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August 14, 2007
Platinum
Research Organization Reports Second Quarter Results
DALLAS, August 14, 2007 -- Platinum Research Organization
(PLRO.OB – www.platinumresearch.com), today reported on
second quarter and six month results for the period ended
June 30, 2007. |
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The Company recorded a net loss of $1,241,238
for the three month period ended June 30, 2007, an increase
of $699,452 over the net loss of $541,786 recorded for
the same period a year ago. SG&A expenses, which increased
$698,057 during the same three month period, were the
principle reason for the increased net loss due mainly
to higher outside legal and professional fees, higher
salaries and higher Insurance costs. Most of the cost
increases in these SG&A categories were attributable to
higher costs associated with being a public company (including
the expensing of stock options, a new Directors and Officers
Liability Insurance policy, the hiring of a new CFO),
legal costs associated with the contribution agreement
finalized on April 18, 2007 and the preferred equity offering
completed on the same date as well as higher product testing
and consultant costs.
As of June 30, 2007 the Company had total cash on hand
of $5,083,044, of which $1,565,667 was restricted cash.
The Company also had $434,056 in current liabilities and
$6,000,000 in long-term debt.
The 10-QSB for the quarter ending June 30, 2007 has been
filed with the SEC. These interim financial statements
should be read in conjunction with the Company's financial
statements and the notes thereto contained in the Company's
audited financial statements for the year ended December
31, 2006 presented in the Form 10-KSB and filed with the
SEC on March 23, 2007.
Cork Jaeger, CEO of Platinum Research Organization, Inc.,
commented, "In the second quarter Management has focused
its attention on the commercialization of our products
and technologies and generation of revenues. We are making
significant progress as evidenced by the following events
that have occurred subsequent to March 31, 2007:
Agreement with R.T. Vanderbilt for Grease Market
The Company has recently signed its first global distribution
agreement for TechroBond. The agreement calls for R.T.
Vanderbilt Company Inc. of Norwalk, CT, to market TechroBond
products worldwide as cost-effective, performance-enhancing
anti-wear and extreme-pressure (EP) additives for industrial
greases. By using TechroBond as an additive, grease manufacturers
can reduce the cost of their products significantly and
still offer the same or better anti-wear and EP performance.
With the signing of this agreement, Vanderbilt will include
TechroBond products in its VANLUBE® product line of anti-wear
and EP additives for greases.
EPA Favorably Reviews F-ZDDP
The EPA has completed a favorable review of F-ZDDP,
a key chemical ingredient in TechroBond. EPA’s decision
comes at the conclusion of the agency’s review of a
Pre-Manufacture Notification (PMN) submitted by PRO.
The completed review clears the way for commercial production
and distribution of TechroBond. The EPA’s decision is
the first step in the global distribution of TechroBond.
PRO is seeking worldwide registration of TechroBond
and as they ramp up manufacturing and distribution.
Acta Group to Manage Worldwide Registration TechroBond
An international consultancy brings vast regulatory
experience to PRO’s global registration team. The Acta
Group, LLC, a Washington, D.C., consultancy specializes
in the regulatory approval of chemical products. Acta
has begun efforts to register TechroBond with the United
Kingdom’s Health and Safety Executive (HSE). PRO and
The Acta Group are also assessing TechroBond’s registration
under the European Union’s (EU) Registration, Evaluation,
and Authorization of Chemicals (REACH) legislation.
About Platinum Research Organization Inc. (PRO)
PRO designs, develops and commercializes patented, high
performance additives for lubricants and coatings. The
Company's proprietary additive, TechroBond, offers
substantial economic, performance and environmental
advantages over those now used. In engine oils, TechroBond
will extend the life of catalytic converters, thereby
reducing harmful emissions; it increases the anti-wear
performance of industrial greases while reducing their
cost; and in coatings and paints, TechroBond may replace
environmentally hazardous materials. PRO's formulations
and processes are protected by a series of U.S. patents,
Trademarks: TechroBond is a trademark
of Platinum Research Organization Inc. All other trademarks
are the properties of their respective owners.
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Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995
Statements about the future performance
of the company, economic trends, and other forward-looking
statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties,
including and without limitation, continued acceptance
of the company products, increased levels of competition
for the company, new products and technological changes,
the company’s dependence on third-party suppliers, and
other risks detailed from time to time in the company's
periodic reports filed with the Securities and Exchange
Commission. The company provides no assurance regarding
the actual outcome of the events contemplated by any forward-looking
statements included in this release. |
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PRO Media Contact:
Barbara Hyman, Hopkins & Associates, barbara@hopkinspr.com,
214-828-0066
PRO Investor Relations Contact:
Charles Moskowitz, FOCUS Partners, cm@focuspartners.com,
617-633-2259
Bergeson & Campbell/Acta
LLC Media Contact:
Lynn Bergeson, 202-557-3801, lbergesib@lawbc.com
Acta EU Media Contact:
Steve Green, 011-44-1928575950, sgreen@actagroupeu.com
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