NEW YORK, November 20 /PRNewswire-FirstCall/ -- SPO Medical Inc. , a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced its results for the nine-month period ended September 30, 2008.
Despite the continued deterioration in the macro-economic environment, gross revenues for the nine month period were US$2,421,000; declines in sales were mainly due to the lower sales in the US homecare market, which have been adversely affected by the current financial crisis. Sales of medical product have grown in areas outside the US, specifically in the Asian-Pacific marketplace.
During the third quarter of 2008, the Company continued to focus efforts in the medical market with its PulseOx 6000(TM) and PulseOx 6100(TM) lines for professional healthcare establishments and are currently involved in several tenders with these products. Additional commercial ventures are being sought via private labeling opportunities of the medical PulseOx product line. The Company believes that that this strategy will help realign revenue potentials.
Most recently, the Company has achieved significant technological progress with its non-medical market opportunities specifically with the baby monitor product line. We have developed a unique substrate for mounting the optical sensors and associated electronic components, which are combined to form a practical and durable baby ankle bracelet. This critical component will be entering limited field trials so that the baby monitor can commence further comprehensive market testing during 2009. The Company has plans to extend its non-medical product offering to include additional consumer mass-market applications using its proprietary reflective pulse-oximetry technology and is currently in discussion with several international organizations for marketing cooperation’s in this regard.
Michael Braunold, President and Chief Executive Officer of SPO Medical commented, “Despite a less-than-favorable macro-economic climate, we continue to capitalize on marketing opportunities and to focus efforts and resources to maximize the consumer commercialization potential for our technology”. Mr. Braunold continued, “The interest in our technology for non-medical applications is particularly promising since these are truly mass-market consumer opportunities with potential commercial partners who could maximize on significant growth in several new vertical markets. We hope that these opportunities will begin to mature during fiscal 2009".
A more detailed description of the financial results and financial statements are contained in the Company’s most recent Quarterly Report on Form 10-QSB filed with the SEC.
About SPO Medical:
SPO Medical (SPOM) 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 and http://www.spobaby.com
Forward Looking Statements:
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, market acceptance of our new products, changes in economic conditions generally and the medical devices market specifically, changes in technology, legislative or regulatory changes that affect us, the availability of working capital, the introduction of competing products, changes in our operating strategy or development plans and the risks and uncertainties discussed under the heading “Risk Factors” in Item 1 of our Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007. We undertake no obligation to revise or update any forward-looking statement for any reason.
CONTACT: Investor Contacts: SPO Medical Contact: Michael Braunold,
President and CEO, +1-866-991-SPOM (7766), investors@spomedical.com.
Investor Relations Contact: Jeffrey Feuer, CFO, SPO Medical,
jfeuer@spomedical.com
