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GelTech Reports Results of Operations for Fiscal 2010

/ Source: GlobeNewswire

JUPITER, Fla., Sept. 29, 2010 (GLOBE NEWSWIRE) -- GelTech Solutions Inc. (OTCBB:GLTC), creators of FireIce, a revolutionary water enhancing fire suppressant that has the potential to change current firefighting techniques globally reports its results of operations for the fiscal year ended June 30, 2010.

Revenues for the fiscal year ended June 30, 2010 were $566,240, an increase of $231,876 or 69.3% over revenues for the fiscal year ended June 30, 2009.

Gross profit was $379,757 for the fiscal year ended June 30, 2010 as compared to $205,628 for the fiscal year ended June 30, 2009.

Operating expenses were $3,411,997 for the fiscal year ended June 30, 2010 as compared to $2,955,846 for the fiscal year ended June 30, 2009.

Our net loss for the fiscal year ended June 30, 2010 was $3,536,884 as compared to a net loss of $2,848,284 for the fiscal year ended June 30, 2009.

President Joe Ingarra stated, "We believe fiscal 2010 was a transition year for GelTech Solutions, Inc. We have a number of exciting initiatives in multiple areas which we believe will bear fruit in the months and years ahead. Fiscal 2011 should prove to be quite an exciting year for the company."

Conference Call

GelTech will host a conference call to discuss its financial results and business outlook on Wednesday, September 29, 2010, at 4:15pm EDT. The conference call can be accessed by dialing toll-free (800) 868-1837, conference code 467789. A live audiocast of the conference call can be accessed at http://ir.stockpr.com/geltechsolutions/. A replay of the audiocast will be available through October 29,2010.

About GelTech Solutions, Inc.

GelTech Solutions creates innovative, Earth-friendly, cost-effective products that help industry, agriculture, and the general public accomplish environmental and safety goals, such as water conservation and the protection of lives, homes, and property from fires.

To learn more, please visit GelTech at http://www.geltechsolutions.com

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CONTACT: DRC Partners, LLC Ross DiMaggio (609) 718-0777