Advertisement
Total sales for the three months ended March 31, 2008 and 2007 were$685,663 and $247,954, respectively. The increase in sales in 2008 was derivedfrom the sales of nutritional supplements by Genotec Nutritionals, Inc., theCompany's wholly-owned subsidiary.
Advertisement
Total other (income) expense for the three months ended March 31, 2008 wasan income of $2,169,040. This total was comprised of a gain on revaluation ofderivatives of $2,711,630. This amount was offset by amortization of thediscount on debt conversion of $223,344, liquidated damages of $108,275,interest expense of $47,387 and beneficial interest expense of $165,074. Lossfrom operations for the three months ended March 31, 2008 equaled $149,178versus a loss of $492,597 in the same period last year.
This financial performance is a record in the history of the MM2 Group.
Mark Meller, CEO of MM2 Group, commented, "We are proud to report theseresults for the third quarter of 2008. The management team at GenotecNutritionals, our wholly-owned subsidiary, is doing an excellent job ofdelivering great results. We look forward to continuing to deliver superiorresults throughout the rest of the year. Shareholders should read the completedetails of our third quarter results in the Company's recently filed Form10-QSB."
About MM2 Group, Inc.
MM2 Group is involved in the acquisition and build-out of dietarysupplement and nutraceutical companies. The Company's growth strategy is toacquire firms in this extensive and expanding but highly fragmented segment asit seeks to create substantial value for shareholders. For more information,contact MM2 Group CEO Mark Meller at (732) 290-0019 or by e-mail [email protected] or Jerry Mahoney at [email protected].
This news release includes forward-looking statements within the meaningof Section 27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange Act of 1934, as amended, regarding among other things our plans,strategies and prospects -- both business and financial. Although we believethat our plans, intentions and expectations reflected in or suggested by theseforward-looking statements are reasonable, we cannot assure you that we willachieve or realize these plans, intentions or expectations. Forward-lookingstatements are inherently subject to risks, uncertainties and assumptions.Many of the forward-looking statements contained in this news release may beidentified by the use of forward-looking words such as "believe," "expect,""anticipate," "should," "planned," "will," "may," "intend," "estimated," and"potential," among others. Important factors that could cause actual resultsto differ materially from the forward-looking statements we make in this newsrelease include market conditions and those set forth in reports or documentsthat we file from time to time with the United States Securities and ExchangeCommission. All forward-looking statements attributable to MM2 Group, Inc. ora person acting on its behalf are expressly qualified in their entirety bythis cautionary language.
SOURCE MM2 Group, Inc.
