|By Marketwired .||
|April 21, 2014 12:38 PM EDT||
ALEXANDRIA, LA -- (Marketwired) -- 04/21/14 -- Oncologix Tech Inc. (OTCQB: OCLG), a medical device and healthcare service holding company announced today its Second Quarter and YTD Fiscal 2014 results.
Wayne Erwin, CEO of Oncologix, stated, "Our progress and hard work are evidenced by the company's fiscal year 2014 second quarter and year-to-date financial results. Revenues during the periods were $983,758 and $1,708,391, respectively. When compared to the company posting zero revenues for the comparable periods in fiscal 2013, we think it's an important milestone that revenues are continuing to build for the year. Also, during the six months ending February 28, 2014, the company repaid over $400,000 of debt. It's evident from these results that we are executing our two-prong strategy that focuses on acquisitions and debt reduction; both of which have significantly enhanced Oncologix's market value. Other key indicators of our six month February 28, 2014 financials are:
Mid-Year 2014 Key Company Activities:
- Revenues for the three and six months were $983,758 and $1,708,391, respectively.
- Acquired Amian Health Services -- adding $1,000,000 in annual revenues
- Executed a $4,000,000 line of credit facility with $300,000,000 TCA Global Fund to augment our acquisition strategy
- Repaid over $400,000 in debt
- Reduced annualized rents by $50,000
- Reduced non-essential FTE employees by $148,000 per year
- Began new product development for Dotolo Research Toxygen-II hardware system
- Relocated Dotolo Research Corporation manufacturing facilities to Tempe, AZ
- Increased our authorized stock to 750mm shares
Erwin also noted, "To continue our mid-year success, we'll execute further our acquisition strategy. We are currently in due diligence with two additional healthcare service companies with revenues exceeding $5,000,000 and generating $800,000 in annualized earnings. Overall, our company objective is to reach $10,000,000 in annualized revenues by fiscal year end. We believe that our stock price is currently undervalued and the debt reduction effort and strategic acquisitions will increase our stock values in the near term."
Oncologix operates and manufactures Class II medical device products and delivers Personal Healthcare Services nationally. For its clients, Oncologix provides FDA approved medical devices and State licensed healthcare services. For its shareholders, Oncologix operates profitable business divisions that build, maintain and nourish shareholder value. The Company's corporate mission is to be the best small cap medical device and healthcare services holding company in North America.
Forward Looking Statement
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's filings with the Securities and Exchange Commission.