Tuesday, May 3, 2011
Theralase Technologies Inc. Announces its Year End Financial Results
Company Primed for Growth - Exciting Progress in Research and Development
Toronto, Ontario – May 2, 2011 (Marketwire Canada) Theralase Technologies Inc. (TSX‐V: TLT) announces its year end 2010 financial results.
Total revenue for twelve months ending December 31, 2010 at $2,040,537 compared to $2,359,855 for the same period in 2009.
Selling expenses increased by 39%, to $662,064 for the twelve month period ending December 31, 2010 compared to $476,416 for the same period in 2009. The percentage increase is due to increased spending on travel and advertising.
A 26% increase in administrative expenses ($1,255,572 for twelve months ending December 31, 2010 compared to $992,742 for the same period in 2009) represents increased expenditures on stock‐based compensations and salaries (recent hires – sales, production and accounting).
Roger Dumoulin‐White, President and CEO of Theralase Technologies Inc. stated, “The net loss for the period ended December, 2010 was $1,199,725, which included $303,610 of non‐cash expenses (amortization, stock‐based compensation expense, and foreign exchange gain/loss and lease inducements). Research and development expenses increased by 334% from $164,184 in 2009 to $547,987 in 2010. The company expenses the future product development costs of the TLC‐2000 Biofeedback Therapeutic Laser and TLC‐3000 Photo Dynamic Compound Cancer Destruction Technology from existing TLC‐1000 therapeutic laser product sales, resulting in the overall net loss.”
Mr. Dumoulin-White added, “The Company is poised for significant growth in the 2nd half of 2011 as the Company expands its sales and marketing efforts in Canada, the US and internationally with the addition of qualified sales professionals, including the launch of an experienced equine sales team. As well, the Company is preparing for the unveiling of its patented TLC‐2000 Biofeedback Therapeutic Laser in 4Q2011. On the research front, exciting progress is being made in the destruction of cancer cells utilizing Theralase’s patented Photo Dynamic Compounds (PDCs) as well as in bacteria destruction. In order to capitalize on this research, we are considering entering into joint venture arrangements and/or strategic alliances.”
Subsequent to the Company’s year-end, Theralase completed an oversubscribed private placement on January 7, 2011 for gross proceeds of $737,500.
The complete consolidated financial statements and MD&A for twelve months ending December 31, 2010 can be found at www.theralase.com and www.sedar.com.
About Theralase Technologies Inc.
Theralase Technologies Inc. designs, develops and manufactures patented, super-pulsed laser technology utilized in bio-stimulation and bio-destruction applications in the United States, Canada and internationally. The technology is safe and effective in the treatment of chronic pain, neural muscular-skeletal conditions and wound care. These applications extend to the care of animals by veterinarians. When combined with patented light-sensitive Photo Dynamic Compounds, Theralase laser technology is able to specifically target and destroy cancers, bacteria and viruses.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this release.
Theralase Technologies Inc.
Roger Dumoulin - White, Greg Bewsh
President & CEO Director of Investor Relations
416-447-8455 ext. 225 416-447-8455 ext. 262