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- Release Date: 31/08/12 13:01
- Summary: FORECAST: BLT: Revision of FY 2013 Guidance and SPP and Placement
- Price Sensitive: No
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BLT
31/08/2012 11:01
FORECAST
REL: 1101 HRS BLIS Technologies Limited
FORECAST: BLT: Revision of FY 2013 Guidance and SPP and Placement
31 August 2012
BLT Revises FY2013 Guidance and Announces Share Purchase Plan and Placement
Intention
The Board of BLIS Technologies Ltd advises that the Company has revised its
guidance for the financial year to 31 March 2013 to an operating deficit of
$1.3m from the $0.8m advised in March and reaffirmed at its AGM in late July.
The material change in outlook is a consequence of a number of recent
developments including: (1) the decision of a United States based formulator
to suspend promotion and sales of a product containing BLIS K12 and BLIS M18
ingredients; (2) deferral of the launch of products containing BLIS K12 into
the Chinese market; and (3) a review of immediate supply chain requirements
by our distributor Stratum Nutrition. The decision by shareholders to
maintain an NZX listing has also added to previously forecast compliance
costs.
These adverse events have unfortunately overshadowed the progress achieved by
BLIS and Stratum Nutrition in the Asian and European markets in recent
months.
According the Board has conducted a further review of operations and in the
light of the current status of the Murray & Co capital raising initiatives,
has determined to launch a Share Purchase Plan and Placement. Although
alternative capital raising and licensing options have been reviewed, the
Board considers that none of these proposals are sufficiently advanced to
provide the funding certainty required in the current economic environment.
Further, the Board is of the view that in the absence of additional funds
raised pursuant to the Murray & Co mandate, a further capital raising in the
form of a pro-rata issue to shareholders would likely be required in the 2014
financial year as the Company continues to execute its business strategy.
Share Purchase Plan documentation will be provided to shareholders later this
month providing further background and details of how they can subscribe for
new shares. Any placement of shares will be undertaken at the same price of
the shares offered under the Share Purchase Plan.
Mr Bevan Wallace (Director)
Contact: 0212462577
End CA:00226746 For:BLT Type:FORECAST Time:2012-08-31 11:01:06
