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ATC Venture Group Inc. Announces Financial Results; Receives Amex Delinquency Notice

ATC Venture Group Inc. (AMEX:ATC) previously filed its annual report on Form 10-K for the fiscal year ended September 30, 2011, which reported the following financial results:

       
For the year ended September 30, 2011 For the year ended September 30, 2010
Continuing   Discontinued   Continuing   Discontinued  
Operations Operations Total Operations Operations Total
 
Sales $ 2,210,677 $ 8,377,509 $ 10,588,186 $ 3,103,111 $ 8,841,351 $ 11,944,462
Cost of goods sold 2,155,852 6,682,999 8,838,851 2,970,908 6,376,613 9,347,521
Inventory adjustments   165,892   1,829,487   1,995,379   31,845   567,193   599,038
Gross profit (loss) (111,067 ) (134,977 ) (246,044 ) 100,358 1,897,545 1,997,903
 
Sales, general & admin 1,026,681 3,993,036 5,019,717 1,234,937 3,524,726 4,759,663
Intangible impairment - 110,186 110,186 - - -
Fraud expense   -   -   -   35,014   99,761   134,775
Operating expense 1,026,681 4,103,222 5,129,903 1,269,951 3,624,487 4,894,438
 
Other expense   (69,823 )   (185,987 )   (255,810 )   (128,598 )   (108,770 )   (237,368 )
Net loss pre tax $ (1,207,571 ) $ (4,424,186 ) $ (5,631,757 ) $ (1,298,191 ) $ (1,835,712 ) $ (3,133,903 )
 
Net loss $ (838,571 ) $ (3,073,186 ) $ (3,911,757 ) $ (838,191 ) $ (1,185,712 ) $ (2,023,903 )
 

The Company reported sales from continuing operations of $2.2 million for the fiscal year ended September 30, 2011 compared to $3.1 million in the prior year. The Company reported total sales, including sales from discontinued operations, of $10.6 million for the fiscal year ended September 30, 2011 compared to $11.9 million in the prior year.

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