TSX VENTURE: HTL
TORONTO, Nov. 6 /CNW/ - Hamilton Thorne Ltd. (TSX-V: HTL), formerly Calotto Capital Inc., a leading provider of advanced laser systems and instruments for the stem cell research and fertility clinic markets, today reported operational and financial results for Hamilton Thorne, Inc. for the second quarter ended June 30, 2009.
"We recently completed our Qualifying Transaction and a related financing, providing us with resources to scale up our existing sales and marketing activities and continue to roll out additional products that target the fast growing stem cell research market," said Meg Spencer, Chief Executive Officer of Hamilton Thorne Ltd. "We are particularly encouraged by the numerous announcements of funding for stem cell research projects that further support this market such as the award by the California Institute for Regenerative Medicine, California's stem cell agency, of $230 million in grants to 14 stem cell research teams."
As the financial results relate to a period preceding the completion of the Qualifying Transaction, these results represent the performance of Hamilton Thorne, Inc. on a standalone basis, and should be read in conjunction with Calotto's financial statements for the three-month period ended July 30, 2009 and Calotto's Filing Statement relating to the Qualifying Transaction.
Amounts are in US dollars, unless specified otherwise, and results expressed in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP).
For the three-month period ended June 30, 2009, the Company recorded revenue of $1,019,000.
For the three-month period ended June 30, 2009, total operating expenditures were $1,048,000. Research and development expenses for the quarter were $221,000. Sales and marketing expenses for the quarter were $467,000. General and administrative expenses for the quarter were $359,000.
Net loss for the three-month period ended June 30, 2009, totalled $484,000.
As at June 30, 2009, the Company's cash and cash equivalents amounted to $2,900.
Subsequent to the end of the quarter, the Company completed a qualifying transaction on October 28, 2009 and concurrently with the merger, completed financings relating to a Private Placement and debt conversion, in the gross amount of CDN$2,200,000. Upon the Exchange's issuance of its Final Exchange Bulletin approving the qualifying transaction, the Company ceased to be a Capital Pool Company, and its trading symbol on the TSX-Venture is now "HTL".
On November 4, 2009, the Company's board granted 1,747,367 stock options under its 2009 Stock Option Plan to certain officers, at an exercise price of CDN$0.40 and an expiry date of ten years from the date of grant.
On November 6, 2009, the Company's board granted 555,347 stock options under its 2009 Stock Option Plan to its four independent Directors, at an exercise price of CDN$0.40 and an expiry date of ten years from the date of grant.
The financial statements are available on www.sedar.com.
About Hamilton Thorne Ltd.
Hamilton Thorne's advanced laser systems and instruments are rapidly emerging as the dominant products to facilitate precise procedures in the stem cell research and fertility clinic markets. Hamilton Thorne's lead products, the ZILOS-tk and XYClone laser systems, attach to standard inverted microscopes and operate as robotic micro-surgeons, significantly reducing time and increasing efficiency in key in-vitro fertilization, stem cell, embryo, reproductive toxicology and living cell procedures.
Hamilton Thorne's growing customer base includes pharmaceutical companies, biotechnology companies, fertility clinics, university research centers and other commercial and academic research establishments worldwide. Current customers include world-leading research labs such as Harvard University, MIT, Yale, DuPont, Monsanto, Charles River Labs, Jackson Labs, Merck, Novartis, Pfizer, Oxford University and Cambridge.
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Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the company with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE Hamilton Thorne Ltd.
For further information: For further information: David Wolf, President, Hamilton Thorne Ltd., (978) 299-1715, firstname.lastname@example.org; Ross Marshall, The Equicom Group, (416) 815-0700 x238, email@example.com