WESTON, Fla., May 25 /PRNewswire/ -- American Scientific
Resources, Inc. (the "Company" or "ASR") (Pink Sheets: ASFX)
announces the following update in the affairs of the Company.
Introduction
This update is being provided by ASR to address the many
inquiries received, and to also give some detail on the Company's
development and growth. ASR also plans on updating the public
continually with monthly updates.
ASR continues to implement its business plan and improve on a
number of initiatives and procedures including already announced
projects, new initiatives and products and creating a better
position with regard to financials, procedures, accounting and many
other areas.
Numerous previously announced projects are progressing well.
Communication has improved with the Company's valued
shareholders through improved Investor Relations and the soon to be
released upgraded Investor Relations section of the corporate
website. ASR has also taken steps to become even more transparent,
specifically by making the recent Annual Report available on Pink
Sheets. As always, the Company urges all shareholders to
regularly visit the corporate website or view the filings on Pink
Sheets.
Achievement highlights over the past year include:
- Financial improvement, and an increase in shareholder
value
- The settlement or dismissal of legal actions
- The removal of the Caveat Emptor designation by Pink
Sheets
- Fully current on all financial reporting
- All financial reporting and audits are up to date, and 2009
audits are complete
- New thermometer conception-to-production occurred within 6
months
- New Investor Relations firm
- New Board Members
- Operating under the ISO9001/13485 Directive of Quality Systems
Manual and Good Manufacturing Practices to become fully approved
FDA manufacturing facility
- New FDA approved products owned by the Company. Food and
Drug Administration approval is being sought for new products.
- Significant private label thermometer and Disintegrator deals
near completion
- New and exclusive distribution deals signed for other
products
- Worldwide distribution agreements for multiple products
executed
- Worldwide advances in legislation and awareness supporting the
Needle Destruction Device (NDD)
- Significant media uptake on Company products
Both the new non-contact thermometer and Disintegrator
production runs are on schedule for delivery to satisfy existing
contracts with others in the pipeline.
2009 Results, Discussion and Comment
With the expansion of the management team and the implementation
of the Company's restructuring and growth plan beginning in
June 2009, substantial progress has
been made; this work is reflected in the significant increase in
traded market value of the Company's stock over the past 9
months.
- Assets are up due to the purchase of the Disintegrator
patent
- Liabilities were $4,103,000 for the year ended
December 31, 2008 and $3,500,000 for the year ended December 31, 2009, a reduction of $603,000.
Current liabilities are down, including reductions of certain debt
obligations.
- ASR is designated on Pink Sheets as having "current
information". All of the audited financial statements are up
to date and filed with the SEC along with other required
disclosures.
American Scientific Resources,
Inc.
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Summary of Consolidated
Financial Results
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(US dollars in thousands except
per share amounts)
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2009
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2008
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Change
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%
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Selected Balance Sheet
Data:
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Total Assets
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3,272
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1,351
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1,921
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Up 142%
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Current Liabilities
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3,500
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4,103
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(603)
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Down
15%
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Shareholders' Deficit
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(1,059)
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(2,752)
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1,693
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Improved
62%
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Selected Statement of Operations
Data:
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Product Sales
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734
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911
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(176)
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Off 19%
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Operating, Sales & Admin.
Expenses
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(2,017)
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(5,202)
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3,185
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Improved
61%
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Interest Expense
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(656)
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(1,593)
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936
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Improved
59%
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Net Loss to Common
Shareholders
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(3,347)
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(6,407)
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3,060
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Improved
48%
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Basic & Diluted Loss per
Share
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(0.0028)
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(0.0437)
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0.0409
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Improved
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Selected Key
Ratios:
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Gross Profit to Product
Sales
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42%
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43%
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-1%
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Held
steady
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Total Liabilities to Total
Assets
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132%
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304%
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-171%
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Improved
171%
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Common Share Price
Performance:
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January
2,
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December
31,
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2009
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2009
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Closing Bid Price
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0.0050
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0.0139
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0.0089
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Up 178%
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June
11,
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April
14,
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2009
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2010
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Closing Bid Price
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0.0006
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0.0144
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0.0138
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Up
2183%
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Conception to Consumer
The process in taking a product conception to the retail shelves
is quite an enormous undertaking. From design, to prototype,
to tooling, to first articles to global distribution, ASR was able
to complete this normally lengthy process for their new thermometer
within the condensed time of 6 months in order to make it available
for the 2010/2011 Cold/Flu season.
Since the Company decided to not just be a distributor, but also
a manufacturer of medical devices, they have not only been
operating under the ISO9001/13485 Directive of Quality Systems
Manual and Good Manufacturing Practices, but ASR is preparing for
an FDA audit as well as an ISO audit. Upon the successful
completion of these audits, ASR would be a fully accredited
manufacturer of medical devices.
Disintegrator Update
ASR is excited about satisfying the demand for the FDA approved
Disintegrator and Disintegrator Plus. Ongoing sales are targeted
both in the United States and
overseas.
Manufacturing is well underway, and an announcement on
developments and contracts will be out shortly.
During the first quarter of 2010, the Company received a follow
on order from Bayer Sante. Additional orders are anticipated.
Production of these customized units is well underway with delivery
scheduled. Bayer Healthcare is one of the world's leading
pharmaceutical companies, and utilizes the Disintegrator by
providing it to patients who administer its Betaferon medication by
injection. Disintegrator units are manufactured with Bayer
Healthcare specific colors and logos, and are currently in daily
use in France.
Jason Roth, ASR's Senior Vice
President, commented, "Bayer Healthcare represents a world class
partner for American Scientific. We are pleased to continue
with the Bayer contract, and look forward to the additional stages
of the contract as well as our continued relationship with them and
with other customers and users worldwide."
In addition to the Bayer Healthcare Disintegrator and the
Disintegrator Plus, the Company is developing a Non Government
Organization (NGO) version, designed to be taken up globally by aid
providers operating in areas where injections and immunizations are
key in the fight against disease. The Disintegrator NGO provides
foundations and aid organizations a cost effective way of
destroying harmful needles at the point of use in developing
countries worldwide. The Company is working on this project with
its partners in manufacturing and front line aid providers.
According to the World Health Organization (WHO), it is
estimated that globally 16 Billion injections are administered
annually in developing and transitional countries alone. They also
indicate that each year unsafe injections cause an estimated 1.3
million early deaths, a loss of 26 million years of life and an
annual burden of $535 million USD in
direct medical costs.
The Disintegrator is an exciting member of the product family at
American Scientific, both with the home use Disintegrator Plus and
the new NGO version. Both are designed to solve a global health
issue that threatens the lives of millions of people - patients,
healthcare professionals, aid workers as well as the general public
- every year.
Disintegrator photo and more information can be found on
www.disintegratorplus.com.
Thermometer Update
On May 10, 2010, ASR released an
updated statement on how they increased production of its new line
of affordable, revolutionary 5-in-1 non-contact thermometers to
allow for various distribution channels to take full advantage of
ASR's production capabilities.
The Company's new 5-in-1 non-contact thermometer provides a
hygienic, trauma free and accurate temperature reading for the user
and patient at a very competitive price. Through education and
awareness, ASR aims to finally change the way the world takes a
temperature.
Photo here:
http://www.newscom.com/cgi-bin/pub/s?f=NCOM/prn&p1=20100507/NY01332&view=thumbnail_grid
Mebby Update
ASR placed an order with Medel Inc., (Mebby manufacturer), and
is awaiting delivery of this first order. ASR is not currently
selling these products, but expects to sell online in the coming
months.
Mebby has an entire line of health and safety products designed
to make child care much easier. For example, the breast-pump uses
patented technology that provides a comfortable sucking-motion on a
woman's breast, while at the same time reducing the fatigue of the
mother. Also, for greater pump capacity, a duo-pump can pump both
breasts at the same time in order to save time. Both pumps come
with a convenient, stylish thermal bag with hot and cold packets.
Additionally, the Mebby video baby monitor enables a parent to see
a real-time image of their child day or night (with infrared
technology).
To help with the sales and marketing of this new line of
products, initial sales are being sought after in the southern
California region, and ASR will be
attending the ABC show in October
2010. Visit www.mebby.com to learn more about the line of
products.
Corporate Website
ASR is working to improve the corporate website at the moment,
and will have an updated Investor Relations section. The Company is
also going to add sections, which will showcase product
developments, new projects and news and events of interest
worldwide relating to their products. For example, a "What's New"
section will contain exciting insights into products coming to
market.
The Company will announce shortly when it is completed, and all
shareholders are encouraged to visit it regularly.
Upcoming PR
The Company was recently pleased to announce a substantial
follow on Disintegrator order from Bayer Healthcare and, also
anticipates further announcements shortly regarding additional
Disintegrator orders and orders for the new thermometer.
Closing Comments
Dr. Christopher F. Tirotta,
CEO/Chairman, stated, "We have had substantial challenges over the
past years, but we look forward to improved results coming from the
development and marketing of new products. Our restructuring and
growth plan has yielded considerable positive developments over the
past 9 months."
A lot of hard work lies ahead for ASR, yet the Company has taken
many giant steps forward, and continues to move in a positive
direction.
ASR urges shareholders who would like to be on the Company’s
Investor E-mail List in order to receive all ASR updates to please
e-mail IR@americansci.com.
About American Scientific Resources, Inc.
American Scientific Resources, Inc. is both an operating company
and the holding company for wholly owned subsidiary, Kidz-Med. The
Company sources and designs innovative health and safety products,
develops intellectual property and distributes through established
relationships and channels both in-house and through its ever
growing network of proven global healthcare distributors. For
more information, visit the corporate web site at
www.americansci.com and the Company's subsidiary Kidz-Med at
www.kidzmed.com.
Safe Harbor
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements contained in this release that are not historical facts
may be deemed to be forward-looking statements. Investors are
cautioned that forward-looking statements are inherently uncertain.
Actual performance and results may differ materially from that
projected or suggested herein due to certain risks and
uncertainties including, without limitation, ability to obtain
financing and regulatory and shareholder approvals for anticipated
actions.
Contact
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American Scientific
Resources Investor Relations
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E-mail
IR@americansci.com
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Or call
561-948-4863
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SOURCE American Scientific Resources, Inc.