SALT LAKE CITY--(BUSINESS WIRE)--June 25, 2002--LifeSmart Nutrition Technologies Inc. (OTC BB: LSNU) announced sales results for its fiscal fourth quarter and full year ended May 31, 2002.
On a preliminary, unaudited basis, sales for the fourth quarter were $784,000 compared with sales of $466,000 for the same period last year, resulting in an increase of over 68 percent.
Also on a preliminary, unaudited basis, sales for the fiscal year ended May 31, 2002 were $3,536,000, an increase of over 200 percent, compared to sales of $1,153,000 for the prior year.
Darald Donnell, chief executive officer and president of the company, said, "Last year was a pivotal year for LifeSmart. In addition to new product launches with our existing customers, we also began to implement our long range plan. This included developing strategic relationships with new retailers and expanding our product line into new key nutraceutical areas."
He continued, "We made significant strides this past year toward achieving our goals while maintaining a strong presence in our existing business segments. Next year we will bring on several very exciting new products which will greatly enhance both our profitability and market share."
About LifeSmart Nutrition Technologies
LifeSmart is a nutraceutical company that has spent the past five years developing an impressive product line and alternative delivery systems geared toward providing great-tasting nutritional products to the masses. LifeSmart has secured relationships to many distribution outlets and has sold and shipped private label and branded orders to several major national retailers.
For more information about LifeSmart Nutrition you can visit their Web page at www.lifesmart.com.
This press release contains forward-looking statements, which are made pursuant to the Safe Harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different.
Factors include, but are not limited to, technological changes, diminished marketability of inventory, increased warranty costs, competition, recruitment and retention of personnel, dependence on continued manufacturer certification, dependence on key personnel and certain suppliers, risks associated with the projects in which the company is engaged to complete and others.
A more complete listing of cautionary statements and risk factors is contained in the company's report on Form 10-K for the year ended Dec. 31, 2001, filed with the Securities and Exchange Commission. The forward-looking statements should be considered in light of these risks and uncertainties. The company disavows any obligation to update or correct any of its forward-looking statements.