Leatt Corporation Releases Un-Audited Financial Statements for FY 2007
Cape Town, South Africa, February 07, 2008 --(PR.com)-- Leatt Corporation (Gray Market: LEAT.), a Nevada, USA corporation headquartered in Cape Town, South Africa and the developer of the Leatt-Brace™, a Neck Brace System designed to help prevent potentially devastating motor sport injuries to the cervical spine (neck), today announced that its Un-audited Financial Statements for year ending December 31, 2007 (“FY 2007”) have been posted on the Company’s web-site: http://www.leatt-brace.com/index.php?page_id=8&id=2. Actual results may vary significantly from un-audited financial results due to audit and other adjustments. Audited financial results will not be available for another 30 to 60 days.
Dr. Leatt, the founder and Chief Executive Officer of Leatt said: “The Company believes that the un-audited financial statements for FY 2007 indicate a solid year of achievement. We hope that this initial, full year of sales will form the foundation for a prosperous future. Based on un-audited results, we attained gross revenues of $17,309,750 for the full fiscal year 2007 with un-audited net income of $6,161,858 and un-audited cost of sales at $4,394,968.”
About The Leatt Corporation: The Leatt Corporation is the exclusive global distributor of the Leatt-Brace™, a Neck Brace designed to prevent or lessen the severity of potentially devastating motor sport injuries to the cervical spine (neck). The Company has its product development group located in Cape Town, South Africa.
For more information on the Leatt-Brace™, please visit the company website at www.leatt-brace.com. Any website or portion thereof referenced herein is not a part of or incorporated by reference into this press release.
Legal Notice Regarding Forward-Looking Statements: This press release contains forward-looking statements covered by the Private Securities Litigation Reform Act of 1995 (15 U.S.C. §78j), which are based on the Company's current expectations, forecasts and assumptions. In some cases forward-looking statements may be identified by forward-looking words like "would," "intend," "hope," "will," "may," "should," "expect," "anticipate," "believe," "estimate," "predict," "continue," or similar words. Forward-looking statements involve risks and uncertainties which could cause actual outcomes and results to differ materially from the Company's expectations, forecasts and assumptions. These risks and uncertainties include risks and uncertainties not under the control of the Company, including, without limitation, the current economic climate, market acceptance of our products, which we regard as novel, the start-up nature of our business, the uncertainty of duplicating in future periods the results achieved in our first full years of sales, the risks of regulatory scrutiny and investigations, the limited resources of the Company and resulting vulnerability of the Company and its products to domestic and international competitors with considerably greater resources than the Company and possible inability to establish market share against competing products in many markets, current limited distribution channels for the Company’s products, actions of our competitors, the limited cash reserves of the Company and the possible, resulting reliance on the sale of Company securities to finance operations, the extent to which affects our ability to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our products, and changes in our business strategies. Unaudited financial results may vary significantly from audited results due to audit adjustments. The Company’s common stock is traded on the “Gray Market” of the Over-the-Counter market and the Company is a “penny stock company” (as defined under the rules of the Securities Exchange Act of 1934, as amended). The Company is not a reporting company under the federal securities laws and our financial results are no longer posted on The Pink Sheets. As such, there are additional, substantial risks associated with the Company and its securities. Such risks include limited liquidity of the Company’s common stock, susceptibility to trading pressure and limitations on ability of broker-dealers to trade or recommend such stock.
Investor Relations. Please contact:
Paul W. Richter, (804) 644-2182, prosage@comcast.net.
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Dr. Leatt, the founder and Chief Executive Officer of Leatt said: “The Company believes that the un-audited financial statements for FY 2007 indicate a solid year of achievement. We hope that this initial, full year of sales will form the foundation for a prosperous future. Based on un-audited results, we attained gross revenues of $17,309,750 for the full fiscal year 2007 with un-audited net income of $6,161,858 and un-audited cost of sales at $4,394,968.”
About The Leatt Corporation: The Leatt Corporation is the exclusive global distributor of the Leatt-Brace™, a Neck Brace designed to prevent or lessen the severity of potentially devastating motor sport injuries to the cervical spine (neck). The Company has its product development group located in Cape Town, South Africa.
For more information on the Leatt-Brace™, please visit the company website at www.leatt-brace.com. Any website or portion thereof referenced herein is not a part of or incorporated by reference into this press release.
Legal Notice Regarding Forward-Looking Statements: This press release contains forward-looking statements covered by the Private Securities Litigation Reform Act of 1995 (15 U.S.C. §78j), which are based on the Company's current expectations, forecasts and assumptions. In some cases forward-looking statements may be identified by forward-looking words like "would," "intend," "hope," "will," "may," "should," "expect," "anticipate," "believe," "estimate," "predict," "continue," or similar words. Forward-looking statements involve risks and uncertainties which could cause actual outcomes and results to differ materially from the Company's expectations, forecasts and assumptions. These risks and uncertainties include risks and uncertainties not under the control of the Company, including, without limitation, the current economic climate, market acceptance of our products, which we regard as novel, the start-up nature of our business, the uncertainty of duplicating in future periods the results achieved in our first full years of sales, the risks of regulatory scrutiny and investigations, the limited resources of the Company and resulting vulnerability of the Company and its products to domestic and international competitors with considerably greater resources than the Company and possible inability to establish market share against competing products in many markets, current limited distribution channels for the Company’s products, actions of our competitors, the limited cash reserves of the Company and the possible, resulting reliance on the sale of Company securities to finance operations, the extent to which affects our ability to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our products, and changes in our business strategies. Unaudited financial results may vary significantly from audited results due to audit adjustments. The Company’s common stock is traded on the “Gray Market” of the Over-the-Counter market and the Company is a “penny stock company” (as defined under the rules of the Securities Exchange Act of 1934, as amended). The Company is not a reporting company under the federal securities laws and our financial results are no longer posted on The Pink Sheets. As such, there are additional, substantial risks associated with the Company and its securities. Such risks include limited liquidity of the Company’s common stock, susceptibility to trading pressure and limitations on ability of broker-dealers to trade or recommend such stock.
Investor Relations. Please contact:
Paul W. Richter, (804) 644-2182, prosage@comcast.net.
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Contact
Leatt Corporation, Inc.
Chris Leatt
+1 (831) 306-6117
http://www.leatt-brace.com/
Paul W. Richter, (804) 644-2182, prosage@comcast.net
Chris Leatt
+1 (831) 306-6117
http://www.leatt-brace.com/
Paul W. Richter, (804) 644-2182, prosage@comcast.net
Contact
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