MFIC news at 2.40/2.60:
MFIC Corporation Announces Receipt of over $2.86 Million of New Orders for Production Systems and Components, and Increase in Backlog
Tuesday April 20, 4:27 pm ET
NEWTON, Mass.--(BUSINESS WIRE)--April 20, 2004--MFIC Corporation (OTCBB: MFIC - News) announced today receipt of a series of recent significant orders. Received orders are for production volume Microfluidizer® materials processor systems and substantial number of proprietary replacement parts for high volume production systems in pharmaceutical, biotechnology and high-performance ink-jet ink manufacturing applications.
Specific systems ordered include seven M-700 Series production Microfluidizer systems, for large volume products enabled by our technology. Several are repeat orders by major companies. Included are a total of 138 proprietary interaction chambers as replacement equipment, predominantly with wear-resistant diamond channel flow surfaces.
The total value of these new orders is approximately $2,862,000.
Backlog for Microfluidics products, inclusive of the above orders, has increased from approximately $1,100,000 at December 31, 2003 to approximately $3,034,000 at April 16, 2004.
Irwin Gruverman, CEO of MFIC Corporation stated, "This acceleration in booked activity indicates increased capital spending by biotech, pharmaceutical and coatings businesses. Interest and bookings for laboratory Microfluidizer® processors are also robust. The result of this demand is a strong improvement in Microfluidics products backlog, with most deliveries scheduled in the first half of 2004. We look forward to a strong year and to improved profitability following sale of the assets of our Morehouse-COWLES Division in February and the recent establishment of a new and highly favorable credit facility."
Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company's ability to achieve attain and/or increase operating profitability, and/or to achieve and/or improve net income profitability. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to, the following risks and uncertainties: (i) whether the performance advantages of the Company's Microfluidizer® materials processing equipment will be realized commercially or that a commercial market for the equipment will continue to develop, (ii) whether the Company will have access to sufficient working capital through continued and improving cash flow from sales and ongoing borrowing availability, the latter being subject to the Company's ability to comply with the covenants and terms of the Company's loan agreement with its senior lender, and (iii) whether the Company will be able to produce and make timely delivery of equipment under accepted purchase orders and outstanding sales quotations.
MFIC CORPORATION
MFIC Corporation, through its Microfluidics Division, provides patented and proprietary, high performance Microfluidizer® materials processing equipment to the pharmaceutical, biotechnology, chemical, cosmetic/personal care, and food processing industries. Through Its Microfluidics Division, the Company provides leading equipment, and innovative technology and comprehensive solutions for nanocrystal and other materials processing.
Contact:
MFIC Corporation
Irwin Gruverman, 617-969-5452
Robert P. Bruno, 617-969-5452
or
Investor Relations:
Jack M. Swig, Investor Relations
E-mail: info@mfics.com |
