LONDON and SAN FRANCISCO, CA--(Marketwire - May 24, 2011) - Bio-AMD, Inc. ("Bio-AMD" or the "Company (OTCBB: BIAD) notes the announcement below made today by its 77% owned subsidiary, WDX Organisation Ltd ("WDX").
WDX Endorses 4th Story Platform for Wocu FX Trading
WDX is pleased to announce its endorsement of 4th Story, LLC as its independent software house of choice to provide the Wocu™ automated Trading Platform ("WTP"), a tailorable solution for quoting and trading WDX's Wocu World Currency Unit. The WTP, developed by 4th Story, is designed to dramatically decrease the time to market for banks, hedge funds and corporate treasurers interested in and seeking to trade the Wocu.
The WTP is targeted at banks and market makers looking to quote the Wocu from their own dealable component currency pair prices, external prices or a combination of the two. Corporate treasurers, subject to Foreign Exchange ("FX") trading network or bank connectivity, may also use the WTP to trade synthetic Wocu instruments and run Wocu simulations to gauge portfolio performance.
"With interest growing in the Wocu as an effective tool for managing currency exposure volatility, we felt it important to ease its adoption by the FX community by encouraging the provision of a third party, 'out of the box' integrated solution," said Michael King, Managing Director of WDX.
The WTP includes a sophisticated engine for quoting Wocu currency pairs with individually configurable parameters to suit the needs of various market participants, along with a flexible market making and trading server to service Wocu orders by working their underlying component legs using customizable algorithms and logic. Blotters, Profit and Loss, position tracking and other key metrics are also part of the package.
The WTP is designed to be easily integrated into existing environments with built in FIX (Financial Information eXchange protocol) and market data adapters, with the option of custom market data and trading Application Programming Interfaces.
"We choose to work with 4th Story because of the flexibility and sophistication of their product suite," explained Mike Blakey, WDX's Director of Technology. "In addition, they really impressed us with their quality of service and their understanding of the complex issues involved in creating an institutional trading platform."
About the Wocu and WDX
The Wocu™ is a standardised, apolitical, real time derivative currency quotation based on the real time exchange rates of the currency pairs of the world's top 20 nations as determined by IMF measures of GDP. The Wocu, its constituent currency pairs weighted in line with GDPs, is a generally less volatile currency unit than traditional currency pairs, balancing currency risk and offering commercial advantage for users.
The Wocu is developed, owned and distributed by the WDX Organisation Ltd, a private company based in London, England.
Wocu prices, information about WDX and other data can be found at www.wocu.com.
Contact: Michael King +44 203 0093391 (firstname.lastname@example.org)
About 4th Story (www.4thstory.com)
4th Story, LLC's suite of automated trading and analysis products helps brokers, hedge funds and institutional traders implement their automated trading ideas quickly and efficiently. Multi-asset and multi-currency capable, the products provide rapid testing and implementation of arbitrarily complex quantitative, algorithmic and automated strategies and analyses, all backed by unparalleled support.
Contact: Steven Smith +1 415 672 4716 (email@example.com)
About Bio-AMD, Inc.
Bio-AMD has two majority owned UK subsidiaries: Bio-AMD Limited, a technology developer for medical diagnostic devices; and the WDX Organisation Ltd, the owner of the Wocu™, a global currency data reference source for application in financial markets. (www.wocu.com).
To find out more about Bio-AMD (OTCBB: BIAD), visit our websites at www.flexgp.com and www.bioamd.com.
Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2010 filed on March 23, 2011. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.