DiaSys Corporation Announces Late Filing for Form 10-QSB for the Period Ending March 31, 2005.WATERBURY, Conn. -- DiaSys Corporation (AMEX AMEX See: American Stock Exchange :DYX DYX Dyslexia ), a global healthcare products company, has announced a net loss of $471,233, $(.03) per share on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $479,713 for its third fiscal quarter ended March 31, 2005. For the nine months ended March 31, 2005 the company had a net loss of $1,547,928, $(.09) per share on net sales of $1,613,841. For the three months ending March 31, 2004, the company had a net loss of $734,579, $(.07) per share on net sales of $453,088. For the nine months ending March 31, 2004, the company had a net loss of $1,913,957, $(.15) per share on net sales of $1,280,867. The Company previously filed with the Securities and Exchange Commission a notification of late filing indicating that it will be making a late filing of its Quarterly Report on form 10-QSB for such fiscal quarter. The reason for the late filing is that the Company's independent certified public accountants have advised the Company that it will be necessary to restate the Company's Statement of Cash Flows for its fiscal year ended June 30, 2004 to reflect certain matters as noted below. The Company intends to amend its Annual Report on Form 10-KSB for its fiscal year ending June 30, 2004 to reflect such restatement and to provide additional information as required by applicable Securities and Exchange Commission rules Securities and Exchange Commission Rules Rules enacted by the SEC to assist in the regulation of US financial markets. . The restatement of the Statement of Cash Flows will include a reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of $110,141 cash flows from finance receivables under the heading "Cash Flows From Investing Activities" to the heading "Cash Flows From Operating Activities" and possible adjustment of certain amounts reflecting the effect of foreign currency translations on cash. There will be no adjustment to net sales or net loss. The Company's independent certified public accountants will not concur with the filing of the Quarterly Report on Form 10-QSB until such amendment to Form 10-KSB has been filed. The Company believes that such filings can be completed on Monday, June 6. DiaSys Corporation designs, develops, manufactures and distributes proprietary medical laboratory equipment, consumables and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. test-kits to healthcare & veterinary laboratories worldwide. Headquartered in Waterbury, Connecticut USA, the Company operates in Europe through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. based in Wokingham, England and in Pacific Asia through its strategic business partner located in Guangzhou, China. DiaSys, Parasep and Urisep are registered trademarks of DiaSys Corporation. This press release contains forward-looking statements within the meaning of, and made pursuant to, the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions 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. The forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or events, or timing of events, relating to the Company to materially differ from those expressed or implied by such forward looking statements. DiaSys refers interested parties to its most recent Annual Report on Form 10-KSB and other SEC filings for a complete description of, and discussions about, the Company. |
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