NORTHVALE, N.J., Feb. 22, 2017 /PRNewswire/ -- Andre' DiMino, CEO of ADM Tronics Unlimited, Inc. (OTCQB: ADMT), a technology-based developer and manufacturer of innovative technologies and products, commented on ADMT's third quarter fiscal year 2017 financial results reported on February 21, 2017 in the Company's quarterly report on Form 10Q available at www.sec.gov.
ADMT CEO Andre' DiMino stated "During the quarter ended December 31, 2016 we continued with our business plan by devoting a larger portion of our engineering efforts into the development of our own proprietary medical device products. This resulted in the quarter seeing larger expenses while at the same time our revenues grew by 11% over the comparative quarter last year. In addition, due to achieving a milestone in our cash reserves, we made significant investment into automated state-of-the-art computer controlled machining equipment. This significantly expands our internal capabilities and capacities to fulfill the growing number of orders. Putting these extraordinary expenses behind us bodes well for the fourth quarter of this year and for succeeding years. The increase in our engineering and production capabilities will help to expedite bringing our own medical technologies to market.
Mr. DiMino continued, "We have booked 14 consecutive quarters of increased revenues which has provided us the comfort of significant cash reserves to execute our business plan. Although the three months ended December 31, 2016 showed a small loss due to the extraordinary costs we planned during this period, the nine months ended December 31, 2016 had a profit which was nearly three times the profit for the nine moths ended December 31, 2015."
DiMino concluded, "Yesterday, subsequent to filing our Quarterly Report on Form 10Q for the Nine Months Ended December 31, 2016, there was a significant increase in the trading volume of our common stock with over 950,000 shares traded and an influx of calls and emails inquiring about our company from individual investors, investment professionals and the media. I am pleased that our Company is now seeing more interest in our current progress and our future potential."
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. ADMT has three areas of activity: Proprietary Electronic Medical Devices; Eco-Friendly, Safe, Water-Based Formulations; and, Design, Engineering, Regulatory and Manufacturing Services. Executed by a team of multi-disciplinary engineers, researchers and technologists ADMT utilizes advanced technology infrastructure, such as 3-D solid prototyping, precision instrumentation and specialized software and peripherals, for research, development and commercialization of diversified technologies. We are very proud to be a profitable company at such an early stage of our new growth plan. Management's goal for the next 12 months is to assist the investing public to recognize the potential of ADMT. Additional information is available at the Company's websites - admtronics.com and concepttoquantity.com.
Except for historical information contained herein, the matters set forth in this news release are "forward looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes the expectations reflected in such forward looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's filings with the SEC, news releases and other communications. The Company assumes no obligation to update the information contained in this news release.
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SOURCE ADM Tronics Unlimited, Inc.