LOS ANGELES, Sept. 26, 2012 /PRNewswire/ -- BG Medical Technologies, Inc. (OTC: RIGH), has announced financial and operating results for first and second quarters of 2012, ending June 30, 2012.
"It is now time to resume communications, process the name and symbol change, and move forward with BG Medical's corporate strategy," reports CEO, Angel Stanz. "We have are pleased to announce that we have achieved significant progress in renegotiating undesirable agreements entered into by previous management of the public entity. The runway is now clear for liftoff."
Mr. Stanz continued, "During the first two quarters of 2012, we placed significant focus on securing shareholder value and business interests, working to establish a firm foundation for success. This required deep exploration of actions that occurred prior to BG Medical's management and the reverse merger. We have remediated thousands of dollars in liability, nullified burdensome contracts, and expect to resolve all significant debt within the organization in short order without further increases to share structure."
The company will soon return to Limited Information Status with OTC Markets. Following this change, the attorney letter will be submitted to return the Company status to Current Information Status. Financial submissions are expected to continue in a timely fashion, thereby maintaining good standing. Company plans to perform a full audit are scheduled to begin prior to year's end.
Additional public statements and clarifications will follow in the upcoming month.
About BG Medical Technologies
BG Medical Technologies develops technology and research software for the health industry with a focus on patient solutions for natural and herbal treatments, including medical cannabis. The Company collects data through a network of proprietary software, utilized by patients, retail operators, and medical professionals. The Company's current flagship product, BudGenius.com, is a social web platform designed to assist cannabis patients in selecting regionally available medicine that is paired to their needs. The Company operates an analytical chemistry laboratory designed for natural medicine study, utilized to determine potency and safety guidance for patients and medicine manufacturers.
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BG Medical and its companies do not sell, grow, harvest, cultivate, nor distribute medical cannabis.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Chief Executive Officer
SOURCE BG Medical Technologies, Inc.