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SOURCE ARRAYit Corporation
SUNNYVALE, Calif., Oct. 21, 2013 /PRNewswire/ -- ARRAYit Corporation (OTCQB: ARYC) has shipped its proprietary life sciences products to search engine giant Google Inc. (NASDAQ: GOOG). ARRAYit is a microarray technology leader offering platforms, instruments, tools, kits and reagents to empower human genome discoveries including the ability to decipher all 6,000 human diseases.
Genomic and proteomic information generated using the ARRAYit platform benefits from intensive computational capacity and advanced mathematical algorithms analogous to those used for Internet search. This creates a natural fit between the ARRAYit Microarray Platform and Google. In 2009, Google had invested $7 million in the consumer genetics firm 23andMe, which uses microarray technology to deliver health, disease and ancestry information to the public.
Earlier this year, ARRAYit proposed a consumer testing opportunity to Facebook Inc., further underscoring the perceived synergy between life sciences companies and Internet search and social networking. In 2012, Google reported $50.1 billion in revenue, $10.7 billion in net income, and cash assets of $14.7 billion. ARRAYit will report the revenue and earnings from the Google sale in the fourth quarter of the year.
About ARRAYit Corporation
ARRAYit Corporation is a Sunnyvale, California-based company leading and empowering the genetic, research, pharmaceutical, and diagnostic communities through the discovery, development, and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. The company's innovative products and services help scientists and clinicians explore the human genome as well as the genomes of plants and animals. ARRAYit's products are used by every major research center in the world.
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Safe Harbor Statement
Except for historical information contained herein, statements made in this release that constitute forward-looking statements are based on currently available information, involve certain risks and uncertainties and the Company assumes no responsibility to update any such forward-looking statement. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. Risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the biomedical business; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions, the outcome of our legal disputes; the possibility that the review of our prior filings by the SEC may result in changes to our financial statements; and the possibility that stockholders or regulatory authorities may initiate proceedings against ARRAYit and/or our officers and directors as a result of any restatements. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended December 31, 2012 and Form 10-Q for the fiscal first quarter ended March 31, 2013, Form 10-Q for the fiscal second quarter ended June 30, 2013.
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