Groupe Athena, Inc. Posts Strong 1st Quarter Results, Sees Progress Toward Transition To Manufacturing

Mumbai, India / ACCESSWIRE / November 17, 2014 / Groupe Athena, Inc. (OTC Pink: GATA) GATA, announced today revenues of $20,181,962 for the period ending September 30, 2014, which represents an increase of $1,419,373 over the same period in 2013. Gross income before depreciation, amortization and taxes was $1,423,850. Operating income before Depreciation and Amortization was $1,423,850 and reflects a Research and Development charge of $1,862,065.

Cash reserves in the form of short term investments and deposits remain very solid and the Company is confident they will continue to fund any ongoing R&D expense from revenue.

In related news the Company is extremely pleased to report that research and development of their manufacturing processes for Atorvastatin and other drugs is progressing well.

During the quarter, the company conducted the first forced degradation study on the atorvastatin calcium molecules. Forced degradation is a process in which the natural degradation rate of a pharmaceutical product in increased by application of additional stress. The study is a powerful tool used routinely in the industry in order to develop stability indicating methods that lead to quality stability and to understand the degradation pathways of the product. Forced degradation studies ensure appropriate stability of the final product in the very early stages of development.  

The Indian pharmaceutical industry is increasingly focusing on exports to the United States and GATA is well positioned to help them get their products approved by the FDA for sales in the US. All of these are potential clients and the Company believes it has an advantage over competitors due to the facilities based in India, and their ability to deliver quick feedback to clients that could result in expedited order generation. With recent additions to equipment, the company will continue to take on additional contracts and continue to anticipate further growth.

The company also continues to negotiate with several Indian drug companies for the manufacture of additional generic pharmaceuticals with intent to market in the United Kingdom under the anticipated license they are in the process of applying for.

About Groupe Athena, Inc.

Groupe Athena, Inc. was incorporated in June 2008 and began operations on July 1 of that year. The company is a research and testing organization and helps various pharmaceutical and medical products and devices companies in India and Southeast Asia to get regulatory approvals and facilitate exports of their products to the United States. The Company accomplishes this by assisting clients from concept through development, providing consultation on regulatory requirements, filings and processes.

The company has a research and marketing facility in India that employs 15 consultants and marketing personnel and is working towards aggressively expanding its presence in the Indian pharmaceutical industry. The Company's web address is www.groupeathena.com. 

To review the complete quarterly report please go to www.otcmarkets.com/stock/GATA/quote and click on "Financials".

Safe Harbor Statement

Certain statements set forth in this press release constitute "forward-looking statements.” Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.

CONTACT:
For more information contact:
Paul Cornell
Cornellpaul6@gmail.com

SOURCE: Groupe Athena, Inc.