The Company Generated Record Revenue of $542,477 for the Third Quarter Ended September 30, 2014 up 8,700% Compared to the Third Quarter Ended September 30, 2013
PALM CITY, FL -- (Marketwired) -- 11/17/14 -- GelStat Corporation (PINKSHEETS: GSAC) (News), a fully integrated consumer healthcare company engaged in the development, marketing, branding and manufacturing of innovative over-the-counter (OTC) consumer healthcare products, reports third quarter results and releases a shareholder update.
Highlights for the 3rd Quarter Ended September 30, 2014:
- Completed the acquisition of Mastix Medica, LLC.
- Generated revenue of $542,477
- Generated gross profit of $212,427
- Signed distribution agreements with Next Distributors, LLC.
GelStat Corporation generated consolidated revenue of $542,477 for the third quarter ended September 30, 2014 up 8,800% from $6,157 for the third quarter ended September 30, 2013. Gross profit was $212,427 for the third quarter ended September 30, 2014 up 4,500% from $4,569 for the third quarter ended September 30, 2013. Net Losses for the third quarter ended September 30, 2014 was $457,935 compared to a loss of $$28,115 for the third quarter ended September 30, 2013. Net losses for the period ended September 30, 2014 included over $400,000 in non-cash charges.
To view the comprehensive financial results for the period ended September 30, 2014 visit: http://www.otcmarkets.com/financialReportViewer?symbol=GSAC&id=129287
Outlook for the 4th Quarter of 2014
As previously announced, we recently increased our revenue forecast to over $750,000 for the fourth quarter ending December 31, 2014. The increased revenue expectations are driven by continued strength in operations from our recently acquired wholly owned subsidiary Mastix Medica and increasing sales of our proprietary healthcare products. We have also received positive feedback from early stage studies on new products that are infused with high CBDs in regards to their effects on pain and inflammation. We are in continued discussions with multiple parties to secure the supply chain, manufacturing and distribution of these new products which we anticipate to launch in 2015.
Larry Gershman, GelStat's CEO, said, "While the third quarter of 2014 was transformational for GelStat, we are very optimistic that we have only just begun. We now have the foundation in place as a vertically integrated healthcare products company and most importantly we are strategically positioned to benefit from the explosive growth in the high CBD healthcare products market."
Robert (Bob) Estey, GelStat's COO, said, "In the third quarter of 2014 GelStat's growth in revenue and gross profit was generated primarily by the strength in its wholly owned manufacturing subsidiary, Mastix Medica. This growth was driven by a combination of increasing orders from existing customers and orders from new customers. These trends remain intact and we expect considerable top line growth and positive cash flows from operations in 2015."
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ABOUT GELSTAT CORPORATION
GelStat Corporation is a publicly-traded company trading under the symbol ("GSAC") that is engaged in research, development, marketing and branding of innovative over-the-counter (OTC) consumer healthcare products addressing very large markets. Through its recent acquisition of Mastix Medica (now a wholly owned subsidiary of GelStat), it is now a fully integrated healthcare products company with proprietary manufacturing capabilities. For more information, visit www.gelstat.com.
Mastix Medica develops and manufactures niche healthcare products in dosage forms like tableted chewing gum, chewable tablets and lozenges. Mastix Medica is one of very few companies in the world that has the ability to make tableted chewing gum products at room temperature versus the traditional boiling process which can degrade the active ingredients and reduce their efficacy. Most importantly, Mastix Medica has a patent pending process for incorporating hemp oil into chewing gum, lozenges and chewable tablets. For more information on Mastix Medica visit: http://mastixmedica.com
Safe Harbor Statement
This press release contains forward-looking statements including the projected revenue that Mastix may produce, the forecasted size of the migraine market and the forecasted value of the energy drink market. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the ability of Mastix to obtain future customers, regulatory and other legal changes which may affect the forecasts, and the demand for hemp based products as well as the ability to sell hemp products.
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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Source: GelStat Corporation