CALGARY, AB (CVQ:TSX-VEN). CV Technologies Inc. reported today that October sales of its lead product COLD-fX increased 85% over the same period last year.
Chief Financial Officer Andrew Osis said, "We're very pleased with the sales growth the company is experiencing. Last month our sales totaled more than $413 thousand compared to $226 thousand for the same period last year. This month sales (November) are also very strong as we head into the heart of the cold and flu season."
Mr. Osis also said, "The Company has $1 million in the bank and we have also signed a new banking agreement which provides us up to $1 million in conditional borrowings should we seek it."
The current share capital of the Company includes: (i) 87,137,224 issued and outstanding common shares; (ii) 5,005,000 warrants to acquire a corresponding number of common shares at an exercise price of $0.12; (iii) 14,871,943 options to acquire a corresponding number of common shares at exercise prices ranging from $0.10 to $0.72; and (iv) 3,050,977 common shares issueable upon conversion of an outstanding convertible debenture (convertible at an exercise price per common share of $0.10), for a total of 110,065,144 common shares on a diluted basis. The previously announced May, 2003, shelf financing with CVT's largest shareholder, Brubuck Inc., currently remains in place, and at this time no portion of that financing has been exercised.
In response to this significant rise in demand, as well as the increasing complexity of our manufacturing and distribution operations, the Company has recently hired Mr. Wally Yit as Vice President, Operations. Mr. Yit has 20 years' experience in managing complex manufacturing logistics and business operations for multinational corporations located in Canada. This experience, coupled with Mr. Yit's background in sales and marketing in consumer-packaged goods, provides additional expertise to the Company.
The efforts of the Company to raise the awareness of its products, and science have resulted in a series of announcements in the past few weeks. As a result of those announcements, the Company has experienced an increase in sales. During the month of October, the company posted a record level of gross sales totaling $413,250, primarily from the sale of COLD-fX. That compares to $226,148 during the same period last year. During the month of November, sales have continued to progress and the Company is currently adding additional retail partners and will make an announcement in the coming weeks.
ABOUT CV TECHNOLOGIES INC.
CV Technologies, founded in 1992, aims to become a global leader in the development, distribution, marketing and selling of safe and effective natural health products for disease prevention and health maintenance. CV's products are unique because they are developed and standardized according to the company's ChemBioPrint(TM) technology, a patented process that precisely identifies the chemical profile and biological activity of natural health products. This is a combination of chemical and pharmacological fingerprinting that ensures each batch of product delivers verifiable and provable health benefits, and is both safe and consistent with previous batches.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "intends", "expects" and similar expressions are intended to identify forward-looking statements. Such risks and uncertainties include, but are not limited to, the need for capital, changing market conditions, completion of clinical trials, patient enrolment rates, uncertainty of pre-clinical, retrospective and early clinical trial results, the establishment of manufacturing processes and new corporate alliances, the timely development, regulatory approval and market acceptance of the Company's products, and other risks detailed from time to time in the Company's filings with Canadian securities authorities.