Sales Revenues Increase Primarily on Thermofocus(R) 5-in-1
WESTON, Fla., Aug. 13 /PRNewswire-FirstCall/ -- AMERICAN SCIENTIFIC RESOURCES, INC. today announced unaudited financial results for the second quarter ended June 30, 2008.
Highlights of the second quarter include the following:
-- Net sales of $128,000 for the quarter, as compared to a net sales of $35,800 for the second quarter of 2007;
-- Year-to-date net sales were $358,000, as compared to a net sales of $123,000 for the comparable period of 2007;
-- Net loss of $2,597,000 or $(.03) per share for the first six months of 2008 increased from net loss of $1,679,000 or $(.09) per share in 2007;
-- Net cash used in operating activities in the second quarter of 2008 was $4,300
These financial statement disclosures are entirely qualified by the financial statements and footnotes posted on pinksheets.com.
The decrease in 2008 profitability is primarily due to stock based payment for a media production and placement services agreement to increase the Company's national media exposure and enhance overall brand awareness, stimulate new business and build long-term value for its shareholders.
Increased sales are due primarily to the introduction and sale of the Thermofocus(R) 5-in-1 non-contact thermometer. Major distribution chains include Walgreens, CVS.com, and BabiesRUs.com.
Dr. Christopher Tirotta, CEO of American Scientific Resources, was first introduced to the Thermofocus(R) 5-in-1 non-contact thermometer at a European medical convention in 2004. The Company later became the key distributor in the U.S. for the Thermofocus(R) 5-in-1. Recognized as the first non-contact, clinical thermometer in the world, the following facts are equally informative:
-- The thermometer has absolutely no contact with the skin, and has proven to give an accurate (as accurate as rectal or ear) reading (http://www.americansci.com/cgi-bin/news.pl?record=55) in less than a second.
-- Thermofocus(R) 5-in-1 has been recommended by consumers, doctors and pediatricians throughout the US, Europe, UK and Asia.
-- Medical personnel in Asia have even used the thermometer during the SARS epidemic (http://news.bbc.co.uk/2/hi/business/2986469.stm). Health care professionals with the non-profit organization, Millennium Promise (http://www.millenniumpromise.org/), have also used it in poverty stricken sub-Saharan Africa.
-- The product has been placed at more than 6,200 Walgreen stores (http://www.americansci.com/cgi-bin/news.pl?record=37) across the country.
Dr. Tirotta said, "Based upon the achievements we've made (http://www.americansci.com/cgi-bin/news.pl?record=41) earlier this year, coupled with strategic business alliances that continue to develop, we strive to offer a lucrative opportunity to potential investors and current stockholders."
About American Scientific Resources, Inc.
American Scientific Resources, Inc. is a holding company for two wholly owned subsidiaries, Kidz-Med, Inc. (http://www.kidzmed.com) and Heart Smart System. The Company's objective is to locate and acquire innovative health and safety products (www.kidzmed.com/p-17-thermofocus-5-in-1-infrared-thermometer.aspx) that are successfully sold abroad, and to introduce and promote them to the North American market.
More information about the Company, including financial information, can be found on the ASFX web site at www.americansci.com.
Safe Harbor
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
CONTACT: Ronald Garner, AudioStocks.com, Investor Hotline: +1-760-692-1167
Web site: http://www.americansci.com/
http://www.kidzmed.com/
