SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report( date of earliest event reported) : September 30, 2004
ORGANITECH U.S.A. INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-XXXXXX 0969365
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(State or other (Commission File No.) (IRS Employer jurisdiction
of Identification No.) of incorporation)
YOQNEAM INDUSTRIAL AREA
P.O. BOX 700, YOQNEAM 20692, ISRAEL
972-4-959-0515
(Address of principal place of business or intended principal
place of business)
LIOR HESSEL, PRESIDENT AND CHIEF EXECUTIVE OFFICER
YOQNEAM INDUSTRIAL AREA
P.O. BOX 700, YOQNEAM 20692, ISRAEL
972-4-959-0515
(Name, address and telephone number of agent for service)
ITEM 8.01 OTHER EVENTS
In October 2004, Mr. Omri Rothman (CPA) has joined the Company as CFO, replacing
former acting CFO, Doron Shahar (Adv.).
In November 2004, Mrs. Orna Marom (Adv.) joined the company as legal counsel and
the company's secretary.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: September 30, 2004 OrganiTECH U.S.A., INC.
By: /s/ Lior Hessel
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Lior Hessel, President
The Growth Revolution
ORGANITECH'S ANNOUNCES NINE- MONTHS RESULTS FOR 2004
NET LOSS SIGNIFICANTLY REDUCED, SALES GUIDANCE FOR 2004 INCREASED TO $ 350,000
AND POSITIVE CASH FLOWS $ 2,5 MILLION FOR 2005.
NOVEMBER 23RD, 2004; ORGANITECH INC. (OTCBB: ORGT) THE US-ISRAELI AGROTECHNOLOGY
COMPANY, SPECIALIZED IN AUTOMATED HIGH INTENSITY, HYDROPONICS GROWTH
TECHNOLOGIES AND INNOVATIVE GREENHOUSE PRODUCTS, ANNOUNCES ITS FINANCIAL RESULTS
FOR THE FIRST 9 MONTHS OF 2004. THE COMPANY REDUCED THE NET LOSS SIGNIFICANTLY
TO $ 772,119 COMPARED TO THE SAME PERIOD IN 2003 ($1.293,638). FIRST CUSTOMER
ACCEPTANCE ACHIEVED NOVEMBER 14TH, 2004 WILL ALLOW THE COMPANY TO REPORT FIRST
SALES IN THE FORTH QUARTER 2004 OF $ 350,000. PROJECTS INITIATED IN THE THIRD
QUARTER AND ORDER BACKLOG TOTALS TO OVER $ 1,6 MILLION. OUT OF THESE ORDERS THE
COMPANY MAY GENERATE OVER $ 400,000 IN SALES DURING THE FIRST QUARTER OF 2005.
CONSIDERING THE INCREASING RESPONSE TO THE ONGOING MARKETING CAMPAIGN AND THE
FIRM ORDER BACKLOG, THE COMPANY WILL ACHIEVE POSITIVE CASH FLOWS AND BREAK EVEN
DURING THE YEAR ENDING DECEMBER 2005.
HIGHLIGHTS 9 MONTHS 2004 :
o Net loss decreased significantly
o Reduced R& D expenses
o Increased Marketing and Sales activities
o First European purchase agreement with Van Dijk Nurseries, Ireland in
January 2004
o Purchase agreement with a new Israeli customer signed in September 2004
RECORD ORDER INFLOW AFTER STARTING MARKETING ACTIVITIES IN EUROPE AND ISRAEL
After 3 years of product development, OrganiTech started its marketing
activities for its two lead products, GrowTech(TM) 2000 and GrowTech(TM) 2500.
The company has received its first orders from Europe (Ireland and Germany) and
repeat orders in Israel. In October 2004 OrganiTECH also successfully marketed
its research-based product for biotech-applications, receiving its first orders
for the Phytochamber and Growtech 2000 for biotech applications from a leading
German research institutes.
The opening of the first European GrowTech-farm at Van Dijk Nurseries in Ireland
was a key step for further marketing activities in Europe. Since its opening in
June 2004, potential buyers from Europe, Far East and the US and South America
have visited the pilot farm. Convincing data gathered from this farm showed that
by using OrganiTech's technology, Van Dijk Nurseries were able to significantly
increase the yield per square meter of high-quality pesticide-free hydroponics
lettuce and other leafy vegetables considerably regardless weather conditions or
season, while reducing operation cost, labor and energy.
The GrowTech systems attracted increasing interest in Europe and in the US. The
company is in advanced negotiations regarding major projects world wide, in
Finland, Sweden, Turkey, the US, China and Israel.
OUTLOOK 2004 AND 2005
o Increased order inflow
o Volume of orders and backlog: $ 1.650,000 Million
o Positive cash flow and break even to achieve in 2005
o Formal customer acceptance from Van Dijk Nurseries, Ireland
o Repeat-order by existing clients in Eilat, Israel received in October 2004
o First purchase order for biotech applications out of Germany received in
October 2004
o Strategic new hires
During the remainder of 2004 the Company will report sales of $ 350,000
resulting from the signed customer acceptance letter received from the Irish
customer in November 2004. As result of the firm order backlog during the third
quarter 2004 OrganiTech will increase its sales guidance for the new financial
year to more than $ 2.5 Millions. Achieving this level of sales will make the
company cash positive and reach the break-even in 2005.
OrganiTech plans to continue the efforts in the marketing of the Grow-Tech
Systems and will participate in major trade shows and exhibitions including
IPM-fair in Essen/Germany in January 2005. Based on further marketing activities
and in light of the ongoing negotiations, the management expects the potential
value of incoming agreements and purchase orders to exceed $7 Million in 2005.
RECRUITMENT OF CFO AND CORPORATE LEGAL COUNSEL
Omri Rothman (CPA) joined OrganiTech on October 2004, replacing former acting
CFO, Doron Shahar (Adv.); Omri brings to OrganiTech over twelve years of
international professional experience in high-tech companies, private and
publicly traded, including AGI, Noga group and Negevtech were he served as
corporate controller and CFO. Omri holds a BA in Economics from the Haifa
University and is a certified public accountant (Israel).
Orna Marom (Adv.) joined OrganiTech in November 2004 after nine years as legal
counsel at ISCAR Ltd. one of the world's leading cutting tools supplier. Prior
to that she has spent over eight years in the US working for high-tech companies
including Indigo, Scitex and Inframetrics. Orna holds a BA of Law degree from
Tel Aviv University and she is a member of the Israeli Bar Association and has
twenty years of professional experience.