Swiss Medica Inc. Announces Corporate Update
TORONTO, June 20 /PRNewswire-FirstCall/ -- Swiss Medica, Inc. announced today that
1) Swiss Medica recently filed its 10KSB for the year ended December 31, 2006 and its 10QSB for the 3 months ended March 31, 2007 with the Securities & Exchange Commission. The filings are accessible in the investor relation's section of www.swissmedica.com. 2) As Swiss Medica Inc. has now filed the outstanding 10KSB and 10QSB, it is current with its filings and its symbol has now been changed back to SWME.OB. 3) Swiss Medica has been undertaking a large restructuring of its operations and management, which has included staff reductions, cost cutting and a refocusing of its distribution strategy. Details of this operational restructuring are included in recent S.E.C. filings. In addition, Swiss Medica will be issuing further press releases outlining its strategic repositioning as well as management restructuring. 4) Swiss Medica has also undertaken a restructuring of its balance sheet with a focus on debt restructuring and debt reduction. Details of these debt restructurings have been included in recent S.E.C. filings with further restructuring transaction details to be included in press releases and S.E.C. filings in the weeks to come. 5) Swiss Medica has been raising capital to undertake the restructuring, reduce its debt and implement its strategic repositioning program. Details of these financing activities will be included in S.E.C. filings including the 8K filed with the S.E.C. on May 29, 2007.
Swiss Medica will make further announcements with respect to details of its restructuring plans.
About Swiss Medica, Inc.
Swiss Medica is a specialty pharmaceutical company focused on commercializing over-the-counter clinically-tested, patented all-natural products that relieve chronic ailments. Swiss Medica builds its brands through innovative and focused distribution and marketing strategies. Swiss Medica's mission is to be a world leader in the commercialization of over-the-counter, safe and effective chronic ailment treatments. Please visit our websites at www.swissmedica.com and www.O24zone.com
Swiss Medica's flagship product, the O24 Essential Oil Pain Neutralizer, holds US Patent #6,444,238B1. The O24 pain relief solution has been used and recommended for its fast-acting and long-lasting benefits by healthcare professionals and athletes in the United States, Canada and in Europe. O24 is widely available over-the-counter throughout the United States and Canada in leading pharmacies and other retailers. Customers can also visit www.O24zone.com, for ordering details and store locators for the nearest pharmacy.
Swiss Medica also launched the patented O24 Fibromyalgia pain reliever (US Patent #6,444,238B1) over-the-counter in North American retailers. The National Fibromyalgia Association (NFA) awarded O24 Fibromyalgia their first NFA Seal of Approval. Over 10 million Americans suffer from the long-term pain associated with Fibromyalgia. In a randomized double blind clinical trial conducted in 2005, 88 per cent of the patients who used O24 Fibromyalgia reported mild to markedly better improvement, versus only 7 per cent who used the placebo. Customers can also visit www.O24zone.com, for ordering details and store locators for the nearest retailer.
Forward-looking statements in this news release are made pursuant to the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to acceptance of Swiss Medica's products in Canada, the United States and other countries, risks related to international sales and purchases and potential foreign currency exchange fluctuations, acceptance of Swiss Medica's products, increased levels of competition, dependence on intellectual property rights and other risks detailed from time to time in Swiss Medica's periodic reports filed with the United States Securities and Exchange Commission and other regulatory authorities.
Swiss Medica, Inc.CONTACT: Swiss Medica, Inc. Inquiries, +1-905-501-0553