Functional Technologies Corp. has released the operational and financial results for the year ended August 31, 2011.
The company has reported a net loss of $4.8 million for the 12 months ended August 31, 2011, compared to a net loss of $3.4 million for the 12 months ended August 31, 2010. The increased $1.4 million of loss has resulted due to the increase in operating expenses, inventory write-off, and a decrease in government assistance, according to the company.
In terms of revenues, the company has earned $0.2 million, compared to $0.05 million, in the year prior. The increase of $0.15 million reflects an increase in the number of wineries purchasing introductory quantities of the Company's proprietary H2S-preventing wine yeasts in the U.S., as well as in Europe and Chile where 2011 represented the first year of commercial availability of these wine yeasts.
The company believes that getting product into use at a large number of wineries, is key to establishing demand for its wine yeast platform and products.
Howard Louie, Functional Technologies' CEO and chairman, said, “Functional Technologies has accomplished significant achievements in the past year, particularly in building technical and commercial value for our proprietary acrylamide-preventing (“AP”) yeast platform.”
Louie said that their corporate goal to drive technologies from bench to commercialization is being realized with their H2S-preventing wine yeasts, achieving increasing market presence through significant growth in the number of wineries purchasing introductory quantities of their product with results that reflect a strong market interest across several new regional markets.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. With a head office in Vancouver, Functional Technologies Corp. has R&D operations in Prince Edward Island and Europe, as well as a U.S. sales office in Napa Valley, California.
In other news, Functional Technologies Corp. recently announced that it retained the services of San Diego Torrey Hills Capital, Inc. to provide investor relations services, subject to regulatory approval.
A leading investor and financial public relations firm specializing in small and micro-cap companies, Torrey Hills Capital has been engaged to increase awareness about Functional Technologies and its activities through Torrey Hills Capital's established relationships with investment professionals, investment advisors, and money managers focused on the microcap market space.
Jyothi Shanbhag is a contributing editor for TMCnet. To read more of Jyothi's articles, please visit her columnist page.
Edited by Jennifer Russell