AcuNetx Announces Restructuring Initiative

SUPERIOR, Colo.--(BUSINESS WIRE)--AcuNetx, Inc. (OTCBB:ANTX - News) today announced that it is restructuring the Company to unlock the value inherent in its eye-tracking-and-analysis technology for the detection of human impairment--specifically to create safety in the workplace and on the nation's highways.

AcuNetx has formed VisioNetx, Inc., as a private subsidiary company that will be endowed with the human impairment testing technology and associated intellectual property currently possessed by AcuNetx.

VisioNetx will immediately seek additional private equity capital to bring its workplace and highway safety products to market this year. These products address a $9 billion U.S. market opportunity.

As part of the restructuring plan, Dr. Terry Knapp has resigned as AcuNetx President and CEO. He will assume the role of Chairman and CEO of VisioNetx. Dr. Knapp remains a Director of AcuNetx.

Ron Waldorf, AcuNetx founder, Director, and President of its IntelliNetx medical device division, will assume the CEO position at AcuNetx. Waldorf, also the co-inventor and developer of the eye-tracking-and-analysis technology for both medical and human impairment testing, will assist VisioNetx in a consulting and collaborating role.

Robert Corrigan, a current Director of AcuNetx, will serve on the Board of VisioNetx, representing AcuNetx interests. Douglas MacCarthy, Senior Vice President of Operations at AcuNetx, has resigned that position to assume the SVP, Operations role at VisioNetx.

"We believe that creating a private subsidiary to attract the capital necessary to realize the potential of our nascent human impairment testing technology is a win-win for both our AcuNetx shareholders and new investors in VisioNetx," said Charles "Chuck" Phillips, Chairman of the Board of AcuNetx. "Further, this restructuring plays to the strengths of all persons concerned."

Dr. Knapp, the new Chairman and CEO of VisioNetx, summarized: "We at VisioNetx are tremendously excited to have this 'pure play' opportunity to bring worker impairment testing to a market where, until now, random urine testing has dominated, along with all the problems it introduces, such as invasion of privacy and other civil liberties issues. We intend to capture a very large portion of the $4+ billion urine testing market because we have the people, the technology and the distribution, as well as a more meaningful, less onerous approach. We can change the safety profile of the American workplace. It will be a great ride."

About AcuNetx, Inc.:

AcuNetx combines diagnostic, analytical and therapeutic devices with proprietary software to permit: health providers to diagnose and treat balance disorders and various bone deficiencies; law enforcement officers to evaluate roadside sobriety; and employers in high-risk industries to determine--in real-time--the mental fitness of their employees to perform mission critical tasks. AcuNetx is headquartered in Superior, CO, and has operating divisions in Torrance, CA. For more information concerning AcuNetx and its divisions, please visit www.acunetx.com.

Safe Harbor for Forward Looking Statements:

This news release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.

Contact: AcuNetx, Inc. Ron Waldorf, 310-328-0477 rawaldorf@intellinetx.com

Source: AcuNetx, Inc.

>>> Discuss This Story

Back to news