LOS ANGELES, Aug. 31 /PRNewswire-FirstCall/ -- Signalife, Inc. , Lowell T. Harmison, President and acting Chief Executive, has release the following corporate update since his matriculation into the Presidency last month:
1. Dr. Harmison has already "cleaned house" and has eliminated several positions that were producing no revenue whatsoever and no hope of any positive results for the Company, in his view. That was done immediately by Dr. Harmison and was done by the Dr. personally. "We are now operating within five separate departments: Sales, R&D, Operations, FDA, Regulatory. These positions are now compartmentalized and operating efficiently under my direct supervision." 2. As promised, and as announced, Dr. Harmison has participated in obtaining a $102 million financing vehicle for the Company. Dr. Harmison calls this an "extremely valuable" facility, because it enables the company to choose the market conditions - and stock price - at which it shall exchange its stock for capital." Dr. Harmison continues: "We are thankful to the AMEX for so efficiently and in good faith evaluating and approving our financing transaction. The market appears to be getting the message that - when my sales initiatives bear fruit in the upcoming near term - the obtaining of $100 million at the market price is a testament to our technology - referred to as a "modern medical miracle" by NBC. Any other result would have been unfair to our shareholders, and I promised that I would create a new era for our shareholders - one with revenues, earnings, profits, growth and corporate accolades." 3. According to Dr. Harmison, "our sales funnel utilizing marquee hospitals known to the Company and its Board" is proceeding ahead of schedule. These are some of the prestigious institutions in the country and allow the marvelous Fidelity 100 to be utilized in areas where lives and outcomes can be changed for the better. I anticipate our market penetration strategy over the next five quarters will proceed more quickly than I had conservatively anticipated at the beginning of my tenure." 4. The technology division is also moving on its holter devices as well as its intra-cardiac monitor - and other devices - with extraordinary acuity and speed. The division - possibly the core of the Company - "only gets more efficient as the secrets of the patented technologies become more known and understood in the quality of the signal from heart patients of all ages."
"In short, I have achieved more than I anticipated in several short weeks, and the momentum toward device approvals, ventures, sales and earnings are at the center of that gaining momentum. I am still planning on a near-term conference call with the marketplace, but I wish to complete certain touchstone events before having that call. I am always available for shareholder calls and can be reached through our corporate offices," added Dr. Harmison.
About Signalife:
Signalife, Inc. is a life sciences company focused on the monitoring and detection of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices that simplify and reduce the costs of diagnostic testing and patient monitoring in an ambulatory setting.
Signalife is publicly traded on the American Stock Exchange under the symbol SGN. The website for the company is http://Signalife.com. Clear Data. Trusted Results.
Caution Regarding Forward-Looking Statements:
Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause Signalife's actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating Signalife's technology, failure to obtain federal or state regulatory approvals governing heart monitoring and other biomedical devices incorporating Signalife's technology, inability to obtain physician, patient or insurance acceptance of for heart monitoring and other biomedical incorporating Signalife's technology, and the unavailability of financing to complete management's plans and objectives, including the development of heart monitoring and other biomedical incorporating Signalife's technology. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.
Signalife, Inc.CONTACT: Kevin Kading, for Signalife, Inc., +1-212-918-4606
Web site: http://www.signalife.com/
