Financial Highlights for the First Fiscal Quarter 2014:
•Revenue for the first fiscal quarter of 2014 was
•This represents the highest first quarter in the Company’s history. Our revenues have increased for each of the last four fiscal years.
•Operating expenses for the first quarter were
•Research and development expenses increased to
•Loss from operations for the first fiscal quarter was
•Loss from change in fair value of warrant liability during the three months ended
•Net loss for the first fiscal quarter of 2014 decreased to
Operational Highlights Include:
•Renewal of three contracts and initiation of four new contracts with DLA suppliers, compared to three contracts executed during the quarter ended
•To date, twenty eight (28) customers in the Military Electronics Anti-counterfeiting Program, including seven Original Component Manufacturers (OCMs) and two electronics distributors have signed and/or renewed agreements.
•Signing of an exclusivity and marking agreement with a wool consolidator and manufacturer.
•Rollout of SigNature® T, a new security platform specifically for textiles and apparel. The new DNA-based platform has been made possible by a proprietary breakthrough technology, recently developed by the Company to identify textile raw materials as well as finished products.
•Initiated collaboration with Supima®, a non-profit trade association of the American Pima cotton growers, to mark, identify, and protect 100% U.S. grown American Pima, one of the most desirable luxury cotton fibers in the world, from counterfeiting and blending. Begun in November, SigNature® T has been used to mark millions of kilograms of cotton at a major cotton grower.
•Announced the success of a large-scale international trial of our SigNature® T anti-counterfeiting platform to assure identity and originality of textiles and apparel. The trial, in collaboration with one of the world’s foremost textile organizations, displayed the capacity of the APDN platform for use in protecting massive cotton crops from counterfeiting and dilution.
•Announced the launch of a new turnkey program for electronics, military, commercial, and aerospace contractors called the Counterfeit Prevention Authentication Program or “CPA” Program. The program empowers end-users to verify the originality or provenance of parts which have been marked by their suppliers with APDN’s SigNature® DNA.
•Announced the availability of an additional version of its SigNature® DNA mark for electronic components, for use exclusively by authorized distributors. A unique mark, specifically identifying that authorized distributor, is to be applied to incoming components, or legacy inventory before shipment per customer request. From that point forward, the marked components will be absolutely identifiable as sourced from the authorized channel.
Business Development Update:
•Expansion of our Cash in Transit business to include
•Distributors are offering our DNANet® products in
•Received Notice of Allowance for one patent offering increased protection in the textiles market vertical; currently there are 22 issued patents and 31 patents pending.
•Discovery Channel segment on DNA Fog filmed with our partner, Brinks.
“Our sales pipeline and the strength of our customer base continue to grow. Our investments in R&D have provided an enviable patent estate. With a strong infrastructure in place and an experienced team of employees and management, we are delivering against stronger demands. Our military and electronics programs broaden each quarter, and the demand for textile marking has called for shipments of quantities of DNA that we believe are unprecedented in the history of biotechnology. We believe the penetration of SigNature® DNA markers in these vertical markets will positively affect future revenues as the demand for DNA authentication continues to rise. We have carefully timed our expansion to match growth. We remain steadily focused on sales.”
APDN is a provider of botanical-DNA based security and authentication solutions that can help protect products, brands and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. SigNature® DNA, SigNature T™ DNA, fiberTyping®, DNANet® and digitalDNA®, our principal anti-counterfeiting and product authentication solutions that essentially cannot be copied, provide a forensic chain of evidence and can be used to prosecute perpetrators.
The statements made by APDN may be forward-looking in nature. Forward-looking statements describe APDN’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of APDN. Actual results could differ materially from those projected due to our short operating history, limited financial resources, limited market acceptance, market competition and various other factors detailed from time to time in APDN’s
Twitter @APDN, @APDNInvestor.
Read the full story at http://www.prweb.com/releases/2014/02/prweb11571852.htm
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