Fytokem Products Inc. today announces that following the filing of its 2007 audited annual financial statements and first quarter 2008 financial statements on July 11, 2008, with amendments filed August 7, 2008, and the revocation of the cease trade orders originally issued by the Saskatchewan Financial Services and British Columbia Securities Commissions on May 20, 2008 and May 14, 2008 respectively, the
common shares in the capital of the Company will be reinstated for trading on the TSX Venture Exchange effective the opening Thursday, August 14, 2008.
With the filing of these financial reports and related disclosure documents, the Company became fully current on its regulatory disclosure filings. The 2007 audited annual financial statements and first quarter financial results are available on Sedar.
The regulatory documents required to be filed by April 30, 2008 were not available as the Company did not have the necessary audit performed within the specified time frame, due to restricted cash flow. Lower than anticipated sales in the fourth quarter of 2007, compounded by a lengthy suspension of activity and review of the program that had been used regularly by the Company to finance its accounts receivable, made cash flow in early 2008 very tight.
The annual audit has since been completed and the Company is achieving normal sales volume in 2008. The Company is in discussions with its long-term debt holders to convert their debt to equity this year. Discussions are also underway with interested investors, which may lead to one or more private placements during the year.
The Company apologizes for any concerns the cease trade order caused shareholders.
About Fytokem Products Inc.
Fytokem Products Inc. develops and delivers proven natural ingredients to leading formulators in the personal care, nutraceutical and pharmaceutical industries. The Company has been issued patents for technology related to two of its products and has other patent applications pending.
Fytokem has two product lines currently offered in the market. Canadian Willowherb(TM) is a multi-function plant extract with strong efficacies as an anti-irritant, and anti-oxidant that also has application as an acne treatment. Tyrostat(TM) is a multi-efficacy plant extract sold primarily for
its use as a tyrosinase inhibitor which provides skin-lightening efficacy. .