CARLSBAD, Calif., Aug. 22 /PRNewswire-FirstCall/ -- ACTIS Global Ventures, Inc. (BULLETIN BOARD: AGLV) , a publicly held Nevada corporation (the "Company"), reported consolidated results for the second quarter of 2006.
ACTIS reported consolidated net sales of $3,045,700 for the three months ended June 30, 2006, an increase of 70%, from $1,796,627 for the three months ended June 30, 2005. Consolidated net sales for the six months ended June 30, 2006 increased to $5,741,430 from $3,549,256 for the same period in 2005. The increase in sales in the three and six month periods ended June 30, 2006 of 70% and 62%, respectively, over the same periods in 2005 are primarily attributed to the continued growth of our BIOPRO Technology division.
Gross profits for the three months ended June 30, 2006 increased to $2,414,364 from $1,373,438 during the three months ended June 30, 2005. Gross profits for the six months ended June 30, 2006 increased to $4,525,754 from $2,679,759 over the same period in 2005. The increase in gross profits in the three and six months ended June 30, 2006 of 76% and 69%, respectively, is directly attributable to the increase in sales in the 2006 periods over the 2005 periods.
Consolidated net loss from operations for the three months ended June 30, 2006 decreased to $356,448 from $366,124 in 2005. Consolidated net loss from operations for the six months ended June 30, 2006 decreased to $896,259 from $903,695 in 2005.
Consolidated net loss attributable to common stockholders for the three months ended June 30, 2006 was $1,046,142, or $0.01 per share, compared to a consolidated net loss of $48,081, or $0.00 per share, for the three months ended June 30, 2005. Consolidated net loss attributable to stockholders for the six months ended June 30, 2006 was $2,976,396, or $0.02 per share, compared to a consolidated net loss of $1,336,328, or $0.02 per share for the same period in 2005. Included in the net loss attributable to common stock holders for the three and six months ended June 30, 2006 are net other non-cash expenses of approximately $700,000 and $2.1 million, respectively, compared to net non-cash gains reported in the 2005 three month period of approximately $334,000 and net expenses of approximately $378,000.
Operating expenses for the three months ended June 30, 2006 were $2,770,812 compared to $1,739,562 for the three months ended June 30, 2005. The increase in operating expenses is due to increased sales commission expense on increased sales, as well as increased sales and marketing expenses due to efforts to promote BIOPRO Technology.
Commenting on the Q2 2006 results, Ray W. Grimm, ACTIS' chief executive officer states: "We are pleased to report our continued increase in revenues for the second quarter of 2006 by 70% over the second quarter in 2005. We are also showing our continued momentum to grow revenues quarterly by increasing our revenues by over 10% from the first quarter of 2006. Our consolidated net loss, before the non-cash effects of the accounting treatment of our convertible financings, is continuing to decrease and is approximately 30% less than our net loss from operations for the first quarter of 2006, proving our ability to not only grow our sales, but to ultimately reach our goal of profitability in the near future."
The information contained in this press release should be read in connection with the Company's Quarterly Reports on Form 10-QSB for the periods ended June 30, 2006 and March 31, 2006, and its Annual Report on Form 10-KSB for the year ended December 31, 2005. The Report from the Company's Independent Registered Public Accounting Firm contained in the Company's Annual Report on Form 10-KSB includes an explanatory paragraph as to the Company's ability to continue as a going concern and other information necessary for an understanding of the Company.
About ACTIS Global Ventures, Inc.
ACTIS Global Ventures, Inc. (BULLETIN BOARD: AGLV) , formerly FemOne, Inc., (BULLETIN BOARD: FEMO) , based in Carlsbad, California markets and sells products through direct sales and direct response television. Its direct sales are generated through two divisions, BIOPRO Technology distributing Bioenergetics products in the United States, Canada, Australia, New Zealand, the Philippines and South Africa, and FemOne, distributing nutritional products in the United States and Canada. Its Direct Response Television sales are generated through its subsidiary SRA Marketing.
More information about BIOPRO Technology and FemOne products can be found on the company's web sites at http://www.bioprotechnology.com/ or http://www.femone.com/. Investors are invited to contact the Company by visiting its website at http://www.actisglobalventures.com/, or by contacting its controller, Cindi Moore, by e-mail at
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievement expressed or implied by such forward looking statements. In some cases, you can identify forward looking statements by terminology such as "may," "will," "should," "could," "intend," "expects," "plan," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms or other comparable terminology. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements
ACTIS GLOBAL VENTURES, INC.
Consolidated Statements of Operations
For the Three and Six Months ended June 30, 2006 and 2005
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
REVENUES
Product sales $3,045,700 $1,796,627 $5,741,430 $3,549,256
Cost of sales 631,336 423,189 1,215,676 869,497
GROSS PROFIT 2,414,364 1,373,438 4,525,754 2,679,759
EXPENSES
Sales commissions 1,268,625 708,317 2,330,261 1,452,602
Order fulfillment
costs 276,608 156,434 532,223 294,191
Sales and marketing 685,665 527,414 1,410,891 1,058,449
General and
administrative 539,914 347,397 1,148,638 778,212
Total operating
expenses 2,770,812 1,739,562 5,422,013 3,583,454
NET LOSS FROM
OPERATIONS (356,448) (366,124) (896,259) (903,695)
OTHER INCOME (EXPENSE)
Amortization of
debt discount (1,323,403) (358,501) (1,799,910) (921,814)
Gain (loss) on
warrant derivative
liability 776,310 801,323 (1,082,891) 801,323
Gain on
extinguishment
of debt -- -- 1,101,070 --
Interest and finance
charges (154,297) (115,207) (291,179) (265,145)
Other income
(expense) 1,042 6,341 (8,663) 7,210
Total
other income
(expense) (700,348) 333,956 (2,081,573) (378,426)
LOSS BEFORE
MINORITY INTEREST
AND INCOME TAX
EXPENSE (1,056,796) (32,168) (2,977,832) (1,282,121)
MINORITY INTEREST
IN SUBSIDIARIES 10,654 (15,913) 7,436 (54,207)
INCOME TAX EXPENSE -- -- (6,000) --
NET LOSS $(1,046,142) $(48,081) $(2,976,396) $(1,336,328)
NET LOSS PER
COMMON SHARE -
Basic and Diluted $(0.01) $(0.00) $(0.02) $(0.02)
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES
OUTSTANDING -
Basic and
Diluted 157,285,122 58,973,122 138,147,368 54,973,122
ACTIS GLOBAL VENTURES, INC.
Consolidated Balance Sheets
(Unaudited)
June 30, December 31,
ASSETS 2006 2005
Current assets
Cash $209,610 $314,656
Accounts receivable 296,694 137,372
Accounts receivable, related party 23,017 29,195
Inventory 608,696 729,629
Inventory deposits 71,718 118,361
Prepaid expenses 80,114 53,782
Other current assets -- 73,075
Total current assets 1,289,849 1,456,070
Property and equipment, net 241,015 192,960
Other assets
Intangible assets, net 202,367 212,149
Deferred debt issue costs 136,086 237,172
Deposits 176,483 177,661
Total other assets 514,936 626,982
Total assets $2,045,800 $2,276,012
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable $1,219,189 $748,887
Accrued interest, related party -- 114,792
Accrued interest, convertible notes 415,461 225,368
Accrued commissions 266,326 269,453
Accrued commissions, related party 24,092 --
Accrued payroll and payroll tax 243,248 147,418
Accrued bonus 134,871 122,089
Deferred compensation 45,516 95,944
Customer Deposits 112,456 20,297
Deferred rent 54,783 51,435
Notes payable - related parties 91,612 339,159
Warrant derivative liability 1,302,380 219,489
Convertible notes payable, net 1,436,704 1,677,505
Total current liabilities 5,346,638 4,031,836
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST IN SUBSIDIARIES 44,843 52,279
STOCKHOLDERS' EQUITY (DEFICIT)
Common Stock, 5,000,000,000 common
shares, $0.001 par value, authorized,
157,285,122 and 111,707,051 shares issued
and outstanding at June 30, 2006 and
December 31, 2005, respectively 157,286 111,708
Additional paid in capital 7,895,089 6,529,428
Accumulated deficit (11,438,356) (8,461,960)
Accumulated other comprehensive income 40,300 12,721
Total stockholders' equity (deficit) (3,345,681) (1,808,103)
Total liabilities and stockholders'
equity (deficit) $2,045,800 $2,276,012
