NORTHVALE, N.J., April 12, 2017 /PRNewswire/ -- ADM Tronics Unlimited, Inc. (OTCQB - ADMT) announced today a recap of corporate achievements for the fiscal year ended March 31, 2017.
In October of 2016 ADMT announced various initiatives (see October 24 press release). In that same press release ADMT also highlighted the fact that, since the Company had changed its business model in 2013, the Company achieved 10 consecutive quarters of increased revenues and profits. ADMT has achieved all of the initiatives set forth in the foregoing announcement.
As previously announced ADMT has extended its record of increased revenues to 14 consecutive quarters, and furthered its record of increased profits to 13 consecutive quarters. The record of increased profits was interrupted by the third fiscal quarter results. The small loss was due to the company encountering a "good" problem. The company found it necessary to make substantial expenditures in order to increase its engineering and manufacturing capabilities in order to keep up with increasing order flow as well as to devote additional resources to ADMT's proprietary suite of medical devices. Andre' DiMino, CEO of ADMT commented, "We believe we will return to our pattern of increased revenues and profits in the upcoming quarters, which we expect to be reflected in our financial results for the fiscal year ended March 31, 2017, which are due to be reported on schedule.
Mr. DiMino continued, "Over and above the initiatives set forth in our October 24 release, we have entered into a joint venture agreement with QOL Devices (see press release November 2, 2017.) regarding QOL's new respiratory therapy and training platform trademarked "Alvio™". Alvio is targeted for use in non-regulated respiratory training applications as well as for medical respiratory conditions."
"Additionally we have announced that ADMT subsidiary Aurex International Corporation ("AIC"), will spearhead the launch of a re-engineered version of ADMT's patented, FDA-cleared, proprietary medical device Aurex-3®. The new Aurex-3, will be regulated as a prescription device, used for the treatment and control of tinnitus. It will be exclusively manufactured by ADMT in its FDA-registered medical device manufacturing facility and made available for both national and international distribution."
In response to recent news reports about the prevalence of combat-related tinnitus affecting U.S. veterans, ADMT initiated discussions with prominent VA practitioners dealing with the treatment of tinnitus. They advised that the number of veterans afflicted with tinnitus is now growing into the millions, and is the single-most combat-related affliction affecting the U.S. military today. The VA has expressed a sincere interest to continue discussions regarding the technology.
"We believe we have significantly exceeded the ambitious initiatives set forth by the Company earlier this year. In the next few days we will be finalizing our initiatives, goals and milestones which we expect to achieve during the current fiscal year," concluded DiMino.
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT has three areas of activity: Medical Device Design, Engineering, Regulatory and Manufacturing Services; Proprietary Electronic Medical Devices; and Eco-Friendly, Water-Based Formulations. ADMT's multi-disciplinary team of engineers, researchers and technologists utilize advanced technology infrastructure, such as 3-D prototyping, precision instrumentation and specialized software and peripherals, for the research, development and commercialization of diversified technologies. Additional information is available at the Company's websites - admtronics.com and concepttoquantity.com.
Except for historical information contained herein, the matters set forth in this news release are "forward looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes the expectations reflected in such forward looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's filings with the SEC, news releases and other communications. The Company assumes no obligation to update the information contained in this news release.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/adm-tronics-fiscal-year-17-recap-300438616.html
SOURCE ADM Tronics Unlimited, Inc.