TSX Venture Exchange: FYT
SASKATOON, Aug. 11 /CNW/ - Fytokem Products Inc. (the Company) today
announced that the Saskatchewan Financial Services Commission has revoked the
Cease Trade Order, which was issued due to late filing of documents related to
the financial year ended December 31, 2007.
With the filing of the financial reports and related disclosure documents
on July 11, 2008, and amended documents filed August 7th, the Company became
fully current on its regulatory disclosure filings. The Saskatchewan Financial
Services Commission has issued a Revocation Order to the Cease Trade Order
issued mid-May, which prohibited trading in the securities of the Company. The
British Columbia Securities Commission has also issued a revocation order as
of August 8, 2008 for its Cease Trade Order imposed on the Company for late
filing of the same disclosure documents.
The regulatory documents required to be filed by April 30, 2008 were not
available as the Company did not have the necessary audit performed within the
specified time frame, due to restricted cash flow. Lower than anticipated
sales in the fourth quarter of 2007, compounded by a lengthy suspension of
activity and review of the program that had been used regularly by the Company
to finance its accounts receivable, made cash flow in early 2008 very tight.
The annual audit has since been completed and the Company is achieving
normal sales volume in 2008. The Company is in discussions with its long-term
debt holders to convert their debt to equity this year. Discussions are also
underway with interested investors, which may lead to one or more private
placements during the year.
Trading through the TSX Venture Exchange remains halted pending the
completion of the Company's reinstatement review.
About Fytokem Products Inc.
Fytokem Products Inc. develops and delivers proven natural ingredients to
leading formulators in the personal care, nutraceutical and pharmaceutical
industries. The Company has been issued patents for technology related to two
of its products and has other patent applications pending.
Fytokem has two product lines currently offered in the market. Canadian
Willowherb(TM) is a multi-function plant extract with strong efficacies as an
anti-irritant, and anti-oxidant that also has application as an acne
treatment. Tyrostat(TM) is a multi-efficacy plant extract sold primarily for
its use as a tyrosinase inhibitor which provides skin-lightening efficacy.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. Statements contained in this news release, which
are not historical facts, are forward-looking statements that involve risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
Fytokem disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.
For further information:
For further information: Art Hesje, President and CEO, Fytokem Products
Inc., (306) 668-2552 tel, (306) 978-2436 fax, firstname.lastname@example.org,