TORONTO, Nov. 29, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. (TSX-V:GES) (MUN:1GE) ("Gemoscan" or the "Company"), a leading owner and marketer of food sensitivity and dietary management solutions, today reported operational and financial results for the 6 months and second fiscal quarter ended September 30, 2013. In this press release, all dollar amounts are expressed in Canadian currency and results are reported in accordance with International Financial Reporting Standards (IFRS).
Continued better than expected results were generated by the Company's on going focus on distribution to the consumer through the emerging retail health care sector including traditional pharmacies and paramedical clinics. The Company's programs are available in nearly 600 pharmacies and paramedical clinics across Canada.
The current financial results reflect the Company's previously announced acquisition of Physiomed Kennedy Inc. (the "Clinic"), a multidisciplinary paramedical clinic, and consolidate the August and September 2013 financial results for the Clinic.
For the six months ended September 30, 2013, total revenues were $1,041,196, representing an increase of 95% from $533,370, over the comparative six-month period in fiscal 2012. Fiscal second quarter revenues were $667,302, representing an increase of 138% over $280,629, for the comparative three-month period in fiscal 2012.
For the six months ended September 30, 2013 the Company also reported a lower than expected net loss of $622,128, as compared to $1,109,214 for the comparative period in fiscal 2012. Lower than expected fiscal second quarter net loss of $386,681 was also reported, versus $571,663 for the comparative period in fiscal 2012.
The Company also reported a significant reduction to cash used for operating activities for the 6 months ended September 30, 2013, of $217,395 versus $576,056, for the comparative period in fiscal 2012.
All of the Company's financial statements and management's discussion and analysis are available on www.sedar.com.
About Gemoscan Canada, Inc.
Gemoscan is an industry leader in food intolerance management and maintains a first-to-market position with Canada-wide distribution through select retail partners. Founded in 2003, using its proprietary patented technology, Gemoscan develops, owns and markets comprehensive food sensitivity and dietary management solutions for consumers, including the HEMOCODE™ Food Intolerance System and the MenuWise™ Food Intolerance Plan, personalized naturopathically supervised nutritional programs that promote well-being. Gemoscan is the first and only provider to commercialize a food intolerance management solution directly to consumers in partnership with retailers, and today offers the most comprehensive services available. Gemoscan also owns and operates Physiomed Kennedy Inc., a multidisciplinary paramedical clinic, located in Toronto, Ontario.
Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange under the symbol GES and is quoted on the Munich, Frankfurt and Stuttgart Stock Exchanges under the symbol 1GE.
This news release contains certain "forward-looking information." All statements, other than statements of historical fact, that address activities, events or developments that Gemoscan believes, expects or anticipates will or may occur in the future. These forward-looking statements reflect the current expectations or beliefs of Gemoscan based on information currently available to Gemoscan. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Gemoscan to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Gemoscan. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Gemoscan disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Gemoscan believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.