WOODLAND HILLS, Calif., April 12 /PRNewswire-FirstCall/ -- SPO Medical Inc. (SPOM.PK), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced today that it has filed its Annual Report on Form 10-KSB for the year ended December 31, 2005.
During 2005, the Company generated gross revenues of $1,825,000. Revenues for the fourth quarter of 2005 were $601,000 representing a further growth of 24.7% on the third quarter of 2005. Revenues for the fourth quarter reflected increasing sales of SPO Medical's PulseOx 5500(TM) and its sports version, Check Mate(TM); both are spot-check finger pulse oximetry monitors using Reflective Pulse Oximetry (RPO) to measure oxygen saturation and heart rate.
"SPO Medical is delighted to report ongoing success for its first full year as a leading biosensor and microprocessor development company," said Michael Braunold, President and Chief Executive Officer of SPO Medical. "Our licensed resellers and distributors have been successfully selling the PulseOx 5500(TM) to medical practitioners serving the home care market as well as the ambulatory care and emergency medical care markets. Check Mate(TM) provides sports enthusiasts with a lightweight, inexpensive monitor that can measure heart rate and oxygen saturation during sporting activities, such as mountain climbing and high-altitude cycling. Aviators use it as an effective tool to check for in-flight hypoxia."
"We're also pleased that our financial results have achieved the goals we set for ourselves. We've sold almost $2 million of products since we began shipping in late 2004. We incurred substantial expenses to ramp-up for production and distribution, and to engage in the reverse acquisition that enabled us to become a public company. SPO Medical now plans to focus on increasing sales of existing products, continue new product R&D programs based on our proprietary technology, expand global distribution and ultimately increase shareholder value. We believe that the strides made this past year should position us to take advantage of market opportunities going forward; we are excited about our prospects in 2006."
About SPO Medical
SPO Medical (SPOM.PK) a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices to capture life-saving and life-enhancing information within four key markets: medical care; home and remote-care; sports and wellness; and safety and security. Its patented technology uses information gathered from the reflectance of light on the human blood stream, in a non-invasive manner, to monitor key vital signs. The Company distributes its products through a network of distributors and also licenses its technologies to appropriate client corporations for commercialization and distribution. For more information, visit http://www.spomedical.com.
Safe Harbor:
This document contains forward-looking statements within the meaning of the United States securities laws. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those in the statements included in this press release. Although SPO Medical believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Readers are referred the documents filed by SPO Medical with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10K-SB and Quarterly Report on Form Q-SB, which identify important risk factors that could cause actual results to differ from those reflected in the forward-looking statements. SPO Medical disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise.
SPO Medical Inc.CONTACT: Michael Braunold, CEO of SPO Medical, braunold@spomedical.com,+1-818-888-4380; or Jerry Cahn, Ph.D., J.D. of Brilliant Image,jerry@brilliantimage.net, +1-646-827-0009
Web site: http://www.spomedical.com/
