Revenue and Distributor Ramp-Up Continue Teleconference and Webcast
Scheduled for this Afternoon DENVER, April 3 /PRNewswire-FirstCall/
-- VitaCube Systems Holdings, Inc., d/b/a/ XELR8 Holdings, Inc.
(AMEX:PRH), a provider of functional foods, beverages and
nutritional supplements, today announced results for fiscal year
2005, ended December 31, 2005. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050926/FLM015LOGO ) Year end
2005 and Fourth Quarter 2005 Financial and Operational Highlights:
- Net sales for 2005 increased 53% to $1.23 million when compared
to $804,000 recorded in 2004. - Net sales for the three months
ended December 31, 2005 rose 84% to $445,000, up from $242,000 in
the comparable three month period in 2004; on a sequential quarter
over quarter basis, net sales in the fourth quarter grew 38%
compared to net sales of $323,000 reported for the third quarter
reporting period, ended September 30, 2005. - 2005 net losses
increased to $5 million, or $0.57 basic and diluted loss per share,
up from $2.5 million, or $0.44 basic and diluted loss per share, in
2004. The rise in net losses was primarily due to increased
expenses associated with the development and market launch of the
Company's new Eat/Drink/Snack product line, as well as related
sales and marketing expenses associated with expanding its national
distributor network. - For the three months ended December 31,
2005, net losses increased to $1.5 million, a 190% increase over
net losses of $533,000 recorded in the fourth quarter of 2004. The
growth in losses is due to the aforementioned reasons. - As of
December 31, 2005, the Company had approximately $2.9 million in
cash and investments and total stockholders' equity of
approximately $3.4 million. - Available working capital was $3.3
million, up from $95,000 in 2004. - The number of distributors in
the Company's direct selling network reflected annual growth of 86%
in 2005, increasing to 1,826 as of December 31, 2005 from 981 at
the end of 2004. As of the end of February, distributors numbered
2,038. Earnest Mathis, Chairman and Chief Executive Officer of
XELR8 Holdings, stated, "Fourth quarter results reflect the trend
of sequential improved performance that we hope to perpetuate
through 2006 and beyond. In particular, we are experiencing steady
revenue growth that directly correlates to the steady expansion of
our direct selling network, which just recently surpassed 2000
distributors. With a goal of tripling the size of our distributor
network in the next 12-18 months, we have a great deal of hard work
ahead of us. Nonetheless, we remain confident that the entire XELR8
organization will benefit from the growing enthusiasm for our
Eat/Drink/Snack offerings, as well as our other product lines, and
the compelling incentive programs that we've created to drive
accelerated growth of our direct selling network." XELR8 will host
a teleconference this afternoon beginning at 4:15 PM Eastern, and
invites all interested parties to join management in a discussion
regarding the Company's financial results, corporate progression
and other meaningful developments. The conference call can be
accessed via telephone by dialing toll free 1-800-240-2134 or via
the internet at http://www.xelr8.com/. For those unable to
participate at that time, a replay of the web cast will be
available for 90 days on http://www.xelr8.com/. About XELR8
Holdings, Inc. VitaCube Systems Holdings, Inc., d/b/a/ XELR8
Holdings, Inc., is a provider of nutritional foods and beverages
designed to help enhance physical health and overall performance.
XELR8 has developed a comprehensive line of nutritional supplements
and functional foods designed in systems that are easy to take,
simple to understand, and conveniently fit within a lifestyle.
XELR8's commitment to quality, science, and research has earned
them a loyal following of over 350 world-class athletes, such as
5-Time Cy Young Award Winner Randy Johnson; Super Bowl Champions
Mike Alstott and Lawyer Milloy; Olympic Medalists Briana Scurry and
Caroline Lalive; Stanley Cup Winner Blake Sloan; and PGA Tour
Professional Tom Pernice, Jr. XELR8 products are only available
through independent distributors located throughout the nation. For
more information about XELR8, please visit http://www.xelr8.com/.
VITACUBE SYSTEMS HOLDINGS, INC., d/b/a XELR8 HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Audited) As of December 31,
2005 2004 ASSETS Current assets: Cash and cash equivalents
$2,805,021 $114,794 Short term investments 110,000 Accounts
receivable, net of allowance for doubtful accounts of $5,463 and
$237, respectively 8,758 4,358 Inventory, net of allowance for
obsolescence of $16,879 and 43,300, respectively 542,749 478,300
Prepaid expenses and other current assets 279,502 108,315 Total
current assets 3,746,030 705,767 Property and equipment, net 93,423
109,275 Intangible assets, net 36,219 40,015 Deferred offering
costs - 269,106 Total assets $3,875,672 $1,124,163 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and
accrued expenses $455,996 $611,398 Total liabilities 455,996
611,398 Commitments and Contingency - - SHAREHOLDERS' EQUITY:
Preferred stock, authorized 5,000,000 shares, $.001 par value, none
issued or outstanding - - Common stock, authorized 50,000,000
shares, $.001 par value, 9,618,900 and 6,534,043 issued and
outstanding, respectively 9,619 6,534 Additional paid in capital
15,990,889 8,071,186 Accumulated (deficit) (12,580,832) (7,564,955)
Total shareholders' equity 3,419,676 512,765 Total liabilities and
shareholders' equity $3,875,672 $1,124,163 VITACUBE SYSTEMS
HOLDINGS, INC. d/b/a XELR8 HOLDINGS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Audited) For the Years Ended December 31,
2005 and 2004 2005 2004 Net sales $1,227,803 $803,640 Cost of goods
sold 540,916 281,341 Gross profit 686,887 522,299 Operating
expenses: Selling and marketing expenses 2,856,351 1,098,550
General and administrative expenses 2,844,633 1,569,730 Research
and development expenses 70,037 6,498 Depreciation and amortization
25,682 65,339 Total operating expenses 5,796,703 2,740,117 Loss
from operations (5,109,816) (2,217,818) Other income (expense)
Interest income 96,780 4,691 Interest (expense) (2,841) (300,872)
Total other income (expense) 93,939 (296,181) Net (loss)
$(5,015,877) $(2,513,999) Net (loss) per common share Basic and
diluted net (loss) per share $(0.57) $(0.44) Weighted average
common shares, basic and diluted 8,768,452 5,716,404
Forward-looking Statements This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including prospects for
XELR8's distribution network. Actual results may differ from those
discussed in such forward-looking statements. These forward looking
statements include risks and uncertainties that include the
Company's ability to attract and retain distributors; changes in
demand for the Company's products; changes in the level of
operating expenses; changes in general economic conditions that
impact consumer behavior and spending; product supply; the
availability, amount, and cost of capital for the Company; and the
Company's use of such capital. More information about factors that
potentially could affect the Company's financial results is
included in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-KSB for the year
ended December 31, 2005 and all subsequent filings. Certain
statements in this release regarding the Company's agreements are
in accordance with the guidelines established by the Federal Trade
Commission for endorsements in advertising. Company Contacts:
VitaCube d/b/a XELR8 Holdings, Inc. Earnest Mathis, CEO (303)
316-8577, x228 Elite Financial Communications Group, LLC Dodi
Handy, President and CEO 407-585-1080
http://www.newscom.com/cgi-bin/prnh/20050926/FLM015LOGO
http://photoarchive.ap.org/ DATASOURCE: XELR8 Holdings, Inc.
CONTACT: Earnest Mathis, CEO of VitaCube d/b/a XELR8 Holdings,
Inc., +1-303-316-8577, x228, ; or Dodi Handy, President and CEO of
Elite Financial Communications Group, LLC, +1-407-585-1080, Web
site: http://www.xelr8.com/
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