ORLANDO, Fla., May 19, 2004 /PRNewswire-FirstCall via COMTEX/ -- Bio-One Corporation (BICO) , a nutritional supplements company serving the preventive and alternative healthcare industry segments, announced today the results of its first quarter ended March 31, 2004.
For the three months ended March 31, 2004, the company reported net sales of $4,673,504, as compared to net sales of $0 for the three months ended March 31, 2003. This is attributable to the acquisition by the company's wholly owned subsidiary, PNLabs, Inc., in September 2003, of substantially all of the assets of Physicians Nutraceutical Laboratories, Inc. and the acquisition of eighty percent of all of the issued and outstanding shares of American Nutritional Exchange. For the three months ended March 31, 2004, Bio-One reported a net operating loss of $174,449 and a net loss of $4,752,163 or ($0.09) EPS compared to $172,443 or ($0.01) EPS for the three months ended March 31, 2003. The increase in net loss is primarily due to the company recording interest expense of approximately $4,560,000 as a result of discounts amortized relating to a $5 million secured promissory note and a $15 million secured convertible debenture, both of which were used to fund company operations.
At the end of the first quarter 2004, the company reported total assets of $36.7 million, total debt of $34.1 million and total equity of $2.6 million. As of May 10, 2004, the company had 59,515,870 shares of common stock outstanding.
Bio-One President and CEO Armand Dauplaise said, "We are continuing to build our company through strategic acquisitions. As we reported earlier, our newly acquired companies are showing excellent financial results. Since the acquisition dates varied throughout the quarter we did not benefit for the full period. However we are now in an ownership position to report entire quarterly revenue for these acquisitions during the quarter ending June 30, 2004.
"During the first quarter we also obtained a $50 million funding commitment from Cornell Capital Partners. The Standby Equity Distribution Agreement provides us access to capital in order to further our strategic plan that includes the previously announced acquisition agreements in Florida, Canada and China," said Dauplaise.
Bio-One Corporation is a nutritional supplements company serving the preventive and alternative healthcare segments. The company intends to acquire additional businesses in order to provide quality nutraceuticals to consumers through vertical integration of manufacturing, distribution and marketing. Current Bio-One subsidiaries include PNLabs, American Nutritional Exchange, Interactive Nutrition International, Nutrition Sciences Corporation and WeiFang Shengtai Pharmaceuticals Co. Ltd.
Bio-One Corporation is committed to its mission of the continuing pursuit of excellence in serving its customers, suppliers, team members and shareholders. Bio-One is confident that it will accomplish its mission and goals through the application of its management philosophy, which is to treat others the way they would want to be treated themselves.
Certain statements released by Bio-One Corporation that are forward- looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. These include, but are not limited to, economic, competitive, governmental, technological and other risks detailed in the company's registration statements and periodic reports filed with the Securities and Exchange Commission. By making these forward-looking statements, the company undertakes no obligation to update these statements for revisions or changes after the date of this release.