$OCLG ~~~ NEWS: Oncologix Post Solid Revenue Growth and Continued Financial Improvements
http://www.otcmarkets.com/news/otc-market-hea...d=16293029
Jul 16, 2014 (ACCESSWIRE via COMTEX) -- ALEXANDRIA, LA / ACCESSWIRE / July 15, 2014 / Oncologix Tech Inc. (OTC Pink: OCLG), a diversified medical holding company with division in medical devices and healthcare services released its Third Quarter and YTD Fiscal 2014 results.
Wayne Erwin, CEO of Oncologix, stated, "We are pleased to announce our third quarter and year to date fiscal 2014 financials. Revenues during the periods were $988,385 and $2,696,776, respectively. When compared to the company posting minimal revenues for the comparable periods in FY 2013, we think it's an important milestone to recognize that revenues are continuing to build for the year. Also, during the nine months ending May 31, 2014, the company repaid over $700,000 of debt. It's evident from these results that we are executing our two-prong strategy that focuses on strategic acquisitions and debt reduction both of which have significantly enhanced Oncologix's market value.
2014 Key Company Activities through May 2014:
- Revenues for the three and nine months were $988,385 and $2,696,776, respectively.
- Rent Reductions: Reduced annualized rents by $50,000
- Acquired Amian Health Services - $1.1million in annual revenues
- Reduction in non-essential FTE employees- Realize annual savings over $75,000
- Began new product development for Dotolo Research Corporation Toxygen-II hardware system and new disposable products with E& R Engineering, Schmitt Engineering, and Atom Design
- Relocated Dotolo Research Corporation manufacturing facilities to E&R engineering manufacturing in Tempe, AZ
- Executed a $4.0 million line of credit facility with TCA Global Fund
- Increased our authorized shares to 750 million shares
- Repaid over $700,000 in debt during the nine months ending February 28, 2014
Erwin also noted, "To continue with current-year success, we'll execute further upon our acquisition strategy. We are currently in the final due diligence stage with three (3) additional companies, a medical device company with revenues exceeding $1,400,000 generating $600,000 in annualized earnings, and two medical product/equipment companies with combined revenues exceeding $18,000,000 and generating $2,100,000 in annualized earnings. Overall, our YE 2014 company objective is to reach $20,000,000 in annualized revenues by calendar end. We believe that our stock price is severely undervalued and by continuing on our debt reduction efforts and executing on strategic acquisitions, we will certainly expect an increase in our stock values in the near term."
http://www.otcmarkets.com/news/otc-market-hea...d=16293029
Jul 16, 2014 (ACCESSWIRE via COMTEX) -- ALEXANDRIA, LA / ACCESSWIRE / July 15, 2014 / Oncologix Tech Inc. (OTC Pink: OCLG), a diversified medical holding company with division in medical devices and healthcare services released its Third Quarter and YTD Fiscal 2014 results.
Wayne Erwin, CEO of Oncologix, stated, "We are pleased to announce our third quarter and year to date fiscal 2014 financials. Revenues during the periods were $988,385 and $2,696,776, respectively. When compared to the company posting minimal revenues for the comparable periods in FY 2013, we think it's an important milestone to recognize that revenues are continuing to build for the year. Also, during the nine months ending May 31, 2014, the company repaid over $700,000 of debt. It's evident from these results that we are executing our two-prong strategy that focuses on strategic acquisitions and debt reduction both of which have significantly enhanced Oncologix's market value.
2014 Key Company Activities through May 2014:
- Revenues for the three and nine months were $988,385 and $2,696,776, respectively.
- Rent Reductions: Reduced annualized rents by $50,000
- Acquired Amian Health Services - $1.1million in annual revenues
- Reduction in non-essential FTE employees- Realize annual savings over $75,000
- Began new product development for Dotolo Research Corporation Toxygen-II hardware system and new disposable products with E& R Engineering, Schmitt Engineering, and Atom Design
- Relocated Dotolo Research Corporation manufacturing facilities to E&R engineering manufacturing in Tempe, AZ
- Executed a $4.0 million line of credit facility with TCA Global Fund
- Increased our authorized shares to 750 million shares
- Repaid over $700,000 in debt during the nine months ending February 28, 2014
Erwin also noted, "To continue with current-year success, we'll execute further upon our acquisition strategy. We are currently in the final due diligence stage with three (3) additional companies, a medical device company with revenues exceeding $1,400,000 generating $600,000 in annualized earnings, and two medical product/equipment companies with combined revenues exceeding $18,000,000 and generating $2,100,000 in annualized earnings. Overall, our YE 2014 company objective is to reach $20,000,000 in annualized revenues by calendar end. We believe that our stock price is severely undervalued and by continuing on our debt reduction efforts and executing on strategic acquisitions, we will certainly expect an increase in our stock values in the near term."
