LAFAYETTE, LA, United States, via ETELIGIS INC., 12/11/2014 – – Oncologix Tech Inc. (OTC Pink: OCLG) (PINKSHEETS: OCLG), a fully reporting, diversified medical holding company with operating divisions in medical devices, healthcare services and durable medical product distribution announced financial results for its fiscal 2014 and fourth quarter, ending August 31, 2014.
– Revenues for fiscal 2014 were $3,677,475, up from $244,246 for the comparable period in fiscal 2013.
– Revenues for the 4th quarter of fiscal 2014 were $974,575 marking the 3rd consecutive quarter with revenues exceeding $975,000.
– Gross margins for fiscal 2014 were $614,411, up from $48,547 for the comparable period in fiscal 2013.
– General and administrative expenses for fiscal 2014 were $1,133,431, up from $329,667 in fiscal 2013. However, general and administrative expenses as a percent of revenue decreased to 31% for fiscal 2014 from 135% in fiscal 2013.
– During fiscal 2014, repaid over $1,000,000 of company debt.
– Cash provided by financing activities was $675,222 for fiscal 2014, up from $214,568 for fiscal 2013.
Wayne Erwin, CEO of Oncologix, stated, “We are pleased to announce highlights of our fourth quarter and year to date fiscal 2014.” Erwin also commented, “It’s evident from these results that we continue to execute our two-prong strategy that focuses on strategic acquisitions and debt reduction both of which have significantly enhanced Oncologix’s market value.”
2014 Company Activities
– Rent Reductions: Reduced annualized rents by $50,000
– Acquired Amian Health Services – $1.1 million in annual revenues
– Reduction in non-essential FTE employees- Realize annual savings over $85,000
– Continuing product redesign for Dotolo Research Corporation Toxygen-II hardware system and new disposable speculum products with E& R Engineering and Schmitt Engineering. New hardware products to begin field testing within sixty (60) days
– 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 $78,000 of convertible notes in October and November 2014 from operating capital eliminating approximately 37 million shares to be sold into the market
– Completed the acquisition of Esteemcare Inc. in September 2014, a Home Medical and Durable Medical products with $1.5 million in annual revenues.
Erwin also noted, “We are currently in the final due diligence stage with an additional durable medical equipment company with annual revenues of approximately $9.8 million generating over $2.2 million in positive EBITDA. With our continued acquisition and growth strategy, we hope to grow annualized revenues to $35 million by year-end 2015 with positive EBITDA of $3.6 million. Currently we believe that our stock price does not accurately reflect the success of our operating activities and remains severely undervalued. With the continued execution of our acquisition and growth plan, we feel confident that our stock value will rise in the coming year to its true fair value.”
About Oncologix Tech
Oncologix is a fully reporting, diversified medical holding company that operates and manufactures Class II medical device products, delivers Personal Healthcare Services, and Home Medical and Durable Medical products nationally. For its clients, Oncologix provides FDA approved medical devices, state licensed healthcare services and medical product distribution. For its shareholders, Oncologix operates profitable operating divisions that build, maintain and nourish shareholder value. The Company’s corporate mission is to be the best small cap 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.
Chairman and CEO
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SOURCE: Oncologix Tech Inc.