VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2009) - In an effort to increase corporate transparency and investor awareness, Meridian Company, Inc. (OTCBB: MRDAF) is pleased to present shareholders with the following corporate update and outlook for Q1 of the current fiscal year. The past several months have been very productive and an extremely exciting chapter in Meridian's growth story. This update will expand on our recent successes and our expectations as we move forward in 2009.
Message from Hyeon Seung Myeong, President and CEO of Meridian Co., Ltd.
Thank you so much for your support of Meridian Co., Ltd. The progress we've made in the past year has been significant, and we have taken giant strides forward to execute our ambitious business plan.
During these difficult economic times, the markets have been less than kind to us. Our stock price is at or near an all-time low, and while we know of no one who feels it is justified, it is still an unfortunate reality. However, we firmly believe that our sector of the economy, health wellness and self improvement, continues to look promising with significant growth ahead.
We fully expect to make major advances in the coming weeks and months. It is our hope that the timely release of information will help us gain added support in the markets, and that we will be appropriately rewarded for our accomplishments.
The following is a Corporate Update:
FDA 510(K) clearance for the Lapex BCS as a unique body sculpturing device continues to be the number one priority for Meridian Co., Ltd. To assist us in bringing this issue to a timely, positive, resolution, the company has added the expert services of two FDA product specialists with a proven track record.
While there is no question that ongoing delays with our FDA submission have caused revenue to fall short of our original projections, we are pleased with current sales under our given circumstances, which are beyond our control. Demand for our products has never been greater, as we continue to expand to new markets.
Our balance sheet continues to greatly improve due to the increased sales of our products and we will present a substantial recovery over the previous fiscal year (2007).
The company also wishes to inform shareholders that there are no dilative financing plans in the foreseeable future.
Confirmed signed orders to date for the fiscal year 2009 have already exceeded $2,500,000. We are experiencing strong sales for our innovative products in the United States and across all current markets.
Marketing efforts continue to present new customers for our medical devices.
Due to some distributors' inability to meet their target obligations, Meridian Co., Ltd. has amended certain qualifying conditions to ensure all parties can meet all agreed upon objectives.
We continue to present and promote our products via high profile representation at all major beauty, health & wellness and anti-aging trade shows throughout North America and Asia. Our European distributors have provided similar marketing efforts in Europe and throughout the Middle East.
Additionally, Meridian Medical Inc., the company's North American distributor, is pleased to announce the launch of their new website, scheduled for March 30, 2009. This new site will be more user friendly, with easy access to all information regarding the company and its products, as well as providing links to information (share structure, news releases, management, etc.) relating to Meridian Co., Ltd.
Production and delivery of our existing products is smooth and on schedule, and the company continues to fulfill all anticipated orders without any delays. As the Company develops new products, production capacity demands can be organically resolved.
We are continuing to negotiate with additional major potential distributors throughout the world who are now evaluating and "test marketing" our products. Our cutting edge technology has been well received in the aesthetic industry, and the company anticipates that our exclusive, patented, "non-invasive" devices will become the worldwide industry standard.
In conclusion, we are pleased and excited with our progress, and look forward to continued growth and success this year. We will strive to better communicate with our shareholders about our business as things develop.
About Meridian Co., Ltd.
Meridian is a leader in the research/development, manufacturing and sales of advanced medical devices in the healthcare industry. With a dynamic research and development team, Meridian is at the forefront in the development of cutting edge medical technologies. The Company presently holds a total of 5 patents on its technology, and has received FDA approval and Health Canada approval as well as other international regulatory approvals, for many of its products. Meridian has over 2000 clients including physicians, hospitals, clinics, healthcare professionals, and wellness centers in Korea, USA, Canada, China, Japan and Europe. Meridian continues to successfully market its superior product line to a growing number of clients worldwide.
Safe Harbor Statement
This press release may contain certain forward-looking information and statements concerning the company's operations, performance and financial condition. These statements are based upon a number of uncertainties and contingencies, many of which are beyond the control of the Company. Forward looking statements in this press release include that Meridian expects to sign distributorship contracts with Southern European countries before the first half of 2009.
Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors which could prevent this statement from coming to fruition include that we are not able to agree on terms with any distributor in Southern Europe. Other risk factors are set out in our periodic reports on forms 20-F filed on Edgar. This document is not intended to be and is not an advertisement for any securities of the Company.