Applied DNA Sciences Reports Year End Results
January 17 2007 - 7:30AM
PR Newswire (US)
STONY BROOK, N.Y., Jan. 17 /PRNewswire-FirstCall/ -- Applied DNA
Sciences, Inc. (OTC:APDN) (BULLETIN BOARD: APDN) ("APDN"), a DNA
security solutions company, today announced financial results for
its last fiscal year. For the year ended September 30, 2006,
revenue totaled $18,600 compared to $0 for the year ended September
30, 2005. APDN reported a net loss of $2,410,237, or $0.02 per
share for the year, compared to a net loss of $67,109,519 or $1.05
per share for the prior year. During the last fiscal year and the
beginning of fiscal 2007, APDN completed some important structural
changes, which include: * the appointment of a new Chief Executive
Officer and restructuring of its Board of Directors; * the
relocation of corporate headquarters to the Long Island High
Technology Incubator in Stony Brook, New York; * the establishment
of laboratories for the manufacture of APDN's proprietary
technology; * the launch of the SigNature Program; * the
announcement of the first SigNature Program contract; * the hiring
of a new sales director; and * the launch of a redesigned website.
In October 2005, Dr. James A. Hayward was appointed APDN's Chief
Executive Officer. In March 2006, three new directors were
appointed to our Board of Directors and two of our former directors
resigned. APDN believes that the new management team has brought a
wealth of experience which will expedite the commercialization of
APDN's SigNature Program. In 2006, APDN relocated its headquarters
from Los Angeles, CA to the Long Island High Technology Incubator
at Stony Brook University. The move has brought APDN to a location
offering it access to scientists and university faculty in the
field of DNA research at two major research institutions. As part
of our new corporate strategy, which focuses on fully transforming
APDN from a developmental stage into an operating business, APDN
established laboratories to manufacture SigNature DNA Markers,
covert DNA Ink and SigNature PCR kits at its facility in Stony
Brook. APDN believes that the ability to manufacture its own
products is important to ensure a secure chain of custody during
the manufacture of SigNature DNA Program products. To expedite the
sale of SigNature Program products and services, APDN hired a new
sales director and has contracted with additional consultants and
agents to assist in the penetration of its six target vertical
markets: art and collectibles, fine wine, consumer products,
digital recording media, pharmaceuticals and homeland security
driven products. APDN entered into its first SigNature Program
contract and recognized its first revenues from the SigNature
Program in the last fiscal year. APDN hopes to achieve further
penetration into its target markets in the current fiscal year.
APDN's redesigned website was launched in November 2006 and
provides up- to-date information about us, including the latest
news, press releases and upcoming events. This website can be
accessed at http://www.adnas.com/. Dr. James A. Hayward, APDN's
Chief Executive Officer, stated: "This has been an exciting year of
changes and restructuring. As I believe our financial results for
last year show, our new management team has adopted a fiscally
conservative yet aggressive approach to generating revenues both
near and long term and is managing our cash flow very responsibly.
We believe we are on target to move from a development stage
company to a revenue driven company in the coming year." About
Applied DNA Sciences, Inc. Applied DNA Sciences, Inc. provides
botanical DNA encryption, embedment and authentication solutions
that can help protect companies, governments and consumers from
counterfeiting, fraud, piracy, product diversion, identity theft
and unauthorized intrusion into physical locations and databases.
APDN's common stock is listed on the Over-The-Counter Bulletin
Board under the symbol "APDN." Contact: Debbie Bailey, Applied DNA
Sciences, Inc., 25 Health Sciences Drive, Stony Brook, New York
11790; Tel: 631-444-8090; Fax: 631-444-8848 http://www.adnas.com/.
The statements made by APDN may be forward-looking in nature and
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements describe our future plans, projections, strategies and
expectations, and are based on assumptions and involve a number of
risks and uncertainties, many of which are beyond the control of
APDN. Actual results could differ materially from those projected
due to our short operating history, limited market acceptance,
market competition and various other factors detailed from time to
time in our SEC reports and filings, including our Registration
Statement on Form SB-2, as amended, and Annual Report on Form
10-KSB, filed on January 16, 2007. APDN undertakes no obligation to
update publicly any forward-looking statements to reflect new
information, events or circumstances after the date hereof to
reflect the occurrence of unanticipated events. DATASOURCE: Applied
DNA Sciences, Inc. CONTACT: Debbie Bailey for Applied DNA Sciences,
Inc., +1-631-444-8090, fax +1-631-444-8848 Web site:
http://www.adnas.com/
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