Kelyniam Global Inc. Reports Record Cranial Implant Revenues in the 1st Quarter of 2012
CANTON, Conn., April 25, 2012 /PRNewswire/ -- Kelyniam (Pinksheets: KLYG.PK), is pleased to announce first quarter 2012 revenues of $210,635, a four-fold increase from the fourth quarter of 2011. The increase in revenues was driven by surgeries at new hospitals and from surgeons who have converted to using the Kelyniam Custom Skull Implant made from PEEK material. The first quarter 2012 represents the first full quarter with the new management and a full sales force.
We expect the growth to continue as we gain ground in the domestic custom cranial implant market. We are currently working on reaching out to the international market this year and believe this will have a direct positive benefit to our bottom line. "Kelyniam is extremely excited to open up new markets and hopes to capitalize on those with new product lines in the near future, stated President and CEO Tennyson Anthony.
Mark Chenoweth, Vice President of Sales commented, "We continue to make significant progress in building our presence in hospitals, teaching institutions, and trauma centers across the U.S. The weekly feedback we receive from surgeons who are using our implants has been excellent. They are realizing the benefits of our fast turnaround capabilities, and are thrilled with the time and effort we save them in the O.R. due to our precision fitting implants. With our unique product offering, we look forward to another exciting 2nd Quarter, providing both the surgeons and patients the best custom skull implant option available in the market today."
The CPA firm, Sadler, Gibb & Associates, has compiled the balance sheet and income statement for Kelyniam for the period end March 31, 2012. No audit has been performed on the statements presented.
KELYNIAM GLOBAL, INC. |
||||
Balance Sheets |
||||
ASSETS |
||||
March 31, |
||||
2012 |
||||
CURRENT ASSETS |
||||
Cash |
$ |
35,303 |
||
Accounts receivable, net |
95,728 |
|||
Inventory |
25,512 |
|||
Other current assets |
11,111 |
|||
Total Current Assets |
167,654 |
|||
PROPERTY AND EQUIPMENT, net |
525,661 |
|||
OTHER ASSETS |
||||
Distributer rights, net |
44,005 |
|||
Total Other Assets |
44,005 |
|||
TOTAL ASSETS |
$ |
737,320 |
||
LIABILITIES AND STOCKHOLDERS' DEFICIT |
||||
CURRENT LIABILITIES |
||||
Accounts payable and accrued expenses |
$ |
105,080 |
||
Accrued interest |
11,966 |
|||
Other current liabilities |
35,000 |
|||
Notes payable, current portion |
77,585 |
|||
Total Current Liabilities |
229,631 |
|||
LONG-TERM LIABILITIES |
||||
Notes payable |
92,018 |
|||
Convertible notes payable, net |
147,500 |
|||
Total Long-Term Liabilities |
239,518 |
|||
TOTAL LIABILITIES |
469,149 |
|||
STOCKHOLDERS' DEFICIT |
||||
Common stock; $0.001 par value, 60,000,000 shares |
||||
authorized; 16,696,235 and 17,152,235 shares issued |
||||
and outstanding, respectively |
17,153 |
|||
Additional paid-in capital |
2,299,428 |
|||
Deficit accumulated during the development stage |
(2,048,410) |
|||
Total Stockholders' Deficit |
268,171 |
|||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ |
737,320 |
KELYNIAM GLOBAL, INC. |
|||||
Statements of Operations |
|||||
For the Three |
|||||
Months Ended |
|||||
March 31, |
|||||
2012 |
|||||
REVENUES |
$ |
210,635 |
|||
COSTS OF GOODS SOLD |
113,006 |
||||
GROSS MARGIN |
97,629 |
||||
OPERATING EXPENSES |
|||||
Depreciation and amortization |
33,956 |
||||
Professional fees |
18,601 |
||||
Commissions, salaries and wages |
138,268 |
||||
General and administrative expense |
63,375 |
||||
Total Operating Expenses |
254,200 |
||||
OPERATING LOSS |
(156,571) |
||||
OTHER INCOME (EXPENSE) |
|||||
Interest expense |
(37,548) |
||||
Total Other Income (Expense) |
(37,548) |
||||
NET LOSS BEFORE INCOME TAXES |
(194,119) |
||||
Provision for income taxes |
- |
||||
NET LOSS |
$ |
(194,119) |
|||
BASIC AND DILUTED LOSS PER SHARE |
$ |
(0.01) |
|||
WEIGHTED AVERAGE NUMBER |
|||||
OF SHARES OUTSTANDING |
17,100,061 |
A proxy has been distributed to shareholders of record March 27th regarding the annual meeting scheduled for May 11th at the company's headquarters. Shareholders are reminded to vote and return proxies no later than 2pm EST on May 9, 2012.
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more active and productive lives.
Please visit our website at www.kelyniam.com for more information.
Forward-Looking Statements
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective" and "appears" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
For Question regarding this Press Release, please contact:
Kelyniam Global Inc.
Michael Hamblett, 800-280-8192 x3
Director of Investor Relations
SOURCE Kelyniam Global Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article