ORLANDO, Fla., May 22, 2012 /PRNewswire/ -- GeneLink, Inc. (OTCBB: GNLK.OB, "the Company," or "GeneLink"), a leading consumer genomics biotech company, reports financial results for the three months ended March 31, 2012.
- On February 10, 2012 the Company closed on the sale of its direct selling subsidiary, GeneWize Life Sciences, Inc., consummating a transaction entered into in October 2011. The sale price was $500,000 plus a monthly earn-out provision over five years which is to total between $1,500,000 and $4,500,000 (dependent upon GeneWize revenues). Accompanying the sale was a licensing and distribution agreement which provided an additional $1,500,000 to GeneLink in licensing and other fees.
- Quarterly net sales were $771,664, including GeneWize retail revenues through February 10, 2012.
- The net loss for the quarter was $105,673, which included a book gain of $ 759,054 from the sale of GeneWize. The net operating loss was $788,468.
- Net cash used in operating activities was $464,468
Dr. Bernard Kasten, GeneLink's Chairman and CEO stated, "Our year has begun with a renewed energy from the sale of GeneWize, which we believe will help GeneWize grow and prosper. As the centerpiece of that transaction, is an agreement for GeneLink to continue to provide our leading customized genetic products to the customers of GeneWize, we are extremely pleased with this relationship and the future prospects for GeneWize and GeneLink. Plans for additional products, new markets and improved manufacturing efficiencies should serve to build on that momentum in the coming months."
About GeneLink Biosciences, Inc.:GeneLink Biosciences is a 17-year old leading biosciences company specializing in consumer genomics. GeneLink's patented technologies include proprietary DNA test assessments linked to personalized health, beauty and wellness applications and products. Its DNA assessments provide information that enables the customization of nutritional and skincare products designed and manufactured to fulfill each individual consumer's wellness needs. For more information visit www.genelinkbio.com. This release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in the press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. GeneLink disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future developments or otherwise.