Welcome!

News Feed Item

Verity Corp Reports Updated Financial Results for 2013 Fiscal Year

Management Webcast to Be Posted on Corporate Website on January 22

SIOUX FALLS, SD -- (Marketwired) -- 01/16/14 -- Verity Corp (OTCQB: VRTY) (http://www.veritycorp.com/), a vertically integrated sustainable agriculture company incorporating natural production technologies and non-GMO standards for the efficient production of healthy food, filed its 10-K for the 2013 Fiscal Year today.

Consolidated revenues were $2.4 million for the year ended September 30, 2013, an increase of $2.0 million or approximately 436% over consolidated revenues for the year ended September 30, 2012. Along with the increased revenue, the Company's gross profit increased $1.1 million for the year ended September 30, 2013, an increase of 1002% over consolidated gross profit for the year ended September 30, 2012. All comparisons include revenues from the acquisition of Aqualiv Technologies.

Consolidated net loss was $7,593K compared to $623K for the year ended September 30. Eighty-five percent (85%) of the period's loss is attributable to onetime adjustments of a $5,943K loss on goodwill impairment for recognizing the audit adjustments relating to the acquisition of Verity Farms and the $8K loss on the discontinued operations of Focus Systems.

Loss from operations was $1,710K, which includes approximately $300K in non-recurring expenses associated with the share exchange agreement between Aqualiv and Verity Farms. The Company continues to look for ways to improve its revenue stream at the same time reducing operating expenses.

Richard Kamolvathin, President and CEO of Verity Corp, said, "The year of 2013 will be recorded as a transitional year marked by the company going through the difficult process of going public and changing the management team. Although our loss was mostly non-cash charges associated with going public, any operating loss is unacceptable. We have taken the steps necessary to maximize revenues with an emphasis on high margin products and cutting operating costs."

Kamolvathin continued, "For 2014, we now have an audit team in place, new positions filled at our facilities in Georgia and South Dakota and launching new proprietary products for our customers. We are about to enter the very busy planting season and we look forward to continuing our positive revenue trend as we begin to maximize the benefits of going public."

Kamolvathin concluded, "Verity management will be conducting an informative webcast that will be posted on our website next Wednesday, January 22. Management will discuss the financial results for 2013, the business plan for 2014 and questions submitted by shareholders to Verity Investor Relations ([email protected]). We encourage all current shareholders and interested investors to send questions by January 20."

Investor Database for Future Press Releases and Industry Updates

Interested investors and shareholders are invited to be added to the corporate e-mail database for corporate press releases and industry updates by sending an e-mail with "VRTY" in the subject line to [email protected].

About Verity Corp (http://www.veritycorp.com/)

Verity Corp is an agricultural business company offering farmers a broad mix of products and services that focus on soil and crop health through the use of earth friendly crop inputs including proprietary biological media, the use of non-GMO seeds, and the use of revitalized water in all aspects of farming including livestock production. Verity's goal is to assist farmers in reducing their dependency of fertilizers, herbicides and pesticides, through the efficient application of Verity's solutions. Verity's proprietary agricultural techniques synthesize historically proven methodologies with advancements in technology.

Safe Harbor: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
"Tintri focuses on the Ops side of the DevOps, which basically is pushing more and more of the accessibility of the infrastructure to the developers and trying to get behind the scenes," explained Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discussed...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"We focus on composable infrastructure. Composable infrastructure has been named by companies like Gartner as the evolution of the IT infrastructure where everything is now driven by software," explained Bruno Andrade, CEO and Founder of HTBase, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...