EXHIBIT 99.1
For Further Information:
CELL ROBOTICS INTERNATIONAL, INC. TICKER SYMBOL: OTC BB: CRII
Albuquerque, NM, USA 87107
(800) 846-0590
e-mail: investor-info@cellrobotics.com
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CELL ROBOTICS REPORTS RECORD FOURTH QUARTER REVENUES, ANNUAL SALES
REVENUE INCREASES, POSITIVE NET WORTH AND FACILITY EXPANSION
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FOR IMMEDIATE RELEASE:
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ALBUQUERQUE, NM APRIL 3, 2003/PRNEWSWIREFIRSTCALL - CELL ROBOTICS INTERNATIONAL,
INC. (OTC BULLETIN BOARD: CRII), announced financial results for the fourth
quarter and year ended December 31, 2002.
The Company reported increases in revenues from product sales for both the year
and the 4th quarter ended December 31, 2002, over the same periods in 2001. The
Company's 4th quarter product sales revenue of $608,029 represents a record for
the Company. Gary Oppedahl, President and Chief Executive Officer of the
Company, commented, "I am very encouraged by the performance of our Company in
the second half of 2002, and especially pleased that we were able to generate
record sales in the fourth quarter demonstrating very positive momentum and
disciplined execution. As a result, we recently completed a 50% expansion of our
facilities to accommodate the expected growth of the Company. Although we still
have a lot of work to do, I am confident that we are moving in the right
direction."
The record 4th quarter 2002 product sales of $608,029 represent an increase of
34%, or $154,035 compared to 4th quarter product sales in 2001 of $453,994. The
Company's product sales for the all of 2002, of $1,584,359, represent an
increase of $122,912, or 8%, compared to 2001 product sales of $1,461,447.
The Company's annual operations also showed a positive trend from 2001 to 2002.
The Company's loss from operations was $2,364,301 in 2002. This amount was an
improvement of $292,978 from the 2001 operating loss of $2,657,279. The company
also achieved a positive net worth at the end of 2002. As of December 31, 2002
the Company's stockholders' equity was positive at $789,891 compared with a
deficit of $829,677 as of December 31, 2001.
ABOUT CELL ROBOTICS
Cell Robotics International, Inc. is a medical products company striving to
enhance health-care provider safety and patient quality-of-life through
technology. Cell Robotics develops, sells, and markets technologically unique
devices that respond to the rapidly increasing market demand for products that
offer more effective, safer, and less painful solutions than conventional
procedures. Detailed information about the Cell Robotics laser-assisted
microscopy Workstation and the Lasette(R) as well as media quality photographs
can be obtained at http://www.cellrobotics.com.
Cell Robotics International, Inc. offers an FDA-cleared alternative to the steel
lancet or needle, for obtaining a blood sample. The needleless Lasette has been
priced to be economically advantageous when compared to "safety lancets" and is
an ideal device to protect health-care workers from accidental needle-stick
accidents and to help health-care facilities comply with the Federal
"Needlestick Safety and Prevention Act" signed into law on November 6, 2000.
This legislation mandates healthcare facilities employ measures to reduce or
eliminate accidental needlesticks. The Lasette makes it impossible for a
health-care work to contact HIV, Hepatitis B, or Hepatitis C as a result of a
needlestick accident when obtaining a capillary blood sample. Also, the Lasette
enables diabetics to sample their blood, in a nearly painless manner, as the
first step in testing glucose levels.
The Company also produces and sells the UltraLight Skin Refreshener and the Cell
Robotics Premier Workstation products. The UltraLight can be used in several
medical applications. This Erbium:YAG Laser takes advantage of Cell Robotics'
small compact laser cavity design to produce an affordable aesthetic medical
laser that can be used by family physicians, dermatologists and plastic surgeons
to rejuvenate and revitalize the skin. The Workstation product includes the
well-known optical trapping laser, the LaserTweezers(R), but now offers a choice
of three available cutting lasers, or LaserScissors modules. A powerful imaging
software package included with the products provides state-of-the-art image
analysis and data management capabilities. Additional imaging upgrades are
available to include convolutions and automated pattern recognition. The power
of the LaserScissors module allows researchers to easily dissect fixed tissue
sections, in addition to live cells, useful for molecular analysis of archived
tissues. The Cell Robotics Premier Workstation is designed for investigators in
both basic and applied research working in such areas as functional genomics or
proteomics.
AS A CAUTIONARY NOTE TO INVESTORS, CERTAIN MATTERS DISCUSSED IN THIS PRESS
RELEASE MAY BE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995. SUCH MATTERS INVOLVE RISKS AND
UNCERTAINTIES THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, INCLUDING THE
FOLLOWING: CHANGES IN ECONOMIC CONDITIONS; RISKS ASSOCIATED WITH THE DEVELOPMENT
OF NEW PRODUCTS AND MARKETS; GENERAL COMPETITIVE FACTORS; THE COMPANY'S ABILITY
TO EXECUTE ITS SERVICE AND PRODUCT SALES PLANS; THE IMPACT OF CURRENT AND FUTURE
LAWS AND GOVERNMENT REGULATION, AS WELL AS REPEAL OR MODIFICATION OF SAME,
AFFECTING THE MEDICAL DEVICE INDUSTRY AND OUR OPERATIONS IN PARTICULAR; ADEQUACY
OF OUR FINANCIAL RESOURCES; OBTAINING AND MAINTAINING REGULATORY APPROVAL; THE
ABILITY TO RETAIN KEY PERSONNEL AND THE RISKS DESCRIBED FROM TIME TO TIME IN THE
COMPANY'S SECURITIES AND EXCHANGE COMMISSION FILINGS.
THIS PRESS RELEASE INCLUDES CERTAIN STATEMENTS THAT MAY BE DEEMED TO BE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES
ACT OF 1933 AND SECTION 21E OF THE SECURITIES ACT OF 1934 AS AMENDED. ALL
STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACTS, INCLUDED IN THIS PRESS
RELEASE THAT ADDRESS ACTIVITIES, EVENTS OR DEVELOPMENTS THAT THE COMPANY
EXPECTS, BELIEVES OR ANTICIPATES WILL OR MAY OCCUR IN THE FUTURE ARE FORWARD
LOOKING STATEMENTS. FOR ALL THESE REASONS, ACTUAL RESULTS OR DEVELOPMENTS MAY
DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
( -financial tables follow- )
CELL ROBOTICS INTERNATIONAL, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2002 AND 2001
2002 2001
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ASSETS
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Current assets:
Cash and cash equivalents $ 299,083 $ 5,633
Accounts receivable, net of allowance for
doubtful accounts of $4,991 in 2002 and
$4,991 in 2001 500,636 287,482
Other receivables 260,000
Inventory 539,284 911,421
Other current assets 48,246 49,009
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Total current assets 1,647,249 1,253,545
Property and equipment, net 274,589 386,914
Other assets, net 60,782 19,279
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Total assets $ 1,982,620 $ 1,659,738
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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Current liabilities:
Accounts payable $ 619,679 $ 579,021
Notes payable - related parties 180,402 1,608,989
Payroll related liabilities 169,123 145,952
Royalties payable 152,400 110,846
Other current liabilities 71,125 44,607
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Total current liabilities 1,192,729 2,489,415
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $.04 par value. Authorized
2,500,000 shares, zero shares
issued and outstanding at December 31, 2001
and 2000 -- --
Common stock, $.004 par value. Authorized
50,000,000 shares, 18,406,025 and 9,956,137
shares issued and outstanding at December 31,
2002 and 2001, respectively 73,624 39,825
Additional paid-in capital 29,816,590 25,223,575
Accumulated deficit (29,100,323) (26,093,077)
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Total stockholders' equity (deficit) 789,891 (829,677)
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Total liabilities and stockholders' equity $ 1,982,620 $ 1,659,738
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CELL ROBOTICS INTERNATIONAL, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
2002 2001
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Product sales $ 1,584,359 $ 1,461,447
SBIR research and development grants -- 137,597
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Total revenues 1,584,359 1,599,044
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Product cost of goods sold 1,340,440 1,360,646
SBIR direct expenses -- 137,597
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Total cost of goods sold 1,340,440 1,498,243
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Gross profit 243,919 100,801
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Operating expenses:
General and administrative 1,153,683 936,000
Marketing & sales 945,701 1,211,726
Research and development 508,836 610,354
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Total operating expenses 2,608,220 2,758,080
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Loss from operations (2,364,301) (2,657,279)
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Other income (expense):
Interest income 17 11,979
Interest expense (153,643) (125,489)
Other, net 57,358 46,945
Loss on extinguishment of debt (546,677) --
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Total other expense (642,945) (66,565)
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Net loss $ (3,007,246) $ (2,723,844)
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Weighted average common shares
outstanding, basic and diluted 11,826,692 9,984,989
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Net loss per common share, basic and diluted $ (0.25) $ (0.27)
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