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American Scientific Resources, Inc.: American Scientific Resources, Inc. Releases Third Quarter Financials

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^{Published in Stocks and Investing on Friday, February 6th 2009 at 10:53 GMT, Last Modified on 2009-02-06 10:54:13 by Market Wire}  

WESTON, FL--(Marketwire - February 6, 2009) - AMERICAN SCIENTIFIC RESOURCES, INC. (PINKSHEETS: [ ASFX ]) today announced unaudited financial results for the third quarter ended September 30, 2008.

Highlights of the third quarter include the following:

 -- Net sales of $217,847 for the third quarter of 2008, as compared to a net sales of $43,370 for the third quarter of 2007; -- Year-to-date net sales were $575,836, as compared to a net sales of $166,753 for the comparable period of 2007; -- Net loss of $3,231,537 or $(.02) per share for the first nine months of 2008 increased from net loss of $1,248,176 or $(.06) per share for the first nine months of 2007; -- Net cash used in operating activities in the third quarter of 2008 was $490,893 compared to $706,226 for the same period in 2007. 

These financial statement disclosures are entirely qualified by the financial statements and footnotes posted on pinksheets.com. ([ http://pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=19370 ])

The increase in net loss during the nine month period in 2008 is primarily due to stock based payments for legal, operational, investor relations and sales service agreements to increase the Company's national sales distribution channels and enhance overall brand awareness, stimulate new business and build long-term value for its shareholders.

Increased sales are due to the Kidz-Med Thermofocus 5-in-1 non-contact thermometer being sold through Walgreens, the world's leading dedicated toy and baby products retailer, [ www.BabiesRUs.com ], [ www.CVS.com ] and the Internet.

About American Scientific Resources, Inc.

American Scientific Resources, Inc. is a holding company for two wholly owned subsidiaries, Kidz-Med, Inc. and Heart Smart System. The Company's objective is to locate and acquire innovative health and safety products that are successfully sold abroad, and to introduce and promote them to the North American market.

More information about the Company, including financial information, can be found on the ASFX web site at [ www.americansci.com ].

Safe Harbor

This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.