CalciTech files 2001 results.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--May 22, 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 the filing of results for the financial year ended 28th February 2001 with the SEC, BCSC BCSC British Columbia Securities Commission BCSC British Columbia Supreme Court BCSC British Council of Shopping Centres BCSC Breast Cancer Society of Canada BCSC Breast Cancer Surveillance Consortium BCSC British Columbia Safety Council and the CDNX. During 2000/2001 the Company continued to devote its resources to the commercialization of its patented process for the manufacture of Precipitated Calcium Carbonate calcium carbonate, CaCO3, white chemical compound that is the most common nonsiliceous mineral. It occurs in two crystal forms: calcite, which is hexagonal, and aragonite, which is rhombohedral. (PCC PCC prothrombin complex concentrate. ) from industrial and other waste lime. Loss from operations was US$ 3,040,000 (US$ 3,286,000 in 2000). No revenue was generated in the financial year. R&D costs increased from US$ 1,745,000 to US$ 2,226,000 with our projects in Norway and Germany and the extension of our feed material sample testing program and development of our PCC product variety. As part of our on-going re-organisation, our name change to CalciTech Ltd. was effected. In March 2000, we entered into an agreement with MDSE MDSE Merchandise MDSE Message Delivery Service Element MDSE Missile Defense System Exerciser in Germany for exclusive access to carbide lime stored at Schkopau. This source will provide the feed for our first PCC plant in Germany. Grant applications to the federal state of Sachsen-Anhalt are anticipated to produce grants of up to 50% of plant cost under the present rules. The plant, which will be located at Leuna, is planned to produce both heavy density slurries and dry product for sale in Germany, a large captive paper industry market. Development continued in Norway where, under an MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. with Odda Smelteverk AS, a process plant was shipped. This operated through the first half year, demonstrating the production of PCC from the black lime Black Lime (Also known as Dried Lime, Loomi, Lumi, Omani and Amani) is a spice used in middle eastern dishes. It is made by boiling fresh lime in salt water and drying it. Uses Black limes are usually used in legume, seafood or meat dishes. waste available from chemical processes carried out by Odda and using CO2 flue gas from their main stack. Successful trials led to a joint venture, CalciTech Odda AS, owned 51% by CalciTech Ltd. Construction of the first commercial plant is now being planned Continued expenditure was financed through the convertible credit facility agreement and conversion rights to the value of US$ 500,000 were exercised during the year. During the same month the Company announced an agreement for the placement of $1,500,000 8% two year convertible debentures to provide further project development capital. Proxies have been sent to shareholders of record for the annual general meeting to be held in Bermuda on 14th June 2001. For More Information, visit www.calcitech.com This press release contains forward-looking statements 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. No Stock Exchange has reviewed or accepted responsibility for the adequacy or accuracy of this press release. |
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