SunBlush Announces First Quarter Results 2003.Business Editors TORONTO--(BUSINESS WIRE)--May 30, 2003 The SunBlush Technologies Corporation ("SunBlush") today announced its results for the quarter ended March 31, 2003. Revenue increased to US $6.0 million from US $5.9 million compared to the quarter ended March 31, 2002. Revenues for Access Flower Trading, Inc. ("Access") increased by 3.6% compared to the same period last year. Access accounts for 98.8% of the sales. Technology and licensing revenue decreased by $81,000 to $69,000 in the first quarter of 2003, compared to the first quarter of 2002. The loss for the quarter was $794,000 ($0.02 per share), compared to a loss of $390,000 ($0.01 per share) during the first quarter of 2002. The Company experienced a foreign exchange loss of $257,000 compared to a gain of $12,000 for the same period last year as a result of the increased value of the Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents and the UK pound relative to the US dollar. Interest expense increased to $100,000 from $32,000 compared to the same period last year due to increased borrowings. The Company also expensed reorganization costs of $92,000 during the first quarter of 2003. As previously released, SunBlush, in conjunction with its financial advisors, is reviewing a number of options to restructure the Company's operations with a view to creating shareholder value, including the sale of certain assets to materially improve the Company's cash position, balance sheet and operating performance. About SunBlush: The SunBlush Technologies Corporation is the leading provider of life extension technology to the high growth Fresh Produce and Flower Industry and uses its technological leadership to pursue licensing opportunities. The Company's patented technologies naturally place produce in a state of hibernation while it is being shipped, extends the shelf life of fresh produce, flowers, and juices, thereby enabling economic distribution of premium quality vine-ripened fruit and vegetables. The Company's network of R&D relationships, which include the University of British Columbia Locations Vancouver The Vancouver campus is located at Point Grey, a twenty-minute drive from downtown Vancouver. It is near several beaches and has views of the North Shore mountains. The 7. , French National Agronomic a·gron·o·my n. Application of the various soil and plant sciences to soil management and crop production; scientific agriculture. ag Research Institute (INRA INRA Institut National de la Recherché Agronomique (France; National Institute for Agronomic Research) INRA Institute for Natural Resources in Africa INRA Inland Northwest Research Alliance ), Alimentec, CIRAD CIRAD Centre de Coopération Internationale en Recherche Agronomique pour le Développement (French Agricultural Research Centre for International Development) , Bar Ilan University, and the University of Newcastle University of Newcastle can refer to:
named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. floral product auctions and purchasing services. The Company continues to pursue licensing opportunities through the traditional grower/processor channels, and has also identified the rapidly growing, emerging e-commerce marketplace - for flowers, in particular -- as a way of maximizing the distribution for its technologies. Manual Listing S & P's Industrial & Int'l, 12g (3)b Exemption: #82-2190 On Behalf of the Board The SunBlush Technologies Corporation Roy W. Robinson, Director/ Corporate Secretary The statements in this press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are subject to the safe harbour created by these sections. Actual results may differ materially from the Company's expectations. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved the contents of this news release. |
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