ANO 3.25% $5.66 advance nanotek limited

half yearly report. personal care up 125 pcnt

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    After market news release - half yearly report and accounts

    Interesting developments:

    - Personal care sales up 125% compared to 2006
    - Industrial sales down 80% because of the termination of the supply contract with Oxonica
    - Ovrheads increased because of additional headcount required for Oxonica deal with Petrol Ofisi. The termination of the deal hurt the company. Company is looking to cut expenses to preserve its cash position.
    - Rapid growth of Zinclear IM in Australia. First sales booked in EU, US and Asia. New Australian sunscreens coming online in 2nd half of the year
    - First CERcat order from Energenics received totaling $150,000. $$$ due in second half of the year
    - Establishment of an office in Singapore to coordinate Asian distribution
    - Commercial partnerships have been developed to work on plastics, coatings, ceramics and building applications. No names dropped as yet
    - Over ONE HUNDRED US companies are evaluating/formulating products with Zinclear IM. This demand is forcing the company to manufacture in the US to keep up with demand
    - NANOZ-plus is the new product name for the plastics and coatings technology
    - Relationship announced with 'well established' coating additive partner for the manufacture of protective coatings for electronic equipment. Samples are being evaluated by Asian customers
    - First sale of AIPearl
    - Revenue prospects for personal care line strong. Contracts with MAJOR global players under active negotiation at present

    I felt the tone of the commentary was rather subdued/apologetic. Sure the company burned some cash during the first half of the year, however this was to be expected given the loss of Oxonica/Envirox contract. This was outside the control of the company.

    I actually think its a bloody good effort to almost come away with the same amount of revenue as last year given that an entire product line was lost. The strong personal care demand gives us hope. Especially the interest in the US. Add to this 'prudent cash management' going forward, and $3 mill from Energenics and we should be in good shape in coming quarters.
 
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