CalciTech Files Nine Months Statements.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 9, 2001 CalciTech Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CLKTF; CDNX CDNX See Canadian Venture Exchange (CDNX). : CLK CLK Clock CLK Clerk CLK CDC2-Like Kinase CLK Corel RAVE (file extension) CLK Chep Lap Kok (Hong Kong airport) CLK Ceska Lekarska Komora (Chech) ) announces it has filed its Unaudited Consolidated Report and Financial Statements for the nine months ended 30th November 2000. The accounts show a net loss for the period of US$1,495,000 as compared with US$ 1,939,000 for the same period in 1999. Research and Development expense has been reduced to US$ 1,089,000 from US$ 1,304,000 previously. This is primarily due to termination of the agreement with the technical group in the United Kingdom on completion of their development work. General and administrative expenses were also down to US$406,000 from US$ 635,000 for the same period in 1999. Interest expense was reduced to US$ 155,000 from US$ 326,000, this was due to the conversion of approximately US$ 7,200,000 of debt converted to equity as reported on 25th February, 2000. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were funded during the period under the working capital convertible credit facility. A concerted effort has been made to minimise operating expenses which is reflected in the nine months comparative figures. A number of announcements were made during the nine month period including the commitment of our project at Leuna in Germany, our joint venture agreement with Odda Smelteverk in Norway, conversion of US$7,200,000 of 7.5% convertible debt to equity, key management appointments and our name change to CalciTech Ltd. CalciTech continues to focus on the development of its environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] technology for the production of PCC PCC prothrombin complex concentrate. , which has potential applications in a wide range of markets. For more information, visit www.calcitech.com. 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. which are subject to a number of contingencies and uncertainties, including but not limited to, market acceptance for CalciTech products, manufacturing of CalciTech products in a commercial setting, obtaining adequate financing and construction management for products and obtaining appropriate permits. Such forward-looking statements are not guarantees of future performance, and are based on numerous assumptions about future conditions that could change. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. CalciTech undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date they are made or to reflect the occurrence of unanticipated events. No Stock Exchange has reviewed or accepted responsibility for the adequacy or accuracy of this news release. |
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