Bio-Plexus Announces Year-end Results.Business Editors/Health & Medical Writers VERNON Vernon, city, Canada Vernon, city (1991 pop. 23,514), S British Columbia, Canada, near the north end of Okanagan Lake. The center of a fruit-growing and dairying area, it has packing and dehydrating plants. , Conn.--(BUSINESS WIRE)--April 2, 2001 Bio-Plexus, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BPLX), a leader in the design, manufacture and marketing of safety medical needles and other products, today announced its financial results for the year ended December December: see month. 31, 2000. Total revenues for the year ended December 31, 2000 were $4,995,000, compared to $7,024,000 for the comparable period a year ago. The Company incurred a net loss for the year of $10,937,000, or $0.74 per share, compared to a net loss of $5,233,000, or $0.39 per share for the same period in 1999. The results for the latest year ended December 31, 2000 and the comparable year ended December 31, 1999, were based on weighted average shares outstanding of 14,695,505 and 13,540,922, respectively. As reported on March 19, 2001, Bio-Plexus has reached an agreement in principle with its principal lender, Appaloosa Appaloosa Colour breed of horse popular in the U.S. It is said to have descended in the Nez Percé Indian territory of North America from wild mustangs, which in turn descended from the horses of Spanish explorers. Management LP to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Company with the goal of raising up to $10 million in new equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay . In order to quickly complete the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. and financing, the Company plans to file a voluntary petition under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
John S. Metz Metz (Eng. and Ger. mĕts, Fr. mĕs), city (1990 pop. 123,920), capital of Moselle dept., NE France, on the Moselle River. It is a cultural, commercial, and transportation center of Lorraine and an industrial city producing metals, machinery, , President and Chief Executive Officer of Bio-Plexus, commented, "The year 2000 was difficult for Bio-Plexus. However, we believe our recently announced restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). will position the Company for future growth in the medical safety needle needle, implement of metal or other material used to carry the thread in sewing and in various forms of needlework and manufacturing. The earliest needles were merely awls or punches. industry. A successful reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. will ultimately provide Bio-Plexus with the capital needed to penetrate an industry which is supported by federal legislation and that is in need of better safety devices. The other positive effects of the restructuring are: (a) long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $19 million will be retired, (b) annual interest expense of $2.5 million will be eliminated, (c) shareholder equity will increase from about negative $3 million to about $19 million positive and, (d) current restrictive operating covenants will be eliminated. "Bio-Plexus has already established itself as a world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. provider of safety medical needles and related products," added Mr. Metz. "But our efforts to increase sales have been hindered by the Company's lack of financing and untenable financial position. A successful implementation of this recapitalization, coupled with the added infusion INFUSION, med. jur. A pharmaceutical operation, which consists in pouring a hot or cold fluid upon a substance, whose medical properties it is desired to extract. Infusion is also used for the product of this operation. Although infusion differs from decoction, (q.v. of capital by Appaloosa, will help us attain a more significant market position and a commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. increase in sales. We remain committed to bringing our PUNCTUR-GUARD(R) technology to the marketplace." Bio-Plexus, Inc., designs, develops, manufactures and holds U.S. and international patents on safety medical needles and other products under the PUNCTUR-GUARD(R), DROP-IT(R), and PUNCTUR-GUARD REVOLUTION(TM) brand names. For independent evaluations of the PUNCTUR-GUARD(R) blood collection needle, refer to the Centers for Disease Control (MMWR MMWR Morbidity & Mortality Weekly Report Epidemiology A news bulletin published by the CDC, which provides epidemiologic data–eg, statistics on the incidence of AIDS, rabies, rubella, STDs and other communicable diseases, causes of mortality–eg, , January January: see month. 1997) and ECRI ECRI European Commission against Racism and Intolerance ECRI Emergency Care Research Institute ECRI Economic Cycle Research Institute (Health Devices, June June: see month. 1998 and October October: see month. 1999) studies. Accidental accidental /ac·ci·den·tal/ (ak?si-den´t'l) 1. occurring by chance, unexpectedly, or unintentionally. 2. nonessential; not innate or intrinsic. needlesticks number about one million per year in the United States and can result in the transmission of deadly diseases including HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. and Hepatitis B Hepatitis B Definition Hepatitis B is a potentially serious form of liver inflammation due to infection by the hepatitis B virus (HBV). It occurs in both rapidly developing (acute) and long-lasting (chronic) forms, and is one of the most common chronic and C. NOTE: THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995. FORWARD-LOOKING STATEMENTS ARE IDENTIFIED BY THE USE OF SUCH TERMINOLOGY AS "BELIEVES," EXPECTS," "MAY," "WILL," "SHOULD," "ANTICIPATES," "PLANS," "ESTIMATES," AND "INTENDS" OR DERIVATIONS OR NEGATIVES THEREOF OR COMPARABLE TERMINOLOGY. ACCORDINGLY, SUCH STATEMENTS INVOLVE RISKS (KNOWN AND UNKNOWN) AND UNCERTAINTIES. THESE RISKS AND UNCERTAINTIES INCLUDE THE COMPANY'S ABILITY TO TIMELY AND FULLY COMPLETE ITS PLAN OF REORGANIZATION, WHICH IN TURN WILL DEPEND ON A MULTITUDE MULTITUDE. The meaning of this word is not very certain. By some it is said that to make a multitude there must be ten persons at least, while others contend that the law has not fixed any number. Co. Litt. 257. OF FACTORS, INCLUDING THE TIMELY APPROVAL OF THE PLAN BY THE BANKRUPTCY COURT bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. AND AFFECTED PARTIES, THE AVAILABILITY OF SUFFICIENT CAPITAL TO FUND THE COMPANY'S OPERATIONS DURING THE BANKRUPTCY PROCEEDINGS bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party AND THE CONTINUED WILLINGNESS OF THE COMPANY'S CUSTOMERS, VENDORS AND EMPLOYEES TO MAINTAIN THEIR RELATIONSHIPS WITH THE COMPANY DURING THIS PERIOD. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR ADVISE UPON ANY SUCH FORWARD-LOOKING STATEMENT.
BIO-PLEXUS, INC.
BALANCE SHEETS
December 31, December 31,
2000 1999
--------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 4,003,000 $ 867,000
Accounts receivable 516,000 908,000
Inventories:
Raw materials 1,379,000 621,000
Work-in-process 36,000 474,000
Finished goods 1,634,000 1,167,000
-------------- --------------
3,049,000 2,262,000
-------------- --------------
Other current assets 124,000 173,000
-------------- --------------
Total current assets 7,692,000 4,210,000
-------------- --------------
Fixed assets, net 7,634,000 4,384,000
Deferred debt
financing expenses 1,017,000 465,000
Patents, net of
amortization 415,000 335,000
Other assets 3,000 253,000
-------------- --------------
$ 16,761,000 $ 9,647,000
============== ==============
LIABILITIES AND SHAREHOLDERS'
EQUITY (DEFICIT)
Current liabilities:
Current portion of
long-term debt $ 52,000 $ 899,000
Note payable - 1,340,000
Accounts payable
and accrued expenses 1,105,000 786,000
Accrued interest payable 24,000 55,000
Accrued vacation 122,000 202,000
Other accrued employee costs 282,000 226,000
-------------- --------------
Total current
liabilities 1,585,000 3,508,000
-------------- --------------
Other long-term debt, net 17,806,000 2,262,000
Redeemable common stock warrants - 149,000
Commitments and contingencies - -
Shareholders' equity (deficit):
Convertible preferred stock,
no par value, 3,000,000
authorized, no shares issued
and outstanding - -
Common stock, no par value,
40,000,000 authorized,
14,887,230 and 14,083,807
shares issued and outstanding 76,412,000 71,833,000
Accumulated deficit (79,042,000) (68,105,000)
-------------- --------------
Total shareholders'
equity (deficit) (2,630,000) 3,728,000
-------------- --------------
$ 16,761,000 $ 9,647,000
============== ==============
BIO-PLEXUS, INC.
STATEMENTS OF OPERATIONS
For the Year Ended December 31,
2000 1999 1998
---- ---- ----
Revenue:
Product $ 4,693,000 $ 5,498,000 $ 5,086,000
Services 102,000 1,426,000 4,171,000
Licensing fees 200,000 100,000 50,000
-------- -------- -------
Total revenue 4,995,000 7,024,000 9,307,000
Costs and expenses:
Product 2,450,000 3,754,000 6,355,000
Services 35,000 87,000 267,000
Research and development 1,180,000 1,112,000 463,000
Selling, general and
administrative 7,677,000 4,937,000 4,593,000
---------- ---------- ----------
Total operating
costs and expenses 11,342,000 9,890,000 11,678,000
Operating Loss (6,347,000) (2,866,000) (2,371,000)
----------- ----------- -----------
Financing expenses:
Amortization of deferred
debt financing 333,000 266,000 63,000
Other financing expenses 4,558,000 2,158,000 633,000
Other income (301,000) (57,000) (107,000)
--------- -------- ---------
Total financing
expenses 4,590,000 2,367,000 589,000
---------- ---------- --------
Net loss $ (10,937,000) $ (5,233,000) $ (2,960,000)
============== ============= =============
Net loss (basic and diluted)
per common share $ (0.74) $ (0.39) $ (0.24)
======== ======== ========
Weighted average common
shares outstanding 14,695,505 13,540,922 12,263,870
BIO-PLEXUS, INC.
STATEMENTS OF CASH FLOWS
For the year ended December 31,
2000 1999 1998
Cash Flows from Operating
Activities:
Net income (loss) $ (10,937,000) $ (5,233,000) $ (2,960,000)
Adjustments to reconcile
net loss to cash used
by operating activities:
Depreciation and
amortization 546,000 552,000 923,000
Writedown of equipment
to net realizable value - 280,000 1,359,000
Amortization of deferred
debt financing expenses 333,000 266,000 63,000
Amortization of debt
discount 2,364,000 1,747,000 59,000
(Increase) decrease
in assets:
Accounts receivable 392,000 (344,000) (169,000)
Inventories (787,000) (238,000) (117,000)
Other current assets 49,000 - -
Notes receivable - - 152,000
Increase (decrease) in
liabilities:
Accounts payable and
accrued expenses 319,000 248,000 (91,000)
Accrued interest payable (31,000) 27,000 2,000
Accrued vacation and
other accrued
employee costs (24,000) 19,000 (43,000)
Accrued product
replacement costs - (222,000) 222,000
(Decrease) increase
in deferred revenue - (875,000) 34,000
Other 290,000 (188,000) 155,000
-------- --------- --------
Net cash used in
operating
activities (7,486,000) (3,961,000) (411,000)
----------- ----------- ---------
Cash Flows from
Investing Activities:
Purchases and
construction of
fixed assets (3,769,000) (536,000) (82,000)
Long-term investments - 627,000 (600,000)
Cost of patents (107,000) (103,000) (115,000)
--------- --------- ---------
Net cash used in
investing
activities (3,876,000) (12,000) (797,000)
----------- -------- ---------
Cash Flows from
Financing Activities:
Proceeds from sale of
common stock 750,000 1,100,000 1,250,000
Proceeds from exercise of
common stock options 115,000 91,000 29,000
Accretion of interest
payable 1,721,000 - -
Redemption of common stock - - (20,000)
Proceeds from
long-term debt 9,900,000 2,060,000 300,000
Payments of Deferred
Financing Costs (885,000) - -
Increase in notes payable 3,850,000 2,750,000 250,000
Proceeds from sale
and leaseback - 137,000 -
Repayments of long-term debt (953,000) (1,833,000) (1,568,000)
--------- ----------- -----------
Net cash
provided by
financing
activities 14,498,000 4,305,000 241,000
----------- ---------- --------
Net (decrease)
increase in cash
and cash
equivalents 3,136,000 332,000 (967,000)
Cash and cash
equivalents,
beginning of
period 867,000 535,000 1,502,000
-------- -------- ----------
Cash and cash
equivalents,
end of period $ 4,003,000 $ 867,000 $ 535,000
============ ========== ==========
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