- Net Loss decreased 84% to $ 190,246
- Successful integration of the bar manufacturing operations
- Recall compensation for 320 000 $ from subcontractor
- Closing of private placement for net cash proceeds of $ 614,597
MONTREAL, May 26 /CNW Telbec/ - Ranaz Corporation ("Ranaz") (TSX-V: RNZ),
a company specializing in the manufacturing and marketing of protein and
dietary supplements, reported its results today for the first quarter ended
March 31, 2009.
Sales for the first quarter of 2009 totalled $4.3 million were virtually
unchanged from the same quarter of 2008. The sales for Protidiet and ProtiLife
increase compared to the same quarter of 2008 due to the higher demand for our
products. The sales for BarTech decrease since the stopping of the production
in mid February for the transfer of our activities at the St-Eustache plant.
"In the first quarter, we successfully transferred the bar manufacturing
operations to Canada, launched new Protilife's products and managed a product
recall," stated Jean Bourassa-Marineau, President and founder of Ranaz. "Even
in this challenging environment, we have decreased substantially our net loss
and continue to make progress toward profitability."
The Company incurred a net loss of $190,246 or $0.003 per share in the
first quarter, compared to a net loss of $1.2 million or $0.03 per share last
year, representing a diminution of 84%. The lower loss was mainly attributable
to a decrease in selling and administrative expenses by 41.4% or $862,396 to
$1.2 million for the quarter ended March 31, as a direct result of the
implementation of our cost reduction plan that was announced on April 28, 2009
for which the goal is to attain the reduction of over $2M in 2009 as compared
to 2008 and to the recall compensation of $ 320 000 from our subcontractor.
Full information, including the management discussion and analysis and
the financial statements and notes thereto, is available on SEDAR, at
"In the coming quarter, our priority is to achieve profitability and
increase our liquidity. We will continue to develop our markets in Canada and
abroad with a very strong focus on profitability. We believe that this cost
reduction plan will allow us to continue to grow and reach our profitability
target in a very near future," added Mr. Bourassa-Marineau.
About Ranaz Corporation
Ranaz is a corporation specializing in the manufacture and marketing of
protein and dietary supplements. Its mission is to design, develop and market
nutritional, protein and dietary supplements under its own corporate brands
and concepts, such as Protidiet and ProtiLife, as well as under private
Certain statements contained in this news release, other than statements
of fact that are independently verifiable at the date hereof, may constitute
forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond Ranaz's control.
Such risks include but are not limited to: the impact of general economic
conditions, changes in the regulatory environment in the jurisdictions in
which Ranaz does business, stock markets volatility, fluctuations in costs,
and changes to the competitive environment due to consolidation, as well as
other risks disclosed in public filings of Ranaz. Consequently, actual future
results may differ materially from the anticipated results expressed in the
forward-looking statements. The reader should not place undue reliance, if
any, on the forward-looking statements included in this news release. These
statements speak only as of the date made and Ranaz is under no obligation and
disavows any intention to update or revise such statements as a result of any
event, circumstances or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Ranaz Corporation, Martin Vidal, Executive Vice
President & Financial Chief Officer, (450) 491-7106, poste 213,
firstname.lastname@example.org; Groupe Evolution inc., Jean-François Bouffard,
Vice President, Investor's relations, (514) 448-4887, 1-866-703-4887,