SALT LAKE CITY, UT--(Marketwire - June 08, 2010) -
Paradigm Medical Industries, Inc. (PINKSHEETS: PDMI
) announced today that it has begun the process of becoming and remaining current with its financial and disclosure obligations on the Pink OTC Markets. During most of 2009, due to limited working capital, Paradigm was unable to remain current with its quarterly and annual reports. Paradigm recently obtained some additional funding and, as a result, has begun to correct this critical step concerning its responsibility to provide financial information to its shareholders and the investment community.
On June 4, 2010, Paradigm posted a Quarterly Report for the period ended June 30, 2009 on the Pink OTC Markets. On June 8, 2010, Paradigm posted a Quarterly Report for the period ended September 30, 2009 on the Pink OTC Markets. Paradigm is in the process of completing a financial audit and preparing an Annual Report for the fiscal year ended December 31, 2009.
"As Paradigm continues to rebuild itself, it is vital that its shareholders be kept aware of the important steps that management has taken to complete this process. With the recent financial assistance from an outside source, Paradigm will overcome this obstacle just as it has many other obstacles the past year," said Stephen Davis, Paradigm's President and Chief Executive Officer.
Paradigm also has been advised by Costruzione Strumenti Oftalmici (CSO), its Italian partner, that there was a delay in the filing of the 510(k) application for the Retimax™ (Paramax) with the FDA. The application was submitted in May 2010 rather than in February 2010 as first disclosed. The Retimax™ has been designed to perform innovative tests for the early screening and follow-up for glaucoma, age related macular degeneration, vascular retinal degeneration, and other pathologies related to the optic nerve disease.
"Although this information concerning the filing of the 510(k) application comes as somewhat of a surprise, it does not lessen the considerable anticipation for this new technology by Paradigm and its customers. Paradigm will make the necessary adjustments in its marketing and sales efforts to reflect this change. Paradigm understands CSO's decision to delay filing the 510(k) application until it was completely prepared to submit it for FDA approval," added Mr. Davis.
About Paradigm Medical Industries, Inc.
Paradigm Medical Industries, Inc. is a medical device company that develops, manufactures and distributes ophthalmic diagnostic instruments and related products for early detection of glaucoma and other eye disorders. The Company's primary objective is to capture a niche market within the glaucoma and ultrasound microscopy fields. The Company markets its products to ophthalmologists, optometrists, universities, and clinics throughout the United States and internationally.
This press release contains statements that, if not verifiable historic fact, may be viewed as forward-looking statements that could predict future events and outcomes with respect to Paradigm and its business. The predictions embodied in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.