GeneLink Reports 2009 Results Record Revenues Exceed $8.5M
ORLANDO, Fla., March 31 /PRNewswire-FirstCall/ -- GeneLink, Inc. (OTC Bulletin Board: GNLK.OB, "the Company," or "GeneLink"), a leading consumer genomics biotech company, today reported financial results for the fiscal year ended December 31, 2009.
- Annual net sales increased by 34%, $8,561,455 as compared to $6,377,433 in 2008;
- 4 th Quarter net sales increased by 9.7%, $2,341,736 as compared to $2,134,504 in the previous quarter;
- 4 th Quarter net loss reduced by 29.6%, $552,093 as compared to $783,794 in the previous quarter.
Dr. Bernard Kasten, GeneLink's Executive Chairman stated, "2009 was an important year for GeneLink. Buoyed by the desirability and superiority of our proprietary science and products, we took steps in the third quarter of 2009 to increase our profit margins." Dr. Kasten added, "Even more importantly, in 2009 and early 2010 the Board of Directors of GeneLink implemented plans to expand the revenue base at GeneLink and hired Gary Beeman on February 17, 2010 as GeneLink's CEO to lead the effort. Mr. Beeman has extensive experience growing pioneering technology companies, and has long been a supporter of GeneLink and GeneWize Life Sciences, Inc. ("GeneWize"). He has impressed the Board with his vision for the future of GeneLink."
Beeman added, "GeneLink has now proven the viability and market acceptance of genetically-guided wellness products. We are steadily improving our financials and are now ready to take GeneLink to the next level of market penetration. Our focus is to utilize the pioneering genetic research and capabilities at GeneLink to partner with an array of global private label customers and channel partners compatible with our current channel to market. We believe that the healthcare industry now accepts that genetically-guided and customized wellness products are the future - and that GeneLink's 16 years of pioneering genetics research can help everyone participate in their own personalized health care. As our products and science are able to benefit more and more health-conscious customers, the ultimate beneficiaries will be our shareholders."
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