HOUSTON, Oct. 30 /PRNewswire-FirstCall/ -- Pediatric Prosthetics, Inc. , the nation's specialists in pediatric prosthetics, announced today that it has filed its annual report on Form 10-KSB, which includes restated revenues for the fiscal year ended June 30, 2005. Those re-stated revenues reflect the accrual basis accounting on revenues received from its 14 "Host Affiliates," prosthetic providers which allow Pediatric Prosthetics to utilize such Host Affiliates' patient-care facilities in multiple locations nationwide. Interested parties can access the Form 10-KSB as filed on the Securities and Exchange Commission's EDGAR website at http://www.sec.gov.
Kenneth Bean, the Vice President of Operations of Pediatric Prosthetics, Inc., stated, "We are diligently working at revising our Form 10-SB Registration Statement and responding to the comments we received from the SEC in connection with the review of the Form 10-SB. We believe that the filing of our Form 10-KSB, and the anticipated filing of our amended Form 10-SB, are important steps in the pathway to Pediatric Prosthetics becoming a publicly reporting company, and completing our plans of trading on the Over-The-Counter Bulletin Board in the future. I gave my word over a year ago that we would exert every effort toward moving to the Bulletin Board, and we have not wavered from that commitment."
"We believe we made the right decision 15 months ago when we chose to take steps to become a fully reporting corporation. Even then, though a very young company, we had begun to see that we could establish ourselves as a viable company on a national basis, and if that were so, it would be in our shareholder's best interests to become a fully reporting company with the SEC. Due to the unique qualities of our business growth model, the project has proven more complicated and time consuming than we had imagined, and in the short term has diverted our limited management resources from the straight-forward task of simply generating revenue by finding families who need our help, and fitting their children with prosthetic arms and legs.
"One salient result of our efforts in becoming fully reporting was the ability to attract $1.5 million of financing. One of the significant uses of that money has, and will be spent, finding families who need our help, and fitting their children with state-of-the-art prosthetic arms and legs. Another result has been the number of inquiries from serious investors who simply do not invest in non-reporting companies.
"Our team is committed to spending the remainder of our productive lives building a company to take care of the children with a limb-loss. Further, we have spent enormous effort identifying and 'pre-recruiting' some of the finest,(and younger) prosthetists in the country so that Linda Bean, our CEO and Dan Morgan, Vice President and Chief Prosthetist, can mentor them, and focus them upon providing the thousands of children across the country with a limb-loss the best that human hands can do."
Ken concluded. "One of the things audits and reports can never quite quantify are the number of moms and dads who have found us, sometimes even before their child is born. These days, digital imaging sonogram technology can often determine a pre-natal limb-loss as early as four months before a child's birth. The process of pediatric prosthetic rehabilitation can be overwhelming to these children's parents. Families are genuinely thirsty for detailed information, which we provide on our website, http://www.kidscanplay.com. It may well occur that we derive no revenue from these children's needs for fourteen months or even longer, and in some cases never, however, we believe it is important for those parents to know that we are uniquely there for their child."
About Pediatric Prosthetics Inc.
Pediatric Prosthetics Inc. is the national provider of specialized pediatric prosthetics for both upper and lower limbs. The Company's CEO Linda Putback-Bean pioneered fitting state-of-the-art myoelectric upper extremity prostheses for the pediatric niche market. In the absence of a hand or arm, a child's brain still continues sending signals to grasp or open the hand in the residual limb. Myoelectric sensors can read those signals through the skin, (requiring no surgery), and with a computer chip can magnify those signals many fold to actuate a tiny powerful motor to accomplish tasks with the life-like hand. In 2003, Ms. Putback-Bean founded Pediatric Prosthetics to create a comprehensive organization that connects parents and their children with a limb loss, to expert pediatric prosthetic fitting, rehabilitation, and life-long care. As a result, Pediatric Prosthetics hopes to increase the quality of life for patients and their families nationwide. For more information, visit http://www.kidscanplay.com.
All interested parties and shareholders are invited to receive the latest news and information about Pediatric Prosthetics by email, to sign-up, visit: http://otcfn.com/pdpr/email_update.html. Additional information for investors may be found online at http://www.otcfn.com/pdpr.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular when used in the preceding discussion, the words "believes," "expects," "intends," "anticipated" or "may" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Except for historical information, all of the statements expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties including, without limitation, risks associated with operations, availability of capital on a reasonable term, the effects of government regulations and operations risks, and the risk factors set forth from time to time in the Company's SEC reports, included but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB, and any reports on Form 8-K. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. Pediatric Prosthetics Inc. takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that is not paid for by the Company. The forward-looking statements contained herein reflect the Company's judgment as of the date of this release, and the Company cautions readers not to place undue reliance on these statements.
For more information, contact: At Pediatric Prosthetics Inc. Kenneth Bean 866-582-0966 1-bean@sbcglobal.netwww.kidscanplay.com At OTC Financial Network Geoffrey Eiten 781-444-6100x 613; geiten@otcfn.com or Rick McCaffrey 781-444-6100x625; rick@otcfn.comwww.otcfn.com/pdpr
Pediatric Prosthetics, Inc.CONTACT: Kenneth Bean, +1-866-582-0966, 1-bean@sbcglobal.net, at PediatricProsthetics Inc.; or Geoffrey Eiten 781-444-6100 x613; geiten@otcfn.com; orRick McCaffrey, +1-781-444-6100 x625; rick@otcfn.com, at OTC FinancialNetwork
