Alternate Health :(CSE:AHG) has announced its results for the full year ended December 31, 2016.
As quoted in the press release:
Dr. Jamison Feramisco, CEO of Alternate Health, said: “Our activities in 2016 set the foundation for the company to fully activate its operations in 2017. We successfully completed our share exchange agreement with Alternate Health Inc., which became a wholly-owned subsidiary of the company, and received approval to list our shares on the Canadian Securities Exchange (“CSE”) with trading commencing on January 24, 2017. We also began to develop relationships across our businesses that led to agreements which closed in early 2017 including a lab development agreement with Dr. Michael Murphy to establish a 17,000 sq ft toxicology laboratory in San Antonio, Texas. The facility has the capacity to process up to 70,000 urine and blood samples per month and sufficient space to double its processing capacity.”
Dr. Feramisco continued: “We’ve built on our progress in 2016 by announcing numerous developments in Q1 of 2017 that strengthen Alternate Health’s financial and business profile. First, we improved the company’s liquidity by closing two private placements for net proceeds of $11.3 million and listing our shares on the OTC bulletin board exchange. Second, we expanded our Board of Directors and management team to bring additional clinical corporate expertise in the oversight of Alternate Health’s emerging medical operations. Third, we closed eight acquisitions, licenses or strategic investments that strengthen the Alternate Health’s position in key markets and provide new growth opportunities. We’re excited with our progress year-to-date and looking forward to providing updates on our performance in the coming months.”
Full Year 2016 Compared to Full Year 2015:
- Sales were $0.2 million compared to $0.2 million.
- Operating expenses were $1.7 million compared to $0.4 million.
- Net loss was $1.8 million, or $0.06 per diluted share, compared to a net loss of $0.2 million, or $0.01 per diluted share.
- The 2016 net loss included a one-time charge of $0.7 million for the reverse acquisition transaction of Alternate Health Corp. and listing on the Canadian Securities Exchange.