Cell-Loc says net loss is in line with restructuring

CALGARY, Canada—Cell-Loc Inc. today released its earnings report for the fourth quarter, ended June 30, showing net losses the company said are in line with its continuing restructuring.
The net loss for the quarter was $3.8 million, and for the year the company reported a total loss of $40.4 million.
“The restructuring plan is working,” said Cell-Loc’s president and chief executive officer, Michel Fattouche. “Both capital and operating costs have been significantly reduced and our focus on generating revenue has been rewarded with revenue from licensing fees. While we are pursuing a number of opportunities, it is taking longer than hoped to conclude deals in this difficult economic environment. I remain confident that Cell-Loc has both the technology and the business strategy to create significant value in the long term.”