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Verity Corp Files 10-Q for First Quarter, 2014(February 21, 2014)
SIOUX FALLS, SD -- (Marketwired) -- 02/21/14 -- Verity Corp (OTCQB: VRTY) (BERLIN: A2Q) (http://www.veritycorp.com/), a vertically integrated sustainable agriculture company incorporating natural production technologies and non-GMO standards for the efficient production of healthy food, filed its 10-Q for the first quarter ended December 31, 2013.
Consolidated revenues were $324,299 for the first quarter ended December 31, 2013, an increase of $228,178 or approximately 237% over consolidated revenues for the quarter ended December 31, 2012. Along with the increased revenue, the Company's gross profit increased $82,853 for the quarter ended December 31, 2013, an increase of 99% over consolidated gross profit for the quarter ended December 31, 2012. All comparisons include revenues from the acquisition of Aqualiv Technologies.
Consolidated net loss for the quarter ended December 31, 2013 was $422,815 compared to $273,389 for the quarter ended December 31, 2012.
Loss from operations was $353,878, which includes approximately $53,000 in non-recurring expenses associated with the share exchange agreement between Aqualiv and Verity Farms. The Company continues to look for ways to improve its revenue stream at the same time reducing operating expenses.
Richard Kamolvathin, President and CEO of Verity Corp, said, "Verity has made a number of investments necessary for the future growth of the company. To smooth out our revenue over the four quarters of the year, we have introduced new products for the aquaculture and hog production industries. Our sales force is rolling out new proprietary products to incorporate in our comprehensive and customized sustainable agriculture regimen for farmers. Our newest facility, the Pelham, Georgia location, has begun to hit its stride with a stellar first two months in revenue. And our South Dakota and Iowa locations have been expanding their farmer base through well-attended Field Days, Unit meetings and presentations that are resulting in more revenue from more accounts."
Kamolvathin continued, "On the financial side, we have an audit team in place under Ken Wright, our CFO, and we are developing those financial relationships to provide the financial flexibility necessary to maximize our cash flows to fund our rapid revenue growth. Our distribution network is expanding with new business relationships with more to be announced soon."
Kamolvathin concluded, "We appreciate the patience and support of our shareholders as we work to build a company in the important field of sustainable agriculture. We are totally convinced that the market opportunity is huge for a company that has the passion for its goals of healthier food production. We have that passion and we are focused on that opportunity to maximize shareholder value."
About Verity Corp (http://www.veritycorp.com/)
Verity Corp is an agricultural business company offering farmers a broad mix of products and services that focus on soil and crop health through the use of earth friendly crop inputs including proprietary biological media, the use of non-GMO seeds, and the use of revitalized water in all aspects of farming including livestock production. Verity's goal is to assist farmers in reducing their dependency of fertilizers, herbicides and pesticides, through the efficient application of Verity's solutions. Verity's proprietary agricultural techniques synthesize historically proven methodologies with advancements in technology.
Safe Harbor: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Verity Corp Investor Relations
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