Following seven years of no dividends, a share price slide from 73c to 8c and massive share dilution, the shareholders have then watched millions poured into research and development of the K12 Throat Guard for bad breath, ear and throat remedies, bovine mastitis, and skin infections.
Blis management yesterday repeated last year's forecast that the focus again this year was to break even, following two consecutive losses of almost $1 million and $617,000 last financial year, the latter offset by a 41% increase in sales of $657,000.
The good news for Blis's 2500 shareholders, of which 23 attended yesterday's meeting, was confirmation of a distribution deal into 1300 Ireland pharmacies (95% of all pharmacies in that country) - double the New Zealand distribution numbers - and a $500,000 cash injection yesterday by Otago businessmen Eion Edgar and Tony Offen.
The businessmen gain 7 million shares at 7.125c per share, with an option to take an up to 20% stake in Blis by the end of the financial year next March and an option to underwrite any further capital raising.
However, as noted publicly by one shareholder in the meeting, Blis' annual report for the year to March had accountancy firm Deloitte saying in its financial notes it questioned Blis' ability to break even and "continue as a going concern".
"There is significant uncertainty as to whether the company will be able to achieve a positive operating cashflow [break even] position within the time-frame set out," Deloitte said.
Deloitte said there was uncertainty also if it had the ability to pay debt when it came due.
After the meeting, chief executive Barry Richardson acknowledged the Deloitte statement in the report, saying the company "had burnt through cash", but he noted it was written before the cash injection of Mr Edgar and Mr Offen announced yesterday.
While welcoming the cash injection, and reiterating the focus remained on the forecast of breaking even this year, Mr Richardson conceded "this will be only achieved through sales".
Earlier, he told shareholders New Zealand and Australian sales were up, while research revenue from food giant Nestle stood at $470,000 to date with an expected $750,000 by the end of the year.
Blis did not achieve its goals of breaking even last financial year because its sales in Ireland had been delayed, no US customer had been signed up and neither a global consumer company nor global distributor had been found - but advances had been made on most of those areas since then.
"The focus remains on the cash-flow position this [financial] year," Mr Richardson told shareholders.
Mr Richardson, when asked after the meeting if Blis could meet the increased demand to stock 1300 Irish pharmacies, said NZ production could be replaced by US manufacturing, which was undergoing trials, or an Indian pharmaceutical manufacturer.
