Highlights of the September 2014 Quarter  Consolidated cash...

Highlights of the September 2014 Quarter  Consolidated cash position was $1.21 million as at 30 September 2014. The Board will be considering funding options to ensure Cardia can continue to expand sales and production.  Net Operating Cash (Out) Flow (“NOCF”) for the September 2014 quarter was $1.23 million compared to $0.47 million for the June 2014 quarter.  Sales Revenues for the September 2014 quarter were $2.14 million, an increase of 137% compared to sales revenues for the September 2013 quarter ($0.90 million), and an increase of 22.8% compared to sales revenues for the June 2014 quarter ($1.74 million).  Cardia successfully completed the relocation of its resin, film and bag production to its new purpose-built factory in Nanjing, China. Three new film extrusion and bag making lines were installed and commenced production at full capacity. Six additional film extrusion and bag making lines are currently being installed to meet Cardia’s order pipeline.  Cardia set up and commenced production of retail carry bags at its own film and bag manufacturing plant in São Paulo, Brazil to meet increased customer demand for its environmentally friendly products. 1Several sales contracts were signed during the September 2014 quarter. Cardia Bioplastics Brazil secured additional retail carry bag business of $1.5 million annualised. Cardia China expanded its Council business by securing a $0.35 million waste management products supply contract in Nanjing, China.  Sealed Air, the leading global protective packaging manufacturer, executed the supply agreement for Cardia Compostable films, launched its new PakNatural® Biodegradable Cushion Bags in the US market and purchased Cardia Compostable film to commence its new business.