"AGT Awarded New Contract"
KNOXVILLE, TN - (MARKET WIRE) - Aug 16, 2007 - Today Atmospheric Glow Technologies, Inc. (AGT) (OTCBB: AGWT) announced it has been competitively awarded an SBIR Phase I Grant from the USDA entitled "Decontamination of Flower Bulbs Using Atmospheric Plasma."
"This award represents the natural progression of expanding AGT's Decontamination Program using our patented atmospheric plasma and aligns with our corporate strategy of funding ongoing R&D with federal contracts," Scott McDonald, CEO of AGT, said. "In addition to addressing government agency interest in plasma-enabled decontamination, there are significant commercial opportunities also being pursued for this technology in agriculture and food processing."
"Additionally, with AGT's filing of its SEC Form 10-QSB this week, the company announced a 29% increase in revenues and a 70% reduction in the company's net loss for the first quarter of fiscal year 2008 compared to the same period last year, with net losses of $191,732 and $633,098 respectively. Net cash used in operating activities was reduced by almost $400,000 as overall company expenses have been significantly reduced to better align with incoming revenues. The company is continuing to pursue a number of complementary business development opportunities in addition to plasma-related prospects to add significant revenue and profitability.