Apr 22 2011
Sonomax Technologies Inc. ("Sonomax" or the "Company") (TSXV: SHH) today disclosed its results for the year ended December 31, 2010.
As Sonomax moves closer to meeting its objective of becoming an R&D licensing company, 2010 highlights were:
- Raised gross proceeds of $2,034,483 by way of exercising of warrants by holders thereof.
- Reduced outstanding convertible debt to $706,200 from $1,177,000.
- Plan of arrangement on March 3, 2010 resulted in a net inflow of cash (before transaction costs) of $1,566,000.
- Decrease in net revenue to $642,766 in 2010 from $736,374 in 2009.
- Gross profit was $43,316 in 2010 compared to a loss of $181,174 in 2009.
- Increase in operating expenses to $4,192,743 compared to $3,255,273 in 2009.
Source: SONOMAX TECHNOLOGIES INC.