UV Flu Technologies Aggressively Paying Down Debt to Build Platform for Expected Growth in Consumer and Hospital Markets
CENTERVILLE, Mass., Jan. 3, 2012 /PRNewswire/ -- UV Flu Technologies, Inc. (OTCBB: UVFT) (the "Company") is pleased to announce it has dramatically improved its Balance Sheet over the last twelve months, as referenced by the recent filing of its Annual "K" for the Year ended September 30, 2011. In the report filed, the Company disclosed that Current Liabilities, which include notes and accounts payable, decreased to $284,636, a 59% reduction from the $691,639 level of a year ago. Stockholders' Equity increased $465,608 over the same period. Gross profit more than tripled to $75,780 over the period, even though results from Rx Air were not included for the full year.
"This report actually understates the progress we have made over the last several months," said Jack Lennon, President of UV Flu Technologies. "In March of this year, the Board of the Company decided to initiate a crash program to dramatically decrease corporate overhead and pay down debt, while increasing sales by focusing on our three key target markets, Consumer, Medical, and International Sales. We have continued to make progress in all three areas relative to sales, and our plans to pay down a significant amount of our existing debt are expected to be completed ahead of schedule. In addition, our ongoing review of every expense and liability made significant headway, resulting in a profit for the 4th quarter," said Mr. Lennon.
"We continue to cut overhead, and should be completed with our 12 month program in February. On the sales front, we have made extraordinary strides. Internationally, we are one of the only companies in the world, regardless of size, that has products approved for sale in Hospitals in the U.S., China and India. We will be announcing new distributors in the coming months, both in the U.S. and internationally, and our efforts on the consumer side, we feel, have the potential to make UV Flu the household name when referring to the control of Indoor Air Pollution," said Mr. Lennon.
Further details regarding the Company's business, acquisitions, financial reports and agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit: www.uvflutech.com.
About UV Flu Technologies, Inc. (OTCBB: UVFT)
UV Flu Technologies is an innovative developer, manufacturer and distributor of bio technology products initially targeting the rapidly growing Indoor Air Quality ("IAQ") industry sector (over $7.7 billion in 2008). The Company manufactures the ViraTech UV-400, which utilizes high-intensity ultraviolet radiation (UV-C) inside a killing chamber that goes beyond filtration to destroy harmful airborne bacteria, at rates exceeding 99.2% on a first-pass basis, while also reducing the concentrations of odors, and VOC's (volatile organic compounds, such as acetone, benzene, formaldehyde, etc.) The FDA has issued a coveted Class II medical listing that enables UV Flu Technologies to market the product as a medical device.
In addition, the Company's RxAir subsidiary in Dallas, TX, makes one of the worlds' finest lines of hospital-grade HEPA filtration products. The RX-3000, the Company's main product, is currently in almost 450 hospitals internationally, is FDA cleared as a Class II Medical Device, and has been shown to capture 99.99% of all airborne contaminants. The Company's product lines are in Hospitals, government buildings, casinos and restaurants around the world.
For more information, visit: www.uvflutech.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
UV Flu Technologies, Inc.
John J. Lennon, President & CEO
SOURCE UV Flu Technologies, Inc.