Reflect Scientific Annual Update: New Developments, COVID Vaccine Shippers, Increased Sales

Rhea-AI Summary

Reflect Scientific, Inc. (Symbol: RSCF) provided its annual business update, showcasing a 243% increase in product sales for the year ending June 30, 2020, compared to the same period in 2019. The company has invested in manufacturing infrastructure and revamped its corporate structure to reduce overheads. Reflect Scientific has entered the CBD oil market, reporting strong sales and repeat business. They are also expanding their market reach with new distributor partnerships. The company remains debt-free with significant cash reserves, self-funding all initiatives.

Positive

• 243% year-over-year increase in product sales for the period ending June 30, 2020.
• Strong sales and repeat purchases in the CBD oil market.
• Expansion in US and international markets through new distributor partnerships.
• Debt-free status with a record amount of cash on hand.

Negative

• None.

OREM, Utah, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol:RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical and transportation industries announces its annual business update.

Reflect Scientific continues to make significant progress in product sales, supporting infrastructure and market reach. Our production has ramped up to meet demand with investment in manufacturing infrastructure which, together with strategic outsourcing initiatives, has resulted in improved delivery timing. This has yielded year over year gains of 243% for the period ending June 30, 2020 vs. June 30, 2019. We have also revised our corporate structure which has significantly reduced overheads which are now being reinvested in the business.

As previously announced, we entered the fast-growing CBD oil business with our patented state of the art chilling systems. Sales to the hemp processing industry have been strong. The chillers are so efficient that many top tier companies have returned for repeat purchases for their divisions in the US and Canada. We are also Increasing our US / International reach through new distributor partner relationships.

In the Bio-Pharma space we are now routinely selling our cryogenic freezers to a multi-billion dollar customer base, with many repeat customers. We are finding that our on-line marketing strategies and key customer word of mouth recommendations have been very effective.

We have also received interest from a large government agency that is looking at replacing a sizeable quantity of their older technology compressor based freezers with our state of the art liquid nitrogen systems. This will provide them with redundancy should they lose power to their buildings which would result in failure of the old technology compressors. Our systems would not be affected as they run on liquid nitrogen with battery back-ups.

In terms of staffing we have significantly increased our engineering and software capabilities to support new chiller/freezer design initiatives in addition to more cost effective production techniques and the continuous improvement of existing systems.  Our in house software programming will also provide better support for satisfying regulatory requirements where necessary. 

We continue to enhance our intellectual property and patent protection for our initiatives in the cold chain management space. Dependable transportation and point of use delivery is quickly becoming a critical issue for materials requiring reliable temperature control. As an example of our Cryometrix systems advantage some recent activity has required an application where payloads are rapidly cooled, held at flexible temperature control points and shipped in bulk with a long shipping duration. The Cryometrix system is ideally suited for this application. It offers rapid cooling much more effectively than mechanical compressor driven systems, can control temperature uniformly across a wide range of set points, is capable of holding as much as 72,000 vials in one payload and could be utilized where many weeks may be required for the storage / shipping cycle without recharging the cooling system. This would be critically important in the case of distributing COVID vaccines which is currently a logistics issue under review. Reflect was recently awarded a patent for large volume transportation of pharmaceuticals like COVID vaccines. 

In terms of our financial status, Reflect Scientific is currently debt free, the company has a record amount of cash on hand and we are not seeking funding - we are currently self-funding all our project initiatives.

About Reflect Scientific, Inc.

Reflect Scientific, Inc., based in Orem, Utah, the company develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific's products are low temperature freezers and refrigerated systems for laboratory, transportation and computer server room uses. Visit www.reflectscientific.com or www.cryometrix.com for more information. 

FAQ

What were the sales figures for Reflect Scientific for the year ending June 30, 2020?

Reflect Scientific reported a 243% increase in product sales for the year ending June 30, 2020, compared to the previous year.

Is Reflect Scientific currently seeking funding?

No, Reflect Scientific is debt-free and self-funding all its project initiatives.

What new market has Reflect Scientific entered recently?

Reflect Scientific has entered the fast-growing CBD oil market with patented chilling systems.

How has Reflect Scientific's corporate structure changed?

Reflect Scientific has revised its corporate structure to significantly reduce overhead costs and reinvest in the business.

Who are Reflect Scientific's primary customers?

Reflect Scientific serves a multi-billion dollar customer base in the Bio-Pharma industry, with many repeat customers.