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HAYWARD, CA, July 23, 1999 - Sepragen Corporation (OTC BB: SPGNU, SPGNA, SPGNW) announced today that
1998 revenues grew by 23%, revenues for the year ended December 31, 1998 were $1,987,068
as compared to $1,619,623 for 1997. Losses declined by 27% to $1,206,340 as compared to
$1,648,514 for the prior fiscal year.
In the first quarter of Fiscal 1999 quarterly revenues were $554,000 compared to
$632,000 in the first quarter of Fiscal 98’. Losses declined by 48%, losses in Q1
99’ were $180,000 compared to $347,000 in Q1 98’.
Vinit Saxena, CEO of Sepragen, stated “Most of the growth has been a direct result
of revenue contribution in the form of licensing and other fees from Sepragen’s
emerging dairy business. We continue our program to improve operating results as reflected
by increasing annual revenues and reducing quarterly losses.” The Company also
announced its first quarter of operating profit in the Company’s history for the
fourth quarter 1998.
Recently, Sepragen signed deals with two leading dairy processors, Anchor Products,
Ltd., of New Zealand, and Carbery Food Ingredients, of Ireland, for its patented Sepralac
Process which enables dairy processors to extract valuble protein from low value whey, for
use in infant formulas and nutraceutical protein fortified sports beverages.
Sepragen Corporation develops and markets technology along with equipment and supplies
for process chromatography applications. Sepragen has developed a number of 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.
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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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