MESA, Ariz., Aug. 16, 2006 (PRIMEZONE) -- Humatech, Inc. (Pink Sheets:HUMT) has filed its Form 10-KSB for the 2006 fiscal year, reporting that the company achieved record annual revenues of $1,573,716, 118% higher than the prior fiscal year.
The company said that during the fiscal year ended April 30, 2006, it focused the growth of its business on its animal feed supplement products. Humatech said these products have generated significant increases in net revenues in the past fiscal year, both internationally and domestically. In its report, the company said, "We believe we have a competitive advantage with respect to these products and expect to see continued revenue growth in the future as we expand our sales, production and distribution infrastructure."
Revenues for the year ended April 30, 2006 were $1,573,716, up 118% compared with $720,765 for the same period in 2005. Revenues increased in 2006 primarily due to an increase in sales of the company's Promax(r) product line, domestically and in the U.K. The company noted that its product mix shifted significantly in fiscal 2006 and 2005 toward its animal feed supplement product line, with approximately 94% of revenues coming from this product line in fiscal 2006, compared with 92% in fiscal 2005 and 26% in fiscal 2004.
The company had a net loss of $700,985, or $0.02 per share for the fiscal year, based on weighted outstanding shares, basic and fully diluted, of 34,274,988, down 47% compared with a net loss of $1,031,686, or $0.03 for the prior fiscal year, based on weighted outstanding shares, basic and fully diluted, of 31,913,472. The decrease is attributable primarily to an increase in gross profit of $303,527, and a decrease in operating expenses of approximately $106,982.
Humatech said in its report that it is continuing in its attempt to raise additional capital to expand its marketing and distribution capabilities. In addition to being successful in raising sufficient capital for operations to date, management believes that sales volumes have been increasing and will continue to do so.
The company is accelerating its efforts to return to trading on the Over the Counter Bulletin Board, and remains focused on becoming a fully listed security as developments permit.
Humatech, Inc. manufactures all natural nutrient solutions for plants and animals, produced from a proprietary process described as "Iso-Molecular" technology. The company markets Promax(r() to the animal feed industry in several countries, and also has an agricultural product line, which it markets in the U.S.A. and Europe, as well as its newly developed Organic Advantage(r) retail product line, which consists of 12 organic based liquid products ranging in size from a 4 oz. Planting Solution, to a 2 1/2 gallon Lawn Food.
Certain information contained in this news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these statements are made to convey the company's progress, business opportunities and growth prospects, readers are cautioned that such forward looking statements represent management's opinion. Actual company results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. A more extensive listing of risks and factors that may affect the business prospects of the company and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.
For additional information regarding the company, and its product lines, please visit http://www.humatech.com.