Toronto, Ontario--(Newsfile Corp. - August 29, 2014) - Gemoscan
Canada, Inc. (TSXV: GES) (MUN: 1GE) ("Gemoscan" or the "Company"),
today reported operational and financial results for the first
quarter ended June 30, 2014. In this press release, all dollar
amounts are expressed in Canadian currency and results are reported
in accordance with International Accounting Standards 34
'Interim Financial Reporting' using account policies
consistent with International Financial Reporting Standards.
The current financial results reflect the Company's previously
announced acquisition of Physiomed Kennedy Inc., a
multidisciplinary paramedical clinic, and consolidate relevant
quarterly financial results therefrom. Also included are three
months of management fees generated from the previously-announced
definitive agreement with the paramedical clinic, Physiomed
Yorkdale Inc., to provide operational management services to
For the three months ended June 30, 2014, total revenues were
$675,621, representing an increase of approximately 81% from
$373,894, versus the comparative three-month period in fiscal
For the three months ended June 30, 2014 the Company posted a
net loss for the quarter of $268,866. The loss represents an
increase of approximately 14% from the comparative-period loss of
$235,446. This loss stemmed primarily from weaker than expected
clinic performance during the period, compounded by higher service,
marketing, and general and administrative costs for the
The Company further reported an increase to cash used for
operating activities for the three months ended June 30, 2014, of
$165,702 versus $146,944, for the comparative period in fiscal
2014; driven primarily by the net loss for the current period.
As a further update to the Company's news release of May 28,
2014, the Company has provided the TSX Venture Exchange (the
"Exchange") with its preliminary submission with respect to its
proposed acquisition of all of the issued and outstanding common
shares of 2275518 Ontario Inc. and a related company, jointly known
as Abira Healthcare; and it continues to undertake due diligence
and draft the necessary agreements and disclosure documents
pursuant to the same.
Also, in addition to the Company's news release of May 8, 2014,
the Company continues to suspend its interest where its prior
announced proposed acquisition of a 100% interest in seven of Novo
Healthnet's paramedical clinics is concerned.
The Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release
About Gemoscan Canada, Inc.
Gemoscan is an industry leader in food intolerance management
and maintains a first-to- market position with Canada wide
distribution through select retail partners. Founded in 2003, using
its proprietary patented technology, Gemoscan develops, owns and
markets comprehensive naturopathic dietary management solutions for
consumers, including the HEMOCODE™ System and the MenuWise™ Plan,
personalized medically supervised programs that promote dietary
well-being. Gemoscan is the first and only provider to
commercialize a food sensitivity management solution directly to
consumers in partnership with retailers, and today offers the most
comprehensive services available.
Gemoscan also owns and operates Physiomed Kennedy Inc., and
operates Physiomed Yorkdale Inc., both being multidisciplinary
paramedical clinics, located in Toronto, Ontario.
Gemoscan Canada, Inc. trades its shares on the Toronto Venture
Exchange under the symbol GES and is quoted on the Munich,
Frankfurt and Stuttgart Stock Exchanges under the symbol 1GE.
This news release contains certain "forward-looking
information". All statements, other than statements of historical
fact that address activities, events or developments that Gemoscan
believes, expects or anticipates will or may occur in the future.
These forward-looking statements reflect the current expectations
or beliefs of Gemoscan based on information currently available to
Gemoscan. Forward-looking statements are subject to a number of
significant risks and uncertainties and other factors that may
cause the actual results of Gemoscan to differ materially from
those discussed in the forward-looking statements, and even if such
actual results are realized or substantially realized, there can be
no assurance that they will have the expected consequences to, or
effects on Gemoscan. Any forward-looking statement speaks only as
of the date on which it is made and, except as may be required by
applicable securities laws, Gemoscan disclaims any intent or
obligation to update any forward - looking statement, whether as a
result of new information, future events or results or otherwise.
Although Gemoscan believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the
inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For more information please contact:
Chief Executive Officer
Gemoscan Canada, Inc.