Soligen Technologies Reports 4th-Quarter Loss

Soligen Technologies Inc., a Northridge-based producer of systems for the casting and tooling of metal parts, reported a net loss of $604,447 for its fiscal fourth quarter that ended March 31, compared with a $49,860 net loss the company reported for the same quarter of 1993.

Revenue for the recent quarter was $87,251, down 85% from the $600,020 in revenue reported for the same quarter a year ago.

The company suffered a net loss of $1.97 million on revenue of $184,089 for the fiscal year that ended March 31.

Last year, the company reported a $660,303 net loss on revenue of $601,183.

The losses have mounted while the company has worked to develop its metal casting system, which the company says will dramatically reduce the time ordinarily required to produce and tool metal parts for automobiles and other uses.

“During (our) first year as a public company, we have achieved our objective of bringing our technology to the commercialization phase,” said Yehoram Uziel, chief executive of Soligen. “We are on target with our strategic plan and are quickly moving to bring our technology to market.”

In May, the company sold its first casting machine to Ashland Chemical, a division of Ashland Oil. Soligen’s machine is based on technology patented by the Massachusetts Institute of Technology.