Press Releases

SAN DIEGO--(BUSINESS WIRE)--July 19, 2004--Imagenetix, Inc. (OTCBB:IAGX - News; www.imagenetix.net), an innovator of scientifically tested, natural based, proprietary bioceutical products developed to enhance human and animal health on a global basis, today announced fiscal results for the fourth quarter and year ended March 31, 2004.

For the fourth fiscal quarter ended March 31, 2004, the company reported revenue of $1,645,199, a 60% increase compared to $1,026,103 reported in the same quarter of the prior fiscal year. For the fourth quarter, the company reported net income of $222,732 or approximately $.03 per share compared to net income of $48,393 or ($.01) per share reported for the same quarter of the prior fiscal year.

For the year ended March 31, 2004, the company reported revenue of $4,568,264, a 34% increase compared to $3,409,058 reported for the same period last year. For the fiscal year, the company reported net income of $465,043 or $.05 per share compared to a net loss of $775,484 or ($.09) per share for the same period last year. Last year's net loss included a non-cash expense of $408,327 or ($.05) per share associated with the issuance of common stock purchase warrants.

"We are committed to remain focused on our proprietary compounds by continuing to conduct first class clinical studies," said Bill Spencer, President of Imagenetix. "The scientific community has enthusiastically embraced two of our studies and products as is evident from publications in the Journal of Rheumatology. We believe that as consumer awareness grows for superior products, it will translate to substantial sales and earnings for years to come. We are extremely pleased to report to shareholders that while we continue to outlay funds on studies, and although we are at the early stages of developing consumer awareness, we are already posting record sales and earnings. We believe this bodes very well for the company's future."

About Imagenetix, Inc.

San Diego-based Imagenetix, Inc. (www.imagenetix.net), is an innovator of scientifically tested, natural-based, proprietary bioceutical products developed to enhance human and animal health on a global basis. The Company develops, formulates, and private-labels, proprietary, leading edge over-the-counter topical creams, skin care products and nutritional supplements to be marketed globally through multiple channels of distribution. In addition, Imagenetix develops patentable compounds for the purpose of entering into licensing agreements with pharmaceutical partners.

Rather than market products directly to consumers, Imagenetix markets to business organizations who in turn market the products to consumers through their own private labels. Imagenetix has developed a "turnkey" approach to assist these organizations with product distribution to consumers. Distribution of products by Imagenetix clients is currently underway through direct selling, mass marketing, medical, health, and nutritional professionals, medical newsletters, direct response radio, through direct response television and other channels of distribution.