Canton, CT, June 3, 2014 (GLOBE NEWSWIRE) -- Kelyniam Global Inc, (OTC: KLYG), a prominent manufacturer of custom cranial implants, today reported that the company generated net income of $71,205 in the first quarter of 2014.
Compared with first quarter 2013, net sales increased 23% from $437,415 to $540,286, as a result of increased market penetration, gross profit moved up from $229,027 to $269,788, and net income swung from a loss of $17,272 to a profit of $71,205. Financials will be provided at www.kelyniam.com. "This is the strongest first quarter in the company's history", stated Tennyson Anthony, President and CEO. "Our progress is encouraging and it suggests there is a lot more room for the company to grow. Furthermore, we are working to increase our gross margins throughout 2014."
In addition, the company is excited to announce that the board has appointed Dr. Mark Smith, a prominent Nuerosurgeon, and Dr. Naveh Levy, a practicing Diagnostic Radiologist, to the board of directors.
Mark V Smith, M.D. is a neurosurgeon with over 20 years of clinical experience. He has also worked as a biomedical engineer. He graduated magna cum laude with a bachelor's degree in Electrical Engineering from the University of Maryland in 1980. After working two years as a biomedical engineer, he was admitted to medical school where he earned a doctorate of medicine at the University of Maryland in 1986. He completed his neurosurgery training at SUNY Upstate University Hospital in Syracuse, New York in 1993. He is also fellowship trained in pituitary surgery and epilepsy surgery. Dr. Smith was as an assistant professor of neurological surgery at SUNY Health Sciences Center in Syracuse, New York from 1994 to 1999 specializing in epilepsy and skull base surgery. In 1999 he started a private practice neurosurgery group in Utica, New York. Dr. Smith has received numerous awards and grants and is published in the fields of neuroanatomy, neurophysiology and neurosurgery.
Naveh Levy, M.D. completed his residency at the Cleveland Clinic in 2008 and an MRI Fellowship in 2009 at Michigan State University. He holds a medical degree from George Washington University School of Medicine in Washington, D.C.
"Kelyniam is in the business of taking raw data, a patient's CT scan, and creating a superior product with intricate details for the surgeon to implant in the patient. These new board members bring the technological acumen to complement both aspects of the business," stated Mr Anthony. "We are excited to have them join us."
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more activeand productive lives.
Please visit our website at www.kelyniam.com for more information.Forward-Looking StatementsExcept for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective" and "appears" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.