Imagenetix, Inc. Reports September 30, 2014 Results

SAN DIEGO, Nov. 19, 2014 /PRNewswire/ -- Imagenetix, Inc. (OTCBB:IAGX) announced today results for the period ended September 30, 2014, the first reporting period subsequent to its emergence from a Chapter 11 proceeding under the U.S. Bankruptcy Code. Net sales were $164,000 and net income was $130,000 for the shortened period of September 17, 2014 through September 30, 2014. Earnings per share were $0.00. Due to the adoption of "Fresh Start Reporting" as a result of the bankruptcy proceeding, there are no comparisons reflected for previous periods.

Commenting on the results of the period, William P. Spencer, President of Imagenetix, stated, "I am delighted that we are now moving forward. The successful results obtained from the reorganization and the ability to reflect profitability already reflect an increase in shareholder value and a positive future direction. We have emerged successfully from Chapter 11 as a profitable, stronger company with a much healthier balance sheet and much of our debt satisfied or substantially reduced."

About Imagenetix

Imagenetix, based in San Diego, California, is an innovator of scientifically tested, natural-based, proprietary, bioceutical products developed to enhance human health on a global basis. Imagenetix develops and formulates proprietary over-the-counter topical creams, skincare products and nutritional supplements to be marketed globally through multiple channels of distribution. In addition, the company develops patentable compounds for entering into licensing agreements with pharmaceutical partners.

Certain matters in this news release are forward-looking statements which are subject to risks and uncertainties that could cause actual results to vary materially from those projected. Such risks and uncertainties include, but are not limited to, adverse fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, the size and timing of customer contracts, new or increased competition, changes in market demand, and seasonality of purchases of the company's products and services. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in the company's SEC filings.

Contact	Imagenetix Investor Relations	William P. Spencer
	(858)385-2797	Chief Executive Officer
		Imagenetix, Inc.
		Tel: (858) 674-8455

Imagenetix, Inc.
Condensed Consolidated Statement of Income
(Unaudited)

			Period Ended
			September 30,
			2014

Net sales
	Product sales	$	315
	Licenses and royalties		163,991
	Total net sales		164,306

Cost of sales			3,031

Gross profit			161,275

Operating expenses:
	General and administrative		3,656
	Payroll expense		21,292
	Consulting expense		6,403
Operating expenses			31,351

Operating income			129,924

Other income (expense):
	Other income		-

Income before income taxes			129,924

Income tax expense			-

Net income		$	129,924

Basic net income per share		$	0.00
Fully diluted net income per share		$	0.00

Basic weighted average common shares outstanding			28,272,955
Fully diluted weighted average common shares outstanding			29,350,386

Imagenetix, Inc.
Condensed Consolidated Balance Sheets

			September 30,		September 16,
			2014		2014
			(Unaudited)		(Unaudited)
ASSETS

Current assets:
	Cash	$	255,545	$	1,493,709
	Accounts receivable, net		324,793		160,802
	Inventories, net		75,474		48,740
	Prepaid expenses and other current assets		23,899		23,899
Total current assets			679,711		1,727,150

Property and equipment, net			25,487		25,487
Goodwill on fresh start from bankruptcy			8,205,597		8,205,597
Other assets			22,969		23,166
Long-term deferred tax assets			-		-
Total Assets		$	8,933,764	$	9,981,400

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
	Secured note payable	$	-	$	726,250
	Accounts payable		137,078		277,638
	Accrued liabilities		84,163		244,913
	Customer deposits		8,250		8,250
Total current liabilities			229,491		1,257,051

Long term claims payable			2,250,000		2,400,000

Stockholders' equity
	Preferred stock, $.001 par value; 5,000,000 shares
	authorized: none outstanding		-		-
	Common stock, $.001 par value; 50,000,000 shares
	authorized: 28,272,955 issued and outstanding at
	September 30, 2014 and September 16, 2014, respectively		28,272		28,272
	Capital in excess of par value		6,296,077		6,296,077
	Retained earnings		129,924		-
Total stockholders' equity			6,454,273		6,324,349
Total Liabilities and Stockholders' Equity		$	8,933,764	$	9,981,400

IMAGENETIX INC /NV/ 8-K