ST. PAUL, Minn., Jan. 22 /PRNewswire-FirstCall/ -- Medwave, Inc. today announced that its financial statements for the fiscal year ended September 30, 2006, included in the Company's Form 10-K ("Form 10- K") filed on January 16, 2007, contain a going concern modification to the audit opinion from its independent accounting firm, Carlin, Charron & Rosen, LLP. As previously disclosed and discussed in Note 2 to the financial statements in the Form 10-K, the going concern modification is based on the Company's continuing recurring net losses from operations, and its accumulated deficit of approximately $34,000,000. This announcement is being made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification.
About Medwave
Medwave develops, manufacturers and distributes sensor-based non-invasive blood pressure solutions. Medwave trades on the NASDAQ capital market under the symbol MDWV.
Cautionary Statements
Statements made in this release that are stated as expectations, plans, anticipations, prospects or future estimates or which otherwise look forward in time are considered "forward-looking statements" and involve a variety of risks and uncertainties, known and unknown, which are likely to affect the actual results. The following factors, among others, as well as factors discussed in the Medwave's filings with the Securities and Exchange Commission, have affected and, in the future, could affect Medwave's actual results: resistance to the acceptance of new blood pressure monitoring products; the market acceptance of Fusion(TM), the Vasotrac(R) system and other products of Medwave, particularly in light of the recent operational difficulties with our now discontinued Primo hand-held monitor; hospital budgeting cycles; the possibility of adverse or negative results or commentary from clinical researchers or other users or evaluators of Medwave's products; Medwave's success in creating effective distribution channels for its products; Medwave's ability to scale up its manufacturing process; and delays in product development or enhancement or regulatory approval. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Medwave undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
This caution is made under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.
Medwave, Inc.CONTACT: Ramon Burton of Medwave, +1-651-639-1227, rburton@mdwv.com
