Business
MedX Health Corp Reports Financial Results for Year End 2009 and Quarter Ending March 31, 2010
MedX Health Corp Reports Financial Results for Year End 2009 and Quarter Ending March 31, 2010
About this update from Medx Health Corp.
[{"type":"text","content":"\n\n\n\n Jun. 30, 2010 (Canada NewsWire Group) -- MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser and light therapy for tissue repair and pain relief today announced its results for the year ended December 31, 2009, and the quarter ended March 31, 2010.\nRevenue for the year ended December 31, 2009 was $451,375, a 60.7% per cent decrease over 2008 year end revenue of $1,149,478. MedX incurred a loss for the year of $2,559,007 or $0.09 per share compared to a loss of $2,766,736 or $0.11 per share for the same period in the prior year. Revenue for Q1 2010 was $166,039, a 52.7 per cent decrease over Q1 2009.\n"Unfortunately we felt the full impact of the worldwide financial decline in 2009, just at a time when we were beginning to develop new partnerships and customers," said Steven Guillen, chief executive officer and president of MedX Health. "The Company is increasingly emphasizing the marketing of third party products, and in 2010, is now distributing in Canada the RJ Laser product line within our traditional rehabilitation, chiropractic, and sports medicine markets. Additionally, this line of products will significantly improve our access to the veterinary, dermatology and acupuncture markets. In 2010, we will expand the distribution of RJ Laser products into the U.S."\nPrior to this announcement, MedX Health Corp., had not filed its year-end financials for 2009, and as previously announced, the company under NP 12-203 requested that a management cease trade order be imposed as a result of this late filing. As announced by the company, the Ontario Securities Commission, being the Principal Regulator, issued a management cease trade order to the Company's Chief Executive Officer and Acting Chief Financial Officer, thereby temporarily prohibiting them from trading in the securities of the Company. Previous to this announcement MedX provided bi-weekly status reports in the form of news releases as per National Policy 12-203. The issuance of the management cease trade order did not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in MedX securities. The Management Cease Trade Order was to continue until two full business days following the receipt by the Commission of all filings MedX Health Corp. is required to make...