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Press release from CNW Group

MedMira Reports Year End Results

Thursday, November 15, 2012

MedMira Reports Year End Results17:00 EST Thursday, November 15, 2012HALIFAX, Nov. 15, 2012 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a developer of rapid diagnostic technology and solutions, reported today on its financial results for the year ended July 31, 2012.During Fiscal Year 2012, MedMira strengthened its overall operating position with improved financial stability, on-going sales and business development initiatives within its global partner network, and major research, development and commercialization efforts focused on fulfilling key customer contracts and collaborative agreements."Increased funding and debt restructuring activities during 2012 enabled us to create a stable financial platform upon which to develop our many business development initiatives and continue our product development and commercialization work with organizations such as the US Army and National Research Council of Canada.  After the close of our financial year, we successfully concluded our debt restructuring plan and the Company is no longer in default on any of its debt," said Dan Frid, Chief Financial Officer, MedMira.  "These focused efforts across the organization have put us on path to expand our strategic partner program, undertake new product commercialization activities, and advance our growth and profitability strategy in 2013."Financial HighlightsDuring the year ended July 31, 2012, $11.8 million in loan principal and accrued interest was eliminated through debt settlement arrangements.The Company received $7,000,000 in new equity financing through the year.Current liabilities dropped 46% to $11,049,292 as at July 31, 2012, from $20,345,822 for the year ended July 31, 2011.The Company recorded revenue from product sales in the year ended July 31, 2012 of $970,631 as compared to $909,869 for the same period last year, a 7% increase. Gross profit for the year increased by 43% to $594,236 compared to $415,955 in the same period in 2011. The increases in revenue and gross profit were attributed to improved sales in Asia Pacific and Latin America and a shift in the product mix to higher margin products.Total operating expenses increased to $2,754,699 during the year compared to $2,273,059 in 2011. The increase in operating expenses is attributed to an increase in wages and salaries expense and other business expenses.Subsequent to the close of Fiscal Year 2012, the Company made payments of $312,992 to settle $1,021,503 in debt.  MedMira now has interest rates at or below 3% and interest only payments for the remainder of Fiscal Year 2013.  Through the debt restructuring plan the Company was able to reduce current liabilities associated with promissory notes, long-term debt, and convertible debentures by nearly 60%.MedMira has adopted International Financial Reporting Standards (IFRS) and accordingly, the Company's annual consolidated financial statements for the year ended July 31, 2012 and 2011 are the first annual consolidated financial statements prepared under IFRS.About MedMiraMedMira is a leading developer and manufacturer of flow-through rapid diagnostics and technologies. MedMira is the only Canadian company to be awarded US Army contracts for the development of rapid tests for HIV and Hepatitis viruses.  The Company's testing solutions provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The Company's tests are sold under the Reveal®, Multiplo™ and Miriad brands in global markets. MedMira is located in Halifax, Nova Scotia, Canada. www.medmira.com.This news release contains forward-looking statements, including statements relating to growth in the Company's business, earnings and profitability, and trends in demand for the Company's products, which involve risk and uncertainties and reflect the Company's current expectation regarding future events including statements regarding possible future growth and new business opportunities.  Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.SOURCE: MEDMIRA INC.For further information: Andrea Young, Corporate Communications Tel: 902-450-1588 Email: ayoung@medmira.com