Correcting...Fytokem Releases Third Quarter Report for Period Ending September 30, 1997.SASKATOON Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. , Saskatchewan--(BUSINESS WIRE)--Dec. 1, 1997--Fytokem Products Inc. (Alberta Stock Exchange Alberta Stock ExchangeSee Canadian Venture Exchange (CDNX). :FYT FYT Flint Youth Theatre (Michigan) FYT For Your Thoughts FYT Financial Year Total FYT Finchley Youth Theatre (UK) FYT Forever Young Today (mixed martial arts company) ) REPORT OF THE PRESIDENT As this is Fytokem's first report to the shareholders since becoming a publicly traded corporation in early September, my objective in the following message is to encapsulate en·cap·su·late v. 1. To form a capsule or sheath around. 2. To become encapsulated. en·cap our past and provide a quick look at the future. THE COMPANY Fytokem Products Inc. was established in 1994 to develop plant extracts and phytochemicals as functional ingredients for use in the cosmetic, personal care, nutraceutical nu·tra·ceu·ti·cal n. A food or naturally occurring food supplement thought to have a beneficial effect on human health. nutraceutical and therapeutic sectors. We combine traditional plant knowledge and forefront technical development, then rigorously test our findings to spawn To launch another program from the current program. The child program is spawned from the parent program. (operating system) spawn - To create a child process in a multitasking operating system. E.g. superior new products. Our long-term vision is to become the premier North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. supplier of functional plant extracts and refined phytochemicals. The company focused on research from 1994-1996. In 1997 we made the transition to a production and marketing company. Fytokem successfully completed its first public offering in late August, raising $1 million. This financing puts Fytokem in a position to market our products aggressively and prove the viability of the company. Although we will be extremely aggressive when introducing our products into the marketplace, we will continue to operate with fiscal responsibility. THE MARKETS In the cosmetics, skin care, and household products industries, companies are seeking functional plant based ingredients to replace animal, mineral, and petroleum based ingredients. Functional foods -- phytochemicals in particular -- are being hailed as dietary breakthroughs. More and more, we are finding that therapeutic companies are demanding these effective plant extracts as well. Fytokem's products will be promoted as "active" ingredients in cosmetic and personal care preparations; in nutraceutical and functional food products; and in some non-prescription therapeutic preparations. Of the three potential markets for our products, we have initially chosen to focus our marketing efforts on the cosmetics and skin care industry: with which we have directly related experience. We formally launched our first commercial product -- Extract of Willowherb willowherb Noun a plant with narrow leaves and purplish flowers Noun 1. willowherb - a plant of the genus Epilobium having pink or yellow flowers and seeds with silky hairs -- at the Society of Cosmetics Chemists, Suppliers Day Trade Show and Scientific Seminar, in Pasadena, California Pasadena is a city in Los Angeles County, California, United States. As of the 2000 census, the city population was 133,936 and the 160th largest city in the United States. The California Finance Department estimates the Pasadena population to be 146,166 in 2005. on October 28. We received a positive response to our market launch and to our findings on the Willowherb, presented by our Dr. Steck. As a result of the show, product information and samples has been requested by and provided to most of the major U.S. cosmetic and skin care companies. THE TECHNOLOGY Since the company's inception in 1994 Fytokem has investigated some 1,500 plants native to the Canadian Prairie and in the northern forest; "north of 50." Through laboratory work, literature searches, and folklore we have gained a unique insight into these plants and their properties. We published the "public domain" portion of this information in, Natural Chemicals From Northern Prairie Plants, a book that has been sold to individuals and libraries in Europe and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Our knowledge, as demonstrated in the publication, gains us the needed credibility to open doors in the marketplace. Through our research findings, we have prepared some 412 plant extracts for potential use screening, both in-house and with outside collaborators. Our in-house screening program identified Extract of Willowherb as our first commercial product. We also identified plant extracts for application in our anti-aging line of products. External screening programs have identified potential pesticide applications, as well. We have chosen to submit our extracts for external screening in order to identify uses outside our immediate market focus. This way, we can expand Fytokem's potential of "hitting the big one" in a cost-effective manner. THE PRODUCTS Our research has uncovered a host of new products. Canola phytosterols is in the final stages of development and should be launched early in 1998. Exciting new products, including those which inhibit the enzymes that cause skin wrinkles wrinkles See bells and whistles. and age spots, are being developed for release next year. These products are currently in testing with several potential users and early indications are very promising. In addition to these, we have also identified several prospective new products for development and potential release in 1999. Through supply agreements with plant producers and manufacturing agreements with processors, Fytokem is able to supply extracts and phytochemicals that fully meet world markets stringent needs: those which are safe, effective, and reliable. THE FUTURE Effective plant products are increasingly in demand by the cosmetic and personal care industries as they strive to replace unpopular animal and synthetic ingredients. This trend is gaining momentum in other sectors as well: therapeutics and pest control pest control n → control m de plagas pest control n → lutte f contre les nuisibles pest control pest n , for example. We could not have chosen a better time to launch our company and our products. The full report including financial statements was filed via SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review and should be available by accessing www.sedar.com -0- Note to Editors: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Fytokem Products Inc. John Schaw, 306/668-2552 John Christensen John Hansen Christensen (born April 29, 1948 in Christchurch) is a former field hockey player from New Zealand, who was a member of the national team that won the golden medal at the 1976 Summer Olympics in Montreal. , 306/668-2552 |
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