Global Med Technologies(R), Inc. Announces $4.0 Million Debt Restructuring and Positive Cash Flows From Operations for the Secon
April 14 2004 - 5:16PM
PR Newswire (US)
Global Med Technologies(R), Inc. Announces $4.0 Million Debt
Restructuring and Positive Cash Flows From Operations for the
Second Consecutive Year DENVER, April 14 /PRNewswire-FirstCall/ --
Global Med Technologies(R), Inc. (BULLETIN BOARD: GLOB) ("Global
Med" or the "Company") announced a debt restructuring of $4.029
million that resulted in $3.5 million of the debt being converted
into Series AA convertible preferred stock and $529 thousand
remaining as debt. See the Company's December 31, 2003 Form 10-K
for further details. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO ) Global
Med's Chairman and CEO, Michael I. Ruxin, M.D., commenting on the
debt restructuring, stated, "This is a very exciting time for
Global Med. With the debt restructuring in place, not only have we
significantly cleaned up the balance sheet, but our backlog of
business continues to grow both domestically and internationally."
Dr. Ruxin further added, "The Company has had positive cash flows
for two consecutive years and continues to fund its operations from
internally generated cash flows. This bodes well for a very bright
future for the Company." For the years ended December 31, 2003 and
2002, the Company had positive cash flows from operations of $24
thousand and $547 thousand, respectively. For the years ended
December 31, 2003 and 2002, the Company's revenues were $6.514
million and $6.627 million, respectively. The following tables
provide certain details related to the Company's operations for the
years ended December 31, 2003 and 2002: Global Med Technologies,
Inc. (OTC:GLOB) (BULLETIN BOARD: GLOB) Selected Results In ($000s)
(Unaudited) December 31, 2003 December 31, 2002 Revenues $6,514
$6,627 Operating expenses 4,201 3,990 Income (loss) operations
(303) 16 Net loss $(878) $(705) Cash flows provided by operations
$24 $547 Global Med Technologies, Inc. is an e-Health medical
information technology company providing information management
software products and services to the healthcare industry. Its
Wyndgate Technologies(R) division is a leading supplier of
management information systems to U.S. blood centers. Current
clients of Wyndgate's products and services manage more than 3
million units of blood, or over 22% of the U.S. blood supply, each
year. For information about Global Med's products and services,
please call 800-WYNDGATE or visit http://www.globalmedtech.com/,
http://www.peoplemed.com/ and http://www.wyndgate.com/. Statements
in this press release that are not strictly historical are
"forward-looking" statements within the meaning of the Safe Harbor
provisions of the federal securities laws. Forward-looking
statements involve risks and uncertainties, including, but not
limited to, continued acceptance of the Company's products and
services in the marketplace, regulatory and competitive factors,
new products and technological changes, the Company's dependence
upon third-party suppliers, and other risks detailed from time to
time in the Company's Form 10-K and other regularly filed reports.
The results of operations for the year ended December 31, 2003 are
not necessarily indicative of the results that may be expected for
any other future period.
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: Global Med Technologies,
Inc. CONTACT: Michael I. Ruxin, M.D., Chairman and CEO of Global
Med Technologies, Inc., +1-303-238-2000 Web site:
http://www.peoplemed.com/ Web site: http://www.wyndgate.com/ Web
site: http://www.globalmedtech.com/
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