NuVim(R), Inc. (pinksheets:NUVM), a leading provider of refrigerated and shelf stable ready-to-drink beverages and powder mixes, presents an investor review of their 3rd Quarter September 2010 financials.
These quarterly financials reflect further cost control and Balance Sheet improvements at NuVim(R):
- Balance Sheet recapitalization has eliminated approximately $2,000,000 in liabilities during the past 9 months.
- The net loss for 9 months 2010 was $96,000 versus $429,000 for the same period last year.
- G&A expenditures for 9 months 2010 was $341,000 versus $472,000 for the same period last year.
- Gross margins for the period were 41% of revenue.
This Balance Sheet cleanup and the resulting reduction in interest expense are indications that the Company is focused on becoming debt free and improving this element of the fundamentals. Gross margins are acceptable which with case volume increases will permit NuVim to a profitable enterprise in the future.
NuVim(R) continues to seek a relatively small amount of funding. With this capital, one of the priorities will be to use a small portion of the raise to eliminate approximately $600,000 of remaining debt. This will leave about $400,000 which includes normal trade payables, past dues and other Company liabilities. These liabilities are expected to be paid over a scheduled time frame. The primary objective of raising additional capital is to further develop the revenue stream initiatives already in place including evaluation of additional health benefits for specific segments of the population.
On July 7, 2010 we announced an agreement with Cross Legion Marketing LLC. Cross Legion has defaulted on their agreement. Therefore we believe Cross Legion will be unable to meet the contractual obligations. NuVim is in the process of replacing the internet work with another internet marketing provider.
NuVim(R) is a one-of-a-kind healthy beverage based on many years of extensive research and development. It contains lactose-free whey protein, a prebiotic fiber with essential minerals and vitamins. NuVim(R) helps maintain a strong immune system, increase vitamin and mineral absorption, especially calcium, and improves digestion. With only 45 calories per 8 ounce serving and its nutritional content, NuVim(R) could be considered the "Best Thing You Can Drink." NuVim(R) contains no high fructose corn syrup, no lactose, no cholesterol, no fat, no artificial flavors or colors, and no caffeine. NuVim(R)'s powder mixes in Chocolate, Vanilla, and Strawberry flavors can only be purchased online.
To learn more about NuVim(R) visit www.nuvim.com or call toll free 877-850-8777