EDMONTON, Feb. 25, 2015 /CNW/ - Radient Technologies Inc. (TSX-V: RTI) (the "Corporation") announced today that it has released its financial results for the third quarter of its fiscal year ended March 31, 2015. The unaudited financial statements, Management's Discussion and Analysis, and the CEO & CFO certifications for the three and nine month periods ended December 31, 2014 are available on www.SEDAR.com.
CFO Resignation and Interim CFO Appointment
The Corporation is also pleased to announce the appointment of Prakash Hariharhan as Interim CFO of the Corporation subsequent to the resignation of Randy Fries who resigned due to other business commitments. The Corporation thanks Mr. Fries for his services.
Mr. Hariharhan, who holds a financial engineering degree from York University, an MBA from the Schulich School of Business, and an undergraduate degree in chemical engineering, was formerly a portfolio manager at Front Street Capital focusing on Growth and Income Strategies in the yield space with a focus on technology and agriculture investment.
Current Financial Situation
The Corporation is currently experiencing a significant cash shortage. The Corporation urgently needs to secure additional financing arrangements in order to fund its current working capital deficit and to fund its continuing operations and corporate administration costs so as to continue as a going concern. The board of directors of the Corporation is currently exploring a variety of alternatives to address the Corporation's financial situation.
To partially alleviate this issue, the Corporation completed a non-brokered private placement of units ("Units") of the Corporation (the "Offering") previously announced on December 12, 2014. Each Unit was comprised of one common share of the Corporation (a "Common Share") and one half Common Share purchase warrant (each whole warrant, a "Warrant"), with each whole Warrant entitling the holder to subscribe for one additional Common Share at a price of $0.50 per Common Share until the date that is 42 months from the date of issuance of such Warrant. Pursuant to the Offering, the Corporation issued a total of 7,779,800 Units at a price of $0.10 per Unit for aggregate gross proceeds of $777,980. The proceeds of the Offering will be used for general working capital purposes.
Radient extracts natural compounds from a range of biological materials using microwave assisted processing ("MAP™"), a patented technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, personal care and biofuel markets. Visit www.radientinc.com for more information.
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SOURCE Radient Technologies Inc.