FreshXtend Technologies Corp. ("FreshXtend") has announced its financial results for the year ended December 31, 2003.

The multinational company issued a statement, highlighting the removal of long-term debt as a major plus for the 12-month period. “2003 was significant for FreshXtend and brought a paradigm shift with a comprehensive corporate reorganisation that totally restructured the business and trimmed its operating costs and re-focused its business onto the research, development and commercialisation of its key life extension technologies.

“As a result of the corporate reorganisation undertaken in the period, FreshXtend is now debt free, with positive working capital, and a rationalised capital structure that enables the company to focus on the implementation of its business plan in 2004.

FreshXtend reports zero long-term debt (2002 - $3,486,000), and working capital of $64,000 compared to a deficit of

$4,283,000 reported in the 2002 consolidated financial statements before restatement. Shareholders' equity has improved to $192,000 compared to the deficit of $3,449,000 at the end of 2002.

The consolidated result is a loss from continuing operations of $419,000 (2002 - loss of $3,311,000) which reflects the results for the company's ongoing business after divestiture and reconstruction gains.

As a result of restructuring, FreshXtend reports Net Income for the year ended December 31, 2003 of $386,000, compared to a Net Loss in 2002 of $5,492,000.

The statement added: “FreshXtend is a leading provider of life extension technology to the fresh produce and flower industries and uses its technological leadership to pursue licensing opportunities. The Company's patented technologies naturally place produce in a state of hibernation while it is being shipped, and extends the shelf life of fresh produce, flowers and juices, thereby enabling economic distribution of premium quality vine-ripened fruit and vegetables. The company has a network of R&D relationships, which include the University of British Columbia and focuses on building features that will appeal to FreshXtend's customers in order to gain a competitive edge in the marketplace.

“The company continues to pursue licensing opportunities through grower/processor channels as a way of maximising the distribution for its technologies.”

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