Anpath Group Inc., through its wholly-owned subsidiary EnviroSystems Inc., is at the forefront of the industry producing cleaning and disinfecting products. The company believes its products will help prevent the spread of infectious microorganisms while minimizing the harmful effects to people and the environment.
The company continued a positive trend of increased quarterly revenues and reduced losses year over year. Revenues for the third quarter were $66,988 versus $28,176 in the same period last year. For the first nine months of the fiscal 2010 year, Anpath Group reported an increase in revenues of $321,558, or 336%, over the same period of fiscal year 2009. The company realized a net loss of 3 cents a share in the third quarter of fiscal year 2010 versus an 11 cent loss last fiscal year.
During the third quarter Anpath Group continued work on several previously announced initiatives. One highlight for the quarter included expansion of the company’s distribution network into the Cleveland, Ohio region by means of an agreement with Zaymat Distributors. The company also reported continued progress toward the introduction of an environmentally correct geobiocide for use in the oil and gas industry. Anpath retained Laidlaw & Company to help them identify and engage potential strategic partners in the oil and gas industry.
A very important highlight for Anpath Group in the third quarter was the consolidation of its Korean distribution network by entering into a new exclusive “take or pay” agreement with Clebio. The Korea arrangement is valued at $2.5 million over the three-year term of the agreement. The company received in late December 2009 an initial order associated with its new Korean distribution agreement. The approximately $80,000 in revenue from the order will be recognized in the fiscal fourth quarter which ends on March 31, 2010.