Oncologix Tech Inc. (OTC Pink: OCLG), a diversified medical holding company with division in medical devices and healthcare services released its Third Quarter and YTD Fiscal 2014 results.
Wayne Erwin, CEO of Oncologix, stated, “We are pleased to announce our third quarter and year to date fiscal 2014 financials. Revenues during the periods were $988,385 and $2,696,776, respectively. When compared to the company posting minimal revenues for the comparable periods in FY 2013, we think it’s an important milestone to recognize that revenues are continuing to build for the year. Also, during the nine months ending May 31, 2014, the company repaid over $700,000 of debt. It’s evident from these results that we are executing our two-prong strategy that focuses on strategic acquisitions and debt reduction both of which have significantly enhanced Oncologix’s market value.
2014 Key Company Activities through May 2014:
- Revenues for the three and nine months were $988,385 and $2,696,776, respectively.
- Rent Reductions: Reduced annualized rents by $50,000
- Acquired Amian Health Services - $1.1million in annual revenues
- Reduction in non-essential FTE employees- Realize annual savings over $75,000
- Began new product development for Dotolo Research Corporation Toxygen-II hardware system and new disposable products with E& R Engineering, Schmitt Engineering, and Atom Design
- Relocated Dotolo Research Corporation manufacturing facilities to E&R engineering manufacturing in Tempe, AZ
- Executed a $4.0 million line of credit facility with TCA Global Fund
- Increased our authorized shares to 750 million shares
- Repaid over $700,000 in debt during the nine months ending February 28, 2014
Erwin also noted, “To continue with current-year success, we’ll execute further upon our acquisition strategy. We are currently in the final due diligence stage with three (3) additional companies, a medical device company with revenues exceeding $1,400,000 generating $600,000 in annualized earnings, and two medical product/equipment companies with combined revenues exceeding $18,000,000 and generating $2,100,000 in annualized earnings. Overall, our YE 2014 company objective is to reach $20,000,000 in annualized revenues by calendar end. We believe that our stock price is severely undervalued and by continuing on our debt reduction efforts and executing on strategic acquisitions, we will certainly expect an increase in our stock values in the near term.”
About Oncologix Tech
Oncologix is a diversified medical holding company that operates and manufactures Class II medical device products and delivers Personal Healthcare Services nationally. For its clients, Oncologix provides FDA approved medical devices and State licensed healthcare services. For its shareholders, Oncologix operates profitable business divisions that build, maintain and nourish shareholder value. The Company’s corporate mission is to be the best small cap medical device and healthcare services holding company in North America.
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's filings with the Securities and Exchange Commission.
Wayne Erwin, Chairman and CEO
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