NEW YORK, February 9 /PRNewswire-FirstCall/ -- SPO Medical Inc. (SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, today announced it has signed a Memorandum of Understanding (MOU) with SporTracker Ltd, a private Israeli company that specializes in the integration of heart-rate monitoring with consumer audio and leisure devices. The MOU contemplates bundling SPO Medical monitoring technology in new SporTracker recreational products. The terms include advance payments for development work to be performed by SPO on behalf of SporTracker and subsequent royalty payments once the developed products are commercially available. This arrangement follows the recent restructuring of SPO Medical Inc. enabling SPO to focus on various new commercial opportunities relating to the implementation of reflectance pulse oximetry for non-medical market applications.
Michael Braunold, President and Chief Executive Officer of SPO Medical commented: "The commercial arrangement with SporTracker demonstrates the portability of our proven technology into markets and applications which can benefit from our experience to date. The sports and wellness sector is a mass-market opportunity for our technology enabling monitoring of certain vital sign information in conjunction with leisure related configurations."
Dani Ne'eman, President of SporTracker Ltd commented: "We selected SPO as our technology provider due to their commercial track-record and proven experience in low-power measurements of heart rate and the ease to integrate this technology in to popular consumer audio and leisure devices. We envisage initial commercial sales of our products incorporating the SPO technology to commence during 2011 followed by a wider worldwide product launch via our strategic marketing partners. The SPO technology enables us to deliver a potentially superior product offering which could have a major impact on the general sports market that incorporates audio and leisure related devices."
SPO Medical Inc. recently announced that it plans to embark on business development activities that focus on various commercial applications relating to the implementation of reflectance pulse oximetry for non-medical markets. Braunold continued; "Commercially, we believe that our unique technology can attract interest from various non-medical entities who are seeking commercial solutions based on our deliverable for mass-market consumer markets."
About SPO Medical:
SPO Medical (SPOM) a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices to capture life-saving and life-enhancing information within four key markets: medical care; home and remote-care; sports and wellness; and safety and security. Its patented technology uses information gathered from the reflectance of light on the human blood stream, in a non-invasive manner, to monitor key vital signs. The Company licenses its technologies to appropriate client corporations for commercialization and distribution. For more information, visit http://www.spomedical.com and http://www.spobaby.com.
Forward Looking Statements:
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, patent protection for our products and technologies, market acceptance of our products and new product applications, product performance, size of prospective markets, revenues assessments, changes in economic conditions generally and the medical devices market specifically, changes in technology, legislative or regulatory changes that affect us, the sufficiency and availability of working capital, the introduction of competing products, changes in our operating strategy or development plans and the risks and uncertainties discussed under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2008. We undertake no obligation to revise or update any forward-looking statement for any reason.
SPO Medical Contact:
Michael Braunold, Chief Executive Officer.