NEW YORK, April 2 /PRNewswire-FirstCall/ -- SPO Medical Inc. , a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced today that it has filed its Annual Report on Form 10-K for the year ended December 31, 2008.
Gross revenues of US$2.8 Million were recorded in 2008. The 2008 revenues reflect initial sales of SPO Medical's finger oximeter PulseOx 6000(TM) and the hand-held PulseOx 6100(TM) devices which are targeted to the professional medical market. Our medical market product portfolio now consists of four devices which also include the entry-level finger PulseOx 5500(TM) and the PulseOx 7500(TM), a pre-screening tool for monitoring Sleep Apnea. Since the PulseOx product line was introduced, over 160,000 devices have been sold in 40 countries worldwide with cumulative gross sales revenue to SPO Medical of over US$13 Million.
SPO Medical recently announced that it had appointed an independent sales representative group for the US medical market that service the healthcare industry and operate with manufacturers of medical products and devices, as their field sales representatives and agents. This is designed to intensify the Company's focus on sales in its primary market, the US.
Michael Braunold, President and Chief Executive Officer of SPO Medical commented: "As with many companies in our market sector, the current worldwide economic financial crisis has negatively impacted the potential purchasing decisions of our customers, leading to a decrease in revenues for fiscal 2008. With continued increasing challenges in worldwide markets, we seek to extend our reach in the United States as our primary market. We hope our newly appointed sales representatives will vastly extend our distribution capability to medical facilities we could not reach before and strengthen our overall presence and penetration in the territory."
Braunold continued: "In parallel to our existing medical market products, we continue to pursue strategic relationships with major players in non-medical markets who seek to license our technology for a number of mass-market consumer wellness applications."
SPO Medical being a technology innovative company has sustained losses since its inception and expects to incur losses for the immediate future requiring the need to raise additional funds. A more detailed description of the financial results and financial statements are contained in the Annual Report on Form 10-K filed with the SEC on March 31, 2009.
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 distributes its products through a network of distributors and also 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, market acceptance of our products, 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.
CONTACT: Investor Contacts: SPO Medical Contact: Michael Braunold,
President and CEO, +1-866-991-SPOM (7766), email@example.com.