“We, the nutrition company attained several important clinical milestones this quarter. Two clinical studies evaluating the effect of Diachrome(TM) on health markers of people with type 2 diabetes were concluded and have shown positive results. We have also concluded three additional studies on Chromax(R) chromium picolinate. While our largest and most pivotal trials are still underway, this growing body of evidence further supports our FDA health claim petition. It also supports our efforts to expand our licensing program for our patented uses and to develop key strategic alliances to market and distribute our brands. We look forward to announcing the trial results associated with these new findings in the fiscal fourth quarter and beginning our scientific outreach in earnest in fiscal 2005
We are still planning for business development expenses to increase as we draw closer to product launch dates. We also expect that our ingredient business will make a greater contribution to our operating margins in the year ahead,” Montgomery concluded.” At March 31, 2004, the Company had $4.4 million in cash and short-term investments, and working capital of $5.2 million, compared to $4.1 million in cash, and working capital of $4.1 million, at June 30, 2003.