TORONTO, Feb. 27, 2014 (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 third quarter and 9 months ended December 31, 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).
Substantially improved results were generated by the Company's persistent focus on the consumer as the principle influencer of the emerging retail health care sector. The Company continues to service consumers through pharmacies, healthcare professionals and third party paramedical clinics, as well as its own 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 "PKI"), a multidisciplinary paramedical clinic, and consolidate the quarterly financial results for PKI. Also included are management fees generated from the previously-announced definitive agreement with Physiomed Yorkdale Inc. to provide operational management services to it.
For the nine months ended December 31, 2013, total revenues were $1,952,000 representing a dynamic increase of over 116% from $906,120, versus the comparative nine-month period in fiscal 2013. Fiscal third quarter revenues of $911,168, were also better than expected, representing a similarly impressive 158% increase over $352,750, for the comparative three-month period in fiscal 2013.
For the nine months ended December 31, 2013 the Company also reported a lower than expected loss of $725,000, as compared to $1,354,000 for the comparative period in fiscal 2013. Similarly, a reduced fiscal third quarter loss of $103,000 was also reported, versus $245,000 for the comparative period in fiscal 2013, equaling a reduction in loss of over 58%.
The Company further reported a significant reduction to cash used for operating activities for the 9 months ended December 31, 2013, of $207,000 versus $800,000, for the comparative period in fiscal 2013.
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., and operates Physiomed Yorkdale Inc., both being multidisciplinary paramedical clinics, 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.