PHILADELPHIA, Sept. 16 /PRNewswire-FirstCall/ -- avVaa World Health Care Products Inc. (BULLETIN BOARD: AVVW.OB) has filed it's 10-K SB annual report containing financial and operating results for the year ended May 31, 2004. avVaa reports a loss for the twelve months ended May 31, 2004 of $2,230,958 (0.11 per share) compared to a loss of $819,608 for the comparable twelve months ended May 31, 2003 ($0.07 per share).
Jack Farley, CEO and President, said "avVaa's efforts during this year relate to the progress of our strategic business plans for the launch of our core products to the U.S. market. The Company is currently reviewing a number of significant finance proposals that will enable the execution of our strategic business goals."
Farley continues, "We were extremely pleased to announce our decision to outsource product manufacturing to Natures Formulae Health Products, Ltd.(see news release July 27th 2004), Natures Formulae is a global leader in the natural products industry located in Kelowna, British Columbia. Our decision to outsource our manufacturing was driven by the need to ensure high production demands could be met quickly with a partner offering global know how in contract manufacturing of therapeutic, all natural products. Furthermore, Natures Formulae brought to the table a wide range of natural spa products and expertise and it was felt this arrangement would add depth to the existing avVaa spa product line in the pipeline and allow avVaa to have more control over spa product production. This present situation now allows avVaa to make use of the total product assembly capabilities found in a 25 mile radius of our distribution centre realizing operational synergies to further improve our competitive position.
Given these opportunities, the Board decided it was no longer necessary to use the spa product line of Mystic Mountain. The Company decided not to pursue the acquisition of Mystic Mountain Bath and Spa Products. Mystic Mountain will remain a privately owned company. In addition, it was determined that it would not be in the Company's best interests to complete the agreement with the First Nations Band to manufacture the Mystic line of spa products and the Company will refund deposits of $102,000 Canadian.
Farley states, "avVaa will continue to focus on the production and sales of safe, effective natural, non-toxic skin care treatments through carefully planned research and development while exploring all opportunities to grow our market share and create company profitability for our shareholders."
Authorized shares of Common Stock of the Company
On May 1, 2004, the Board of Directors of the Company approved the Amendment, subject to Stockholder approval by written consent in lieu of a meeting, in accordance with the Nevada General Corporation Law. An Information Statement has been filed with the Securities and Exchange Commission and is being furnished, pursuant to Section 14C of the Securities Exchange Act of 1934, as amended, to the Stockholders of the common stock, par value $.001 per Common share, of AVVAA World Health Care Products, Inc., a Nevada Corporation, to notify such Stockholders that on May 1, 2004, the Company received written consents in lieu of a meeting of Stockholders from holders of 11,477,000 shares representing approximately 51% of the 22,455,672 shares of the total issued and outstanding shares of voting stock of the Company with the Majority Stockholders approving the Amendment to the Articles of Incorporation of the Company, pursuant to which the Company increased the authorized shares of Common Stock of the Company from 25,000,000 shares to 100,000,000 shares.
This press release briefly summarizes only certain portion of the Company's Annual Report on Form 10-KSB for the year ended May 31, 2004 and readers should review the entire report filed with the SEC. It is available at http://www.sec.gov/.
About AVVAA World Health Care Products
AVVAA World Health Care Products is a global biotechnology company that specializes in effective, all natural, therapeutic skin care products that improve quality of life and well being for consumers. AVVAA's patented European skin care formulas are scientifically registered, FDA-Compliant, and were developed to relieve and treat the symptoms of common skin ailments, including: eczema, psoriasis and acne. AVVAA is poised to manufacture and market its O-T-C Neuroskin line of skin care products through mass, food and drug channels in the United States and globally.
For more information, visit: http://www.avvaa.com/ or http://www.otcfn.com/avvw .
Contact: Investor Relations: Merle Goertz (West Coast) Geoffrey Eiten (604) 688-2349 OTC Financial Network (781) 444-6100 x613
Safe Harbor: Statements contained in this press release that are not based upon current or historical fact are forward looking in nature. Such forward- looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties, and events that may be beyond the control of AVVAA World Health Care Products, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain, and successfully complete projects, the availability of technical personnel, changes in technology, and competition.
AVVAA World Health Care ProductsCONTACT: Merle Goertz of AVVAA World Health Care Products, +1-604-688-2349; or Geoffrey Eiten of OTC Financial Network, +1-781-444-6100 ext. 613
Web site: http://www.avvaa.com/
