PALM BEACH GARDENS, FL--(Marketwired - July 23, 2014) - The Radiant Creations Group, Inc. ("Radiant") (RCGP), developer of unique, proprietary scientific technologies and cosmetic and over-the-counter products and devices, is pleased to provide the market with its 1st quarter financials for the fiscal quarter ending May 31, 2014. The full 10-Q filing is available on the SEC's website:
Fiscal quarter ending May 31, 2014 provided net revenue of $566,085 as compared to the 4th quarter ended February 28, 2014 net revenues of $545,691. In the past ten (10) months with sales beginning August, 2013, the Company has recorded net revenues of $1,214,763.
Net loss for the quarter was $1,897,131, which included non-cash accounting adjustments related to vesting of employee stock option compensation in the amount of $1,849,379 and convertible debt (derivative) related costs of $79,146.
Gary Smith, CEO, Radiant stated "We are pleased to provide our quarterly financials to the public. Net revenues generated exclusively by our first product, Revivasol Anti-Aging (night cream) remained steady quarter-over-quarter. In a first for the Company, subtracting out the impact of non-cash related expenses, our day-to-day operations generated profit of $31,394. With completion of our new direct-to-customer marketing platform expected in August, 2014 and release of two complimentary Sunscreen (day cream) and Sun Block products, we expect our sales to increase rapidly in the coming months."
On June 27, 2013, the Company entered into an Asset Purchase Agreement with The Renewable Corporation, a Washington corporation and its wholly owned subsidiary Renewable Bioscience Technologies, Inc., a Florida corporation to purchase their license, certain assets and processes to innovative technologies in skin protection from the sun, industrial UV sources (such as welding), and reducing collateral damage from medical radiation treatment which consists of patented patent pending skin care products. The purchase of the assets by the Company is the key metric allowing the Company to generate revenue exclusively through the sale of Revivasol Anti-Aging Cream. See www.revivasol.com for products and www.radiantcreations-rcgp.com for the public.
About The Radiant Creations Group, Inc. (RCGP)
Radiant Creations has achieved exciting breakthroughs creating remarkable products in skin protection and hydration, anti-aging, liver health and weight balance by combining DNA derived technologies developed in the Western World and naturally acting traditional Chinese medicine ingredients believed never before used in western culture by any bioscience company.
Among these exciting discoveries is a new and superior mechanism of defense against skin deterioration and damage caused by sun exposure to ultraviolet (UV) light using the nucleotides, four "code molecules" extracted from DNA. This revolutionary mechanism also has great significance and value in many other cosmetic and non-cosmetic applications requiring UV protection, and is among Radiant Creation's licensed intellectual property. The technology will be implemented across numerous innovative product lines.
Cautionary Statement Concerning forward-Looking Statements:
This press release contains forward-looking statements that can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.