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CARING PRODUCTS INTERNATIONAL, INC. FINANCIAL STATEMENTS FOR THE SECOND QUARTER RESULTS

SEATTLE, Nov. 22 /PRNewswire/ -- Attached are financial statements for September 30, 1996 which are to be attached to the press release dated November 21, 1996.
 CARING PRODUCTS INTERNATIONAL, INC.
 Consolidated Balance Sheet
 (Expressed in U.S. dollars)
 September 30, 1996 with comparative figures for 1995
 September 30 September 30
 1996 1995
 ASSETS
 Current assets
 Cash and term deposits 629,918 106,322
 Short term investment 3,414,494 -
 Accounts receivable, net 610,681 419,422
 Inventories 1,166,064 1,879,294
 Prepaid 36,726 47,445
 Total current assets 5,857,883 2,452,483
 Long-term investment
 Capital assets, net of accumulated
 amortization 265,472 241,857
 Intangible assets, net of accumulated
 amortization 259,668 294,573
 Incorporation 176 176
 Deferred financing charges - 182,870
 TOTAL ASSETS 6,383,199 3,171,959
 LIABILITIES
 Current Liabilities
 Accounts payable 327,670 844,268
 Promissory Notes Payable 2,500,000 2,267,758
 Short term loans - 304,667
 Current portion of lease
 obligation - 12,532
 Current portion of long-term debt 4,034 12,701
 Total current liabilities 2,831,704 3,441,926
 Lease obligation 3,335 11,234
 Long-term debt - 23,782
 Due from Shareholders - 306,075
 TOTAL LIABILITIES 2,835,039 3,783,017
 SHAREHOLDERS' EQUITY
 Capital stock 225,872 118,592
 Contributed surplus 12,137,663 4,968,466
 Deficit (8,815,375) (5,698,116)
 TOTAL SHAREHOLDERS' EQUITY 3,548,160 (611,058)
 TOTAL LIABILITIES AND EQUITY 6,383,199 3,171,959
 Unaudited
 Prepared by Management
 CARING PRODUCTS INTERNATIONAL, INC.
 Consolidated Statements of Loss and Deficit
 (Expressed in U.S. dollars)
 Six months ended September 30, 1996 with comparative figures for 1995
 Three months Six months Six months
 ended ended ended
 September 30 September 30 September 30
 1996 1996 1995
 REVENUE
 Sales 671,121 1,099,589 525,841
 Cost of Goods Sold 376,409 681,093 322,062
 Gross profit 294,711 418,497 203,779
 Interest 141,517 144,852 17,008
 436,228 563,349 220,787
 EXPENSES
 Direct selling expenses 16,859 40,171 46,495
 Amortization 27,106 53,551 53,269
 General and administrative 228,162 461,280 544,508
 Interest and bank charges 29,751 75,299 1,901
 Interest - capital lease
 obligation - - 1,854
 Marketing 372,638 678,136 1,117,807
 Production 166,733 304,687 (50,695)
 Research & Development 7,823 7,823 65,580
 Bad debt provision 16,494 16,494 -
 865,566 1,637,440 1,780,720
 Net Loss From Operations (429,338) (1,074,091) (1,559,934)
 Financing Expenses 16,180 15,008 371,845
 NET LOSS FOR PERIOD (445,518) (1,089,098) (1,931,779)
 DEFICIT, BEGINNING OF
 PERIOD (8,369,857) (7,726,277) (3,766,337)
 DEFICIT, END OF PERIOD (8,815,375) (8,815,375) (5,698,116)
 Unaudited
 Prepared by Management
 CARING PRODUCTS INTERNATIONAL, INC.
 Consolidated Statement of Cash Flows
 (Expressed in U.S. dollars)
 Three months Six months Six months
 ended ended ended
 September 30 September 30 September 30
 1996 1996 1995
 Cash flows from operating
 activities:
 Net Loss for the period (445,518) (1,089,098) (1,931,779)
 Amortization, an item not
 involving cash 27,106 53,241 53,269
 Allowance for Doubtful
 Accounts 16,494 16,494 -
 (401,918) (1,019,363) (1,878,510)
 Change in non-cash working
 capital items:
 Accounts receivable (203,728) (346,497) (253,572)
 Inventories 324,874 642,928 (654,804)
 Prepaid expenses 81,922 85,998 193,139
 Accounts payable (96,676) (102,612) (67,359)
 Due from Shareholders (108) - 306,075
 (295,633) (739,546) (32,606)
 Cash flows from investing
 activities
 Acquisition of capital
 assets (103,897) (103,110) (40,148)
 Acquisition of intangible
 assets (2,429) (2,455) (5,486)
 Incurrence of deferred
 charges - - (20,133)
 (106,326) (105,565) (65,767)
 Cash flows from financing
 activities:
 Proceeds from shares
 issued 1,153,078 1,145,854 11,029
 (Repayment) incurrence
 of long-term debt (25,898) (25,953) (4,101)
 Repayment of capital
 lease (14,114) (14,146) (4,404)
 1,113,066 1,105,754 2,524
 Increase/Decrease in cash
 and cash equivalents 711,106 260,643 (95,849)
 Cash and cash equivalents,
 beginning of period 3,333,306 3,783,769 202,171
 Cash and cash equivalents,
 end of period 4,044,412 4,044,412 106,322
 Unaudited
 Prepared by Management SOURCE Caring Products International, Inc.
 -0- 11/22/96


/CONTACT: William H.W. Atkinson, Chairman and Chief Executive Officer, 604-683-4522/

(CPI.)

CO: Caring Products International, Inc. ST: Washington IN: SU: ERN

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Date:Nov 22, 1996
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