TYR1 Oct 2012 10:21
Financial Highlights:
· Cash and cash equivalents of US$2.1 million at 30 June 2012 (US$1.6 million at 30 June 2011 and US$0.9 million at 31 December 2011);
· Raised US$3.8 million in capital in February 2012, net of expenses, through the issuance of 52,101,460 common shares;
· Total revenues from continuing operations decreased to US$0.4 million (2011: US$5.0 million) as a result of decreased sales to our largest customer;
· Gross profit decreased to US$0.3 million (2011: $3.5 million);
· Overall operating expenses decreased to US$3.2 million (2011: US$4.1 million); and
· Loss increased to US$2.8 million for the first half of 2012 (2011: US$0.5 million net loss).
To help maximize the potential value to shareholders that would be captured by successfully concluding ongoing negotiations with commercial partners, to ensure the Company's working capital position, and, potentially, also to fund the increased capital requirements of the business associated with production of leading product lines, the Board believes that the Company should plan to raise additional funding. A number of discussions are taking place and further announcements will be made as appropriate.