"Meridian is experiencing a longer than expected delay in FDA 510(k) clearance for its Lapex-2000 LipoLaser. Management continues to view issuance of FDA clearance as an important strategic goal. On advice from counsel, Meridian intends to pursue all appropriate legal and regulatory avenues still available to it with the goal of 510(k) clearance, as soon as possible. Notwithstanding the delay in FDA 510(k) clearance, Meridian's sales ($2.2m to June 30, 2008) have almost surpassed the sales of approximately $2.78m for all of fiscal 2007. Management attributes the healthy sales figures to faster than expected Lapex-2000 LipoLaser penetration of non-US markets and the response of US medical professionals to non-US market acceptance.
Management continues to be mindful of investor requests for more financial information throughout the fiscal year of Meridian. Despite being a 20F filer and being required to file financial statements once yearly only, Meridian is currently establishing the necessary administrative and book-keeping systems to ensure that it will be able to produce and distribute periodic financial statements."
About Meridian Co., Ltd.
Meridian is a leader in the research/development, manufacturing and sales of advanced medical devices in the healthcare industry. With a dynamic research and development team, Meridian is at the forefront in the development of cutting edge medical technologies. The Company presently holds a total of 5 patents on its technology, and has received FDA approval and Health Canada approval as well as other international regulatory approvals, for many of its products. Meridian has over 2000 clients including physicians, hospitals, clinics, healthcare professionals, and wellness centers in Korea, USA, Canada, China, Japan and Europe. Meridian continues to successfully market its superior product line to a growing number of clients worldwide.
Safe Harbor Statement
This press release may contain certain forward-looking information and statements concerning the company's operations, performance and financial condition. These statements are based upon a number of uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. This document is not intended to be and is not an advertisement for any securities of the Company.
Contact:
Contacts: Meridian Co., Ltd. Peter Holeczek 1-877-738-8119 Website: http://www.meridianmedical.ca
Source: Meridian Co., Ltd.
