ORLANDO, Fla., May 22, 2012 /PRNewswire/
-- GeneLink, Inc. (OTCBB: GNLK.OB, "the
Company," or "GeneLink"), a leading consumer genomics biotech
company, reports financial results for the three months ended
March 31, 2012.
Financial Results:
- On February 10, 2012 the Company
closed on the sale of its direct selling subsidiary, GeneWize Life
Sciences, Inc., consummating a transaction entered into in
October 2011. The sale price was
$500,000 plus a monthly earn-out
provision over five years which is to total between $1,500,000 and $4,500,000 (dependent upon
GeneWize revenues). Accompanying the sale was a licensing and
distribution agreement which provided an additional $1,500,000 to GeneLink in licensing and other
fees.
- Quarterly net sales were $771,664, including GeneWize retail revenues
through February 10, 2012.
- The net loss for the quarter was $105,673, which included a book gain of
$ 759,054 from the sale of GeneWize.
The net operating loss was $788,468.
- Net cash used in operating activities was $464,468
Dr. Bernard Kasten, GeneLink's
Chairman and CEO stated, "Our year has begun with a renewed energy
from the sale of GeneWize, which we believe will help GeneWize grow
and prosper. As the centerpiece of that transaction, is an
agreement for GeneLink to continue to provide our leading
customized genetic products to the customers of GeneWize, we are
extremely pleased with this relationship and the future prospects
for GeneWize and GeneLink. Plans for additional products, new
markets and improved manufacturing efficiencies should serve to
build on that momentum in the coming months."
About GeneLink Biosciences, Inc.:
GeneLink Biosciences is a 17-year old leading biosciences
company specializing in consumer genomics. GeneLink's patented
technologies include proprietary DNA test assessments linked to
personalized health, beauty and wellness applications and products.
Its DNA assessments provide information that enables the
customization of nutritional and skincare products designed and
manufactured to fulfill each individual consumer's wellness needs.
For more information visit www.genelinkbio.com.
This release contains certain 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. With the
exception of historical information contained herein, the matters
discussed in the press release involve risk and uncertainties.
Actual results could differ materially from those expressed in any
forward-looking statement. GeneLink disclaims any intention or
obligation to revise any forward-looking statements, whether as a
result of new information, future developments or otherwise.
SOURCE GeneLink, Inc.
