Vancouver, BC - Forbes Medi Tech Inc. (TSE:FMI; NASDAQ:FMTI) is pleased to announce that it has increased sterols sales for both Reducol" and non-branded sterols ("Phyto-S Sterols") to existing customers in both the food manufacturing and dietary supplement businesses. Forbes' manufacturing joint venture, Phyto-Source LP, is now operating at full capacity, however, the Company maintains the flexibility to divert production from Phyto-S Sterols to accommodate higher-margin Reducol" sales.
As a result of the increase in both Reducol" and Phyto-S Sterols sales, Forbes has increased its revenue guidance for 2003 from US$9 million to US$11 Million. Included in the US$11 million is anticipated revenue based on customer's forecasts. Due to fluctuations in currency exchange and the fact that substantially all of the Company's sales are in US funds, future revenue guidance will be provided in US dollars.
"The demand for Reducol" has increased significantly during 2003. This increase in sales from established customers is testament to the strengthening demand for our cholesterol-lowering ingredients," said Charles Butt, President & CEO of Forbes Medi-Tech Inc. "Additionally, these increased sales have fueled our efforts to complete a strategic plan for expansion of the plant sooner than originally anticipated", said Butt.
About Forbes Medi-Tech Inc.
Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative prescription pharmaceutical and nutraceutical products for the prevention and treatment of cardiovascular and related diseases. Forbes' scientific platform is based on core sterol technology. By extracting plant sterols from by-products of the forestry industry, Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.