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HAYWARD, CA, September 3, 1999 - Sepragen Corporation (OTC BB: SPGNU, SPGNA, SPGNW) announced its second
quarter results today. Sales were up 56% to $330,206 when compared with $211,471 for the
same quarter last year and up a modest 5% for the year at $883.867 compared to $843,804
for YTD last year. YTD and quarterly losses, however, were reduced by over 50% with a YTD
reduction from $785,345 to $373,494.
Commenting on Sepragen’s financial results, Vinit Saxena, Sepragen’s CEO
said, “Sepragen is proceeding in a disciplined manner to reduce losses and grow its
biotech business. At the same time, we are focused on commercializing the dairy and
nutraceutical opportunities by ensuring continued operational and technical support for
our licensees.” Sepragen had previously announced licensing agreements with market
leaders, Anchor Products, Ltd. of New Zealand and Carbery Food Ingredients of Ireland, for
its patented Sepralac® Process to make ingredients for next generation sports beverages
and infant formula.
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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