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News Release
SOLIGEN REPORTS FIRST QUARTER RESULTS
(All figures are in U.S. dollars unless otherwise noted)
Northridge, CA, August 14, 1995 -- Soligen Technologies, Inc. ("Soligen" or the "Company") today reported operating results of the first quarter of fiscal 1996. For the three months ended June 30, 1995, the Company reported revenues of $641,000 compared to $96,653 in the same period of last year. The Company reported a net loss of $405,000 or $(0.02) per share compared to a net loss of $498,000 or $(0.02) per share in the first quarter of the preceding year. Soligen, through its Parts NowTM unit and its aluminum foundry and machine shop, provides customers with a "one stop-shop" for metal parts. Soligen is able to produce short runs as well as production quantities directly from the customer's CAD file, by utilizing its proprietary Direct Shell Production Casting (DSPC®) technology to produce first articles and production tooling.
"Since we evolved from being a development stage company, revenue has continued to grow every quarter," said Yehoram Uziel, President and CEO of Soligen. "This growth is mainly contributed to an increased number of new customers, but more importantly, from repeat business at our Parts Now unit."By utilizing Soligen's foundry and machine shop, Parts Now is positioned to supply production quantities of metal products made from the customer's CAD. "Altop has substantially improved its quality, and in the last quarter started to work closer with the DSPC center at Parts Now. It is positioned to gradually take on more customers as soon as Parts Now programs turn into serial manufacturing." So far Parts Now has not had a substantial impact on Altop's revenues.
The loss for the quarter was affected by higher than normal legal expenses due largely to the DTM lawsuit. In May 1995 the Company and DTM signed a memorandum of understanding to end this dispute. "With the DTM lawsuit resolved, the Company anticipates legal expenses to greatly decrease," said Uziel.
"We are very pleased with the industry's favorable reaction to Parts Now. It results from combining the unique ability of our proprietary DSPC technology, with the dedication and a commitment of our Parts Now team. This recognition will continue to fuel our growth," Mr. Uziel concluded.
Soligen's DSPC technology is a proprietary fabrication process for metal parts and tooling that produces ceramic molds for metal casting directly from a CAD file. Soligen's DSPC is based on Three Dimensional Printing (3DP), a technology invented and patented by the Massachusetts Institute of Technology (MIT). 3DP is licensed exclusively to Soligen on a worldwide basis for the field of metal casting.
| Three Months Ended | ||
| June 30, 1995 | June 30, 1994 | |
| Revenues | $641,000 | $97,000 |
| Net Profit (loss) | $(405,000) | $(498,000) |
| Net Profit (loss) per share | $(0.02) | $(0.02) |
| Average Number of Shares Outstanding | 23,637,000 | 20,873,000 |
| Contact: | Yehoram Uziel, Soligen Technologies, Inc. | (818) 718-1221 |
| Donna Shattuck | (818) 718-1221 |