CalciTech Files 2008 Results

GENEVA, June 30 /PRNewswire-FirstCall/ -- CalciTech Ltd. (OTCBB: CLKTF)
announces today it has filed it's Form 20F with the SEC which includes
audited accounts for the year ended December 31st, 2008. The Company's annual
filing can be downloaded from the SEC website: http://www.sec.gov/edgar.shtml
Revenues decreased from $58,000 to $NIL. Whilst the small-scale
production plant in Leuna, Germany continued to produce samples, no further
sales have been generated as these have been mainly smaller sample sizes for
the non-paper applications.
The development of both projects and products has continued during 2008.
This has resulted in the further capitalization of $ 2,432,000.compared to
$2,035,000 in 2007.
During 2008, the Company has continued to contain and reduce overhead
costs. General and Administrative expenditure increased from $313,000 to
$1,197,000 due to market forces as a result of the down turn in the world
economy. The majority was a currency loss of $145,520 against a currency gain
in 2007 of $370,442. Professional and legal fees increased from $77,000 to
$468,000. This increase was mainly due to project financing efforts and due
diligence requirements related to project development. Interest charges have
increased substantially from $341,000 to $791,000. This is due to a failure
of a planned share placement during the year requiring additional bridge
facilities to year-end. Recent announcements have been made concerning the
rearrangement of the Company's debt following which we expect interest
charges to be considerably reduced for 2009.
Excellent progress has continued with our products in the marketplace,
particularly with non-paper applications. Our further project developments
have also advanced, a number through the pre joint venture feasibility stage.
However with the changing financial circumstances, we have still to complete
the financing for our planned plant in Germany.
The Company, as previously announced, has successfully rearranged its
debt structure at December 31st, 2008. Our debenture holders, amounting to
$4.64 million, agreed to convert 50% of their holdings into shares with a new
rate of interest and conversion terms for the balance of $2.32 million.
Our use of the Epsom Asset Management Ltd. ("Epsom") working capital
facility was fully utilised during the last quarter of 2008. Epsom has agreed
to extend and increase the facility to GBP3 million.
The Company is confident that, following the restructure, it is well
placed to take advantage of developing projects, while the marketplace will
retain the same high interest to take our specialty products.
The directors of the company take responsibility for this announcement.
This press release contains "forward looking statements" including
forward looking statements as that term is defined in section 27a of the
United States Securities Act of 1933 and section 21e of the Securities and
Exchange Act of 1934. Statements in this press release, which are not purely
historical are forward looking statements and include any statements
regarding beliefs, expectation or intentions concerning the future. Forward
looking statements in this press release include, but are not limited to
statements which are subject to a number of contingencies and uncertainties,
including, but not limited to, market acceptance for CalciTech's products,
manufacturing of CalciTech's products in a commercial setting, obtaining
adequate financing and construction management for products and obtaining
appropriate permits.
It is important to note that the corporation's actual outcomes may differ
materially from those in forward looking statements contained in this press
release. Although the company believes that the beliefs, plans, expectations
and intentions contained in this press release are reasonable, there can be
no assurance that such beliefs, plans, expectations and intentions will prove
to be accurate. Readers should refer to the risks disclosures in the
company's public filings with the Securities and Exchange Commission.
Contact:
CalciTech Ltd.
Marc Lakmaaker
Tel.: +41-22-710-40-20
E-Mail: MarcL@calcitech.com

Internet: http://www.calcitech.com

SOURCE CalciTech Ltd

Contact: CalciTech Ltd., Marc Lakmaaker, Tel.: +41-22-710-40-20, E-Mail:
MarcL@calcitech.com