabilities 3,500 4,103 (603) Down 15%
Shareholders'
Deficit (1,059) (2,752) 1,693 Improved 62%
Selected Statement
of Operations
Data:
Product Sales 734 911 (176) Off 19%
Operating, Sales &
Admin. Expenses (2,017) (5,202) 3,185 Improved 61%
Interest Expense (656) (1,593) 936 Improved 59%
Net Loss to Common
Shareholders (3,347) (6,407) 3,060 Improved 48%
Basic & Diluted
Loss per Share (0.0028) (0.0437) 0.0409 Improved
Selected Key
Ratios:
Gross Profit to
Product Sales 42% 43% -1% Held steady
Total Liabilities
to Total Assets 132% 304% -171% Improved 171%
Common Share Price
Performance:
January
2, December 31,
2009 2009
---- ----
Closing Bid Price 0.0050 0.0139 0.0089 Up 178%
June 11, April 14,
2009 2010
---- ----
Closing Bid Price 0.0006 0.0144 0.0138 Up 2183%
American Scientific Resources, Inc. Summary of Consolidated Financial Results (US dollars in thousands except per share amounts) 2009 2008 Change % ---- ---- ------ --- Selected Balance Sheet Data: Total Assets 3,272 1,351 1,921 Up 142% Current Liabilities 3,500 4,103 (603) Down 15% Shareholders' Deficit (1,059) (2,752) 1,693 Improved 62% Selected Statement of Operations Data: Product Sales 734 911 (176) Off 19% Operating, Sales & Admin. Expenses (2,017) (5,202) 3,185 Improved 61% Interest Expense (656) (1,593) 936 Improved 59% Net Loss to Common Shareholders (3,347) (6,407) 3,060 Improved 48% Basic & Diluted Loss per Share (0.0028) (0.0437) 0.0409 Improved Selected Key Ratios: Gross Profit to Product Sales 42% 43% -1% Held steady Total Liabilities to Total Assets 132% 304% -171% Improved 171% Common Share Price Performance: January 2, December 31, 2009 2009 ---- ---- Closing Bid Price 0.0050 0.0139 0.0089 Up 178% June 11, April 14, 2009 2010 ---- ---- Closing Bid Price 0.0006 0.0144 0.0138 Up 2183%
Additional achievements over the past year include:
The settlement or dismissal of legal actions
The removal of the Caveat Emptor designation by the Pink Sheets
Shareholder base has been broadened considerably
Fully current on all financial reporting
OTCBB quotation application well underway
Food and Drug Administration approval is being sought for new products
The Disintegrator project benefited during the first quarter of 2010 from a follow on order received from Bayer with additional orders coming in. Production of units is well underway with delivery expected during the second quarter of 2010. The NGO model is in late stage development and contract negotiations have commenced with substantial global aid organizations.
The Never Touch 5-in-1 Non Contact Thermometer is in production to be sold under the Kidz-Med brand and as a private label device. The Never Touch will be available at large retailers in the United States later this year. The clinical model is also in development and will be available internationally by the end of 2010.
New products coming to market including the Mebby product line with other new initiatives in the pipeline with our International sales team in place and operating
Dr. Christopher Tirotta, CEO of American Scientific, commented: "We have had substantial challenges and disappointments both financial and otherwise over the past years but we look forward to improved results coming from the development and marketing of new products. Our restructuring and growth plan has yielded considerable positive developments over the past 9 months reflected in a substantial multi fold increase in our share price. Our progress continues."
"The Disintegrator is an exciting addition to the product family at American Scientific both with the home use Disintegrator Plus and the new NGO version - both designed to solve a global health issue that threatens the lives of millions of people - patients, healthcare professionals, aid workers as well as the general public - every year."
"With our own truly Non Contact Thermometer we aim to finally change the way the world takes a temperature."
"Now with the proposed move to the Bulletin Board well underway, the Company looks forward to the remainder of 2010 and beyond with a view to delivering further value and returns."
About American Scientific Resources, Inc.
American Scientific Resources, Inc. is both an operating company and the holding company for wholly owned subsidiary, Kidz-Med. The Company sources and designs innovative health and safety products, develops intellectual property and distributes through established relationships and channels both in-house and through its ever growing network of proven global healthcare distributors.
For more information, visit the corporate web site at www.americansci.com and the Company's subsidiary Kidz-Med at www.kidzmed.com.
Safe Harbor
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Contact
American Scientific Resources Investor Relations
E-mail IR@americansci.com
Or call 561-948-4863
SOURCE American Scientific Resources, Inc.
