Fero Industries, Inc. Announces Third Quarter Results and Initial Revenue From Sucanon(R) Sales in Mexico
Published: May 19, 2011
CALGARY, AB--(Marketwire - May 19, 2011) - Fero Industries, Inc. (OTCQB: FROI) (OTCBB: FROI) (the "Company") is pleased to announce the release of its third quarter financial statements for the period ended March 31, 2011. The third quarter financial statements highlight the successful commercial launch of Sucanon® in Mexico and initial revenue from Sucanon® sales made by Merck S.A. de C.V.
"This past quarter was certainly the most exciting period in our Company's history, and I am proud to say that through the hard work and determination of our entire team, we were able to reach many important new milestones," said Mr. Luis Lopez, Chief Operating Officer of Fero Industries. "None of these achievements was more significant than the successful commercial launch of Sucanon® in Mexico and receiving the first revenue from its sale. These results, however, represent only a small fraction of the overall market potential for Sucanon® in Mexico. We expect both revenues and margins to grow dramatically as new patients adopt Sucanon® into their daily type-2 diabetes management routine, and Sucanon distribution expands beyond Mexico to include countries in South America, Asia, and the Middle East."
Shareholders and other interested parties can review the financial statements from the Securities and Exchange Commission website at www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001409475. Further information is also available exclusively at the Fero Industries Investor Community online at www.livecallir.com.
Sucanon® is one of only three approved drugs in the multi-billion dollar market for a class of diabetic medications called "insulin sensitizers." Pre-clinical and clinical studies show that Sucanon® and other insulin sensitizers lower a patient's blood sugar by increasing the muscle, fat and liver's sensitivity to the body's own naturally produced insulin. Sucanon® has been approved for prescription sale in China and Peru. Sucanon® is also approved as an OTC treatment for type-2 diabetes by regulatory authorities in Mexico, and is distributed there under an exclusive agreement with Merck S.A. de C.V.
About Fero Industries Inc.
Fero Industries, Inc. (OTCQB: FROI) is focused on diabetes prevention and treatments. The Company holds the intellectual property and all exclusive world-wide rights related to the production, marketing, and distribution of Sucanon®, a treatment for type-2 diabetes. Sucanon® is a member of a class of diabetic medications called insulin sensitizers. Insulin sensitizers lower blood sugar by increasing the muscle, fat and liver's sensitivity to insulin. Insulin sensitizers are blood sugar normalizing or euglycemic drugs that help return the blood sugar to the normal range without the risk of low blood sugars. Fero's strategy is to increase awareness, acceptance, and distribution of Sucanon® globally.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Fero Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements.
The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings".
Fero Industries Inc.