SASKATOON, SK, April 30 /CNW/ - Fytokem Products Inc. (the Company),
today announced its financial results for the year ended December 31, 2006.
Fytokem posted record sales of $860,000 for 2006, up by 31% over 2005. This
continues a growth trend that has seen sales grow by an average of 22%
annually over the past three years.
These record sales are in keeping with Fytokem's strategy that will see
business growth by meeting our customers' needs through product improvement,
investments in new products and maintaining our distributor/supplier
"Reaching this new level of sales is a milestone for us," said Art Hesje,
President and CEO of Fytokem. "Sustained sales growth and other financial
performance improvements in 2006 move us closer to being a profitable
While Fytokem recorded a loss of $105,313 for the year, this is an
improvement of $225,000 over last year's net loss.
"An increasing number of formulators are discovering and using Fytokem's
proven line of natural ingredients," added Peter Oliver, Chairperson of the
Board of Directors. "The Company continues to take advantage of the sizeable
market opportunities for its existing products while developing and improving
natural ingredients that consumers want."
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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. Statements contained in this news release,
which are not historical facts, are forward-looking statements that
involve risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed or implied by such
forward-looking statements. Fytokem disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.