Life-Exchange Revenues Surpass $1 Million
MIAMI–(BUSINESS WIRE)–Life-Exchange, Inc., (OTCBB:LFXG), the nation’s leading business-to-business online exchange for the life settlement industry, announced today its financial results for the nine months ended March 31, 2008 with revenue of $1,004,984 for the period, as well as net income of $332,128 for the same nine month period.
“Reaching revenues of over $1 million marks a very important milestone for Life-Exchange and we are extremely pleased that we can show our investors positive operating results,” commented David C. Dorr, Life-Exchange’s Chief Executive Officer and President. “The last nine months have been extremely productive for Life-Exchange and we will continue to aggressively execute on our business plan in order to realize the significant opportunities that the life settlement industry has to offer.”
The Company’s primary financial information is shown below, comparing the nine months ending March 31, 2008 with the nine months ending March 31, 2007. The discussion of the Company’s financial results should be read in conjunction with the Company’s consolidated financial statements and the notes thereto and the other financial information appearing in the Company’s Form 10-Q filing with the Securities and Exchange Commission.
- Revenues increased $891,027 (598%) to $1,004,984 (QTD 2008) from $143,957 (QTD 2007).
- Costs of Revenue decreased $15,188 (37%) to $26,180 (QTD 2008) from $41,369 (QTD 2007).
- Sales and Marketing Costs increased $115,985 (305%) to $154,057 (QTD 2008) from $38,072 (QTD 2007).
- Administration Costs increased $38,593 (9%) to $467,041 (QTD 2008) from $428,448 (QTD 2007).
- Other Income (Expense) reported an increased expense of $25,454 (20527%) to $25,578 expense (QTD 2008) from $124 expense (QTD 2007).
- Net Income (Loss) increased $696,183 (191%) to $332,128 net income (QTD 2008) from $364,055 net loss (QTD 2007).
Please reference the Company’s Form 10-Q to access the notes which are an integral part of the consolidated financial statement. The company’s most recent 10QSB can be downloaded at EDGAR’s Online.
About Life-Exchange
Life-Exchange, Inc. is the largest and only independent, electronic trading platform for the life settlement industry. Designed by industry leaders, Life-Exchange serves the secondary life insurance market by bringing buyers and sellers of life settlement policies together in a virtual, online marketplace. The features of Life-Exchange are specifically designed to improve regulatory compliance, increase customer value, reduce transaction costs, create new revenue models, and add efficiency to an otherwise inefficient market. Founded in 2004, Life-Exchange is headquartered in Miami, Florida.
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