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Hayward, CA, November 22, 2000 - Sepragen Corporation (OTC BB: SPGNA) a provider
of patented technology and equipment for the purification needs in the
nutritional and biotech industries, today announced sales and earnings for its
third quarter ended September 30, 2000.
Third quarter sales decreased by 14% to $313,732 compared with $364,753 for
the same quarter of the prior fiscal year. The Company reported net losses were
($361,663) or ($.04) basic per share, compared with a loss of $284,063 or ($.06)
basic per share for the third quarter of the prior year.
Revenues for the nine-month period, ended September 30, 2000, were $1,034,209
compared with $1,251,320 for the same period last year. For the nine months
ended September 30, 2000, there was a net loss of ($1,180,228), equivalent to
($.16) basic per share, compared with a net loss of ($715,753) equivalent to
($.15) basic per share.
Commenting on the results, Vinit Saxena, CEO of Sepragen said, "The
Company has incurred increased expenses due to registration expenses of certain
shares this year and the change over to a direct sales model in the U. S. We
expect the sales model shift to yield results as we transition Sepragen from a
research intensive to a commercial company."
Sepragen is a leading supplier of separation process technology, equipment
and consumables to the biotechnology and nutraceutical industries. In addition
to its biotech drug separation business, the Company has developed patented
applications that provide large market opportunities in the food and beverage
industry, including debittering citrus juices, extracting isoflavone (plant
estrogen) from soy as well as extracting proteins from whey. The Company holds
over 14 issued patents relating to its core technology.
The statements in this release that relate to future events or performance,
statements about growth, market acceptance, levels of sales and market size and
future manufacturing capacity and efficiencies are forward-looking statements
that involve risks and uncertainties, including risks associated with
uncertainties related to the development of markets for the commercial
acceptance of the Company's products and services, the availability of
components, competitors' product introductions and other risks identified in the
Company's SEC filings. Actual results may differ from those described in these
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date hereof.
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The statements in this release that relate to future events or
performance, statements about growth, future regulatory clearances, levels of sales and
market size and future manufacturing capacity and efficiencies are forward-looking
statements that involve risks and uncertainties, including risks associated with
uncertainties related to the development of markets for and commercial acceptance of the
company's products and services, the availability of components, competitors' product
introductions and other risks identified in the company's SEC filings. Actual results may
differ from those described in these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the
date hereof.
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