PALM BEACH GARDENS, FL--(Marketwired - June 13, 2014) - The Radiant Creation 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 annual financials for the fiscal year ending February 28, 2014. The full 10-K filing is available on the SEC's website:
Fiscal year ending February 28, 2014 provided net revenue of $648,678 including $37,672 in quarter ended August 31, 2013; $65,315 in quarter ended November 30, 2013 and $545,691 in quarter ended February 28, 2014; the revenue was the first generated by the Company since inception and follows the change in control and acquisition of assets dated June 27, 2013.
Net loss for the year was $3,816,952, which included one-time accounting adjustments related to an impairment charge in the value of assets acquired at the change of control of $1,350,000 and derivative related interest and loss of $1,433,900. All outstanding derivatives were extinguished at year end.
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 its first revenue exclusively through the sale of Revivasol Anti-Aging & Revitalizing Cream (www.revivasol.com) for products and (www.radiantcreations-rcgp.com) for the public.
Gary Smith, CEO, Radiant stated, "We are proud to provide our annual financials to the public. We were able to complete our first product, Revivasol Anti-Aging & Revitalizing Cream (Night Cream) resulting in immediate sales. We have worked meticulously to provide a compelling product for the cosmetics sector, to establish productive and elegant sales channels. Following customer demand, the Company will release the Day Cream containing an SPF 15 agent and a Sport Block SPF 30. The Company's planned Acne skin cream is scheduled for release in mid-summer, 2014."
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.