DURHAM, N.C., July 23, 2010 (GLOBE NEWSWIRE) -- Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT) (SIX:OXBT) today filed its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (SEC) for its Fiscal Year 2010, which ended April 30, 2010. This document can be accessed at our corporate web site by clicking on the “SEC Filings” link at www.oxybiomed.com/investors.htm.
The report was filed well within the 15-day allowance granted to the Company when it filed a Notice under Rule 12b-25 on July 14, 2010, notifying the SEC of its inability to meet the required filing deadline. Oxygen filed for an extension due to its transition to accelerated filer status this fiscal year. While the company had planned to file on time, it did not have the resources to file within the prescribed timeframe without unreasonable effort or expense.
Being an accelerated filer means our periodic financial reports are now required to be filed within shorter timeframes than a smaller reporting company. Beginning with our first fiscal quarter 2011, the Company has taken the steps necessary to ensure compliance with the new regulations. In addition to the changes to our periodic financial reports, we are also subject to an independent auditor’s attestation report on our internal controls and procedures as required by Section 404(b) of the Sarbanes Oxley Act of 2002. Refer to Item 9A of the Form 10-K to review the results of this new requirement.
The Company announced today that it intends to bolster its communications activities by issuing quarterly financial results via press releases and quarterly shareholder conference calls. The releases and calls will summarize the financial results reported in Form 10-Qs and provide information on the Company’s operations. These activities will begin during the first quarter of fiscal year 2011.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics, Inc. is developing medical and cosmetic products that efficiently deliver oxygen to tissues in the body. The company has developed a proprietary perfluorocarbon (PFC) which is used in the Oxycyte(R) therapeutic oxygen carrier and liquid ventilation product that is being formulated for both intravenous and topical delivery. In April, the company launched its first cosmetic product,Dermacyte(R) Oxygen Concentrate. In addition, the company is focused on perfluorocarbon-based oxygen carriers for use in traumatic brain injury, decompression sickness, personal care, and topical wound healing. More information is available at www.oxybiomed.com or www.buydermacyte.com.
The Oxygen Biotherapeutics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7277
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by the company that involve risks and uncertainties and reflect the company’s judgment as of the date of this release. These statements include the expansion of development of the Oxycyte product line, the timing of the introduction of those new products as well as the introduction and timing of quarterly financial reporting via news releases and conference calls. The forward-looking statements are subject to a number of risks and uncertainties including matters beyond the company’s control that could lead to delays in new product introductions and quarterly releases and conference calls, and customer acceptance of our new products, and other risks and uncertainties as described in our filings with the Securities and Exchange Commission. The company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
CONTACT: Oxygen Biotherapeutics, Inc. Ellen Corliss, Vice President, Corporate Communications & Investor Relations (919) 806-4405
