Company intends to become a non-reporting company
Delray Beach, FL
—May 11, 2011
—Celsius Holdings, Inc
., (OTCQB: CELH) the creator and marketer of Celsius®, Your Ultimate Fitness Partner™, today reported their results of operations for the first quarter ended March 31, 2011.
Revenue for the quarter totaled $2.2 million as compared to $2.3 million for the same quarter in 2010, a decrease of 5.6 %. The company recorded a net loss of $460,000 for the 2011 quarter as compared to $5.9 million for the same period last year, or ($0.02) and ($0.40) per share, respectively.
The Company also announced its intention to deregister as a reporting company under the Securities Exchange Act of 1934, as amended. The Company believes that given its downsized level of operations, it is in the best interests of its shareholders not to incur the expenses associated with being a reporting company. It’s the company’s intention to continue to issue quarterly financial information. The Company's shares and warrants will continue to trade in the over-the-counter market following deregistration.
About Celsius Holdings, Inc.
Celsius Holdings, Inc. (OTCQB:CELH) markets Celsius®, Your Ultimate Fitness Partner TM, which is backed by science
. Celsius is dedicated to providing healthier, everyday refreshment through science and innovation. Information about Celsius Holdings, Inc. and Celsius, Your Ultimate Fitness Partner TM, is available at http://dev.celsius.com.
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Celsius Holdings' future results of operations and/or financial position, or state other forward- looking information. In some cases you can identify these statements by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would,” or similar words. You should not rely on forward-looking statements since Celsius Holdings' actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: general economic and business conditions; our business strategy for expanding our presence in our industry; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; and other risks and uncertainties discussed in the reports Celsius Holdings files from time to time with the Securities and Exchange Commission. Celsius Holdings does not intend to and undertakes no duty to update the information contained in this press release.
Geary Cotton, CFO, (866) 4-CELSIUS, (561) 276-2239, firstname.lastname@example.org