Syscan International, an RFID solutions provider focusing on the food, drug, and health care industries, has announced it will suffer a net loss of $1.2 million for the year. The 2008 annual loss is up from $1.1 million in 2007.
The loss comes despite a substantial rise in sales for year, up to $3.8 million for 2008 from $1.8 million last year. Syscan failed in efforts to raise additional capital before the end of the fiscal year. Since then, the company has negotiated a bridge loan for working capital as well as a $750,000 private placement with the same investor.