– An increase of 73% in sales over the six-month period –
OTTAWA, Ontario–(BUSINESS WIRE)–Avivagen Inc. (TSXV:VIV) (“Avivagen” or the “Corporation”), a world
leader in natural alternatives to antibiotics with its OXC-beta™
technology, reported today its unaudited financial results for the
second quarter of 2019 and Stock Option plan update.
“This was a very crucial quarter for the Company as we signed a
partnership for sales and distribution with CSA, a strong US partner who
has extensive technical experience and relationships and the ability to
access the US livestock and poultry markets,” said Kym Anthony, CEO,
Avivagen Inc.
For the three-month period ended April 30, 2019, the Corporation
reported revenues of $303,984, an increase of 39% over the three-month
period ended April 30, 2018. For the six-month period revenues were
$626,109, or an increase of 73% over the six-month period ended April
30, 2018.
The comprehensive loss from continuing operations for the three-month
period ended April 30, 2019 was $(1,292,919). As at April 30, 2019, the
Corporation reported total assets of $3,797,114, total liabilities of
$4,931,973 and shareholders’ equity of $(1,134,859).
The Corporation has also amended its Stock Option Plan to provide that
should an option expire during a trading blackout period, or within ten
business days thereafter, the expiration of the option will instead be
the tenth business day following the end of the blackout period. This
amendment is in compliance with the rules of the TSX Venture Exchange
and is intended to ensure that option holders are not negatively
impacted if their options are set to expire during what would otherwise
be a blackout period during which options may not be exercised. The
amendment is subject to customary final approval by the TSX Venture
Exchange.
For further information on Avivagen’s public disclosure file, consult
SEDAR at www.sedar.com.
About Avivagen
Avivagen is a life sciences corporation
focused on developing and commercializing products for livestock,
companion animal and human applications that, by safely supporting
immune function, promote general health and performance. It is a public
corporation traded on the TSX Venture Exchange under the symbol VIV and
is headquartered in Ottawa, Canada, based in partnership facilities of
the National Research Council of Canada and Charlottetown, Prince Edward
Island. For more information, visit www.avivagen.com.
The contents of the website are expressly not incorporated by reference
in this press release.
About OxC-beta™ Technology and OxC-beta™ Livestock
Avivagen’s
OxC-beta™ technology is derived from Avivagen discoveries about
carotenoids, compounds that give certain fruits and vegetables their
bright colours, and is a non-antibiotic means of maintaining optimal
health and growth. OxC-beta™ Livestock is a proprietary product shown to
be effective and economic in replacing the antibiotics commonly added to
livestock feeds. OxC-beta™ Livestock is currently available for sale in
the United States, Philippines, Taiwan, New Zealand and Thailand.
Avivagen’s OxC-beta™ Livestock product is safe, effective and could
fulfill the global mandate to remove all in-feed antibiotics as growth
promoters. Numerous international livestock trials with poultry and
swine using OxC-beta™ Livestock have proven that the product performs as
well as, and, sometimes, in some aspects, better than in-feed
antibiotics.
Forward Looking Statements
This news release includes
certain forward-looking statements that are based upon the current
expectations of management. Forward-looking statements involve risks and
uncertainties associated with the business of Avivagen Inc. and the
environment in which the business operates. Any statements contained
herein that are not statements of historical facts may be deemed to be
forward-looking, including those identified by the expressions “aim”,
“anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”,
“expect”, “if”, “intend”, “goal”, “hope”, “likely”, “may”,
“plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”,
“whether”, “will”, “would” and similar expressions. Statements about the
TSX Venture Exchange’s approval of amendments to Avivagen’s Stock Option
Plan, OxC-beta’s ability to replace antibiotics commonly added to
livestock feeds or to fulfill the global mandate to remove in-feed
antibiotics as growth promoters, are forward looking statements. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. For instance, Avivagen’s products
may not the gain market acceptance or regulatory approvals necessary to
fulfill the global mandate to remove in-feed antibiotics as growth
promoters. Readers are referred to Avivagen’s latest annual information
form and management’s discussion and analysis available at www.sedar.com
for a discussion of risks associated with its business. Except as
required by law, Avivagen assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results
could differ from those reflected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Copyright © 2019 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.
Contacts
Avivagen Inc.
Drew Basek
Director of Investor Relations
100
Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Phone: 416-540-0733
E-mail:
[email protected]
Kym Anthony
Chief Executive Officer
100 Sussex Drive, Ottawa,
Ontario, Canada K1A 0R6 Head Office Phone: 613-949-8164
Website: www.avivagen.com
