SAN DIEGO, June 26 Imagenetix, Inc. (OTCBulletin Board: IAGX) today reported results for its fiscal year ended March31, 2008. Net sales decreased .05% for the year to $5,569,593 from the$5,596,725 reported for the same period last year. Gross Sales increased byapproximately $1 million due to initiating a direct mass market strategy withInflame Away(R), which utilizes Celadrin(R) as its marquee ingredient. Thissales amount was offset by a like amount in product rebates and giveawaysutilized to launch the product through the new retail distribution channels.
Gross profit as a percentage of sales decreased to 40% from 47% percentfor the prior fiscal year. This decrease is also due to the rebate andgiveaway marketing strategy used to launch our mass market retail rollout.
Net loss for the year was ($1,776,642) or ($0.16) per share compared to($667,639) or ($0.06) per share in the prior fiscal year.
As of March 31, 2008 the company had a cash balance of $1,022,555, acurrent ratio of 4 to 1 and long term debt of less than $3,000.
Commenting on the results of the year, Mr. William Spencer, ImagenetixChief Executive Officer said, "As I had indicated last quarter, our retaillaunch has taken longer to implement and was considerably more expensive thanwe anticipated. This is now behind us. We anticipate significant growth forfiscal 2009 which should generate significant profits for the Company."
Mr. Spencer added, "We will be conducting a test for a major retailerearly in the fall and have recently signed a supply agreement which shallgenerate significant additional revenue in fiscal 2009."
Based in San Diego, California, Imagenetix, (OTC Bulletin Board: IAGX) isan innovator of scientifically tested, natural-based, proprietary, bioceuticalproducts developed to enhance human health on a global basis. Imagenetixdevelops and formulates private labels, propriety over-the-counter topicalcreams, skincare products and nutritional supplements to be marketed globallythrough multiple channels of distribution. In addition, the company developspatentable compounds for entering into licensing agreements withpharmaceutical partners. Imagenetix is the creator of InflameAway(R)-Celadrin(R), please visit, www.celadrin.com or Imagenetix.net.
SOURCE Imagenetix, Inc.