SPO Partners with HoMedics LLC Focus on new consumer wellness products for OTC sales
NEW YORK, February 19, 2013 /PRNewswire/ --
SPO Medical Inc. (SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced today that it has partnered with HoMedics LLC for the distribution of a private-labeled, over-the-counter (OTC) pulse oximeter for non-medical consumer wellness applications. This new product, known as the HoMedics Deluxe Pulse Oximeter is currently being promoted and sold in North America.
The oximeter is based on patented Optimetrix™ technology which uses proprietary optical techniques to measure certain vital sign measurements for a variety of consumer wellness applications. In the United States, the Deluxe Pulse Oximeter was launched during 4th quarter 2012 at CVS stores, and HoMedics sees substantial upside potential to expand in the drug channel and beyond during 2013. Furthermore, HoMedics will look to increase distribution worldwide via its extensive network in over 60 countries.
Michael Braunold, Chief Executive Officer of SPO commented: "We've been working with HoMedics since early summer 2012 and have made tremendous progress together, with the successful introduction of the HoMedics Deluxe Pulse Oximeter to US consumers. As market awareness for wellness products strengthens and grows, our partnership with the oximeter and future products under development creates promising opportunities for both companies. Our decision to distribute under the HoMedics private-label has afforded us access to mass-market retailers worldwide and we plan on expanding our product portfolio to further leverage on our joint-success to date".
SPO views the general wellness product category as a major growth opportunity by leveraging its technology to monitor information related to general leisure/sport activities. Product opportunities currently under development include a fitness watch which negates the need for the traditional chest-strap currently being used by most sports watch manufacturers, and a new consumer wellness time-piece designed to measure overall daily activity level, especially useful for overweight or obese adults and children. This product will include unique innovative features as well as being a fashionable time-piece to continuously measure the number of daily activities and calories burned against a recommended goal.
SPO (SPOM) is a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices to capture life-enhancing information within four key markets: medical care; sports and wellness; homecare monitoring and security. Its patented technology uses information gathered from the reflectance of light on the human body, in a noninvasive manner, to monitor key vital signs. The company manufactures its products in addition to licensing its technologies to appropriate client corporations for commercialization and distribution. For more information, visit http://www.spoglobal.com.
HoMedics is a privately held, family-owned business founded in 1987 that manufactures and markets some of the world's best known, most innovative brands in an array of consumer health, wellness and electronics lifestyle categories. HoMedics distributes its products to more than 60 countries throughout North America, South America, Central America, the Asia-Pacific region, Europe, Africa and the Middle East. For more information, visit http://www.homedics.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, the realization of revenues from product orders for the HoMedics Deluxe Pulse Oximeter, the success of efforts to expand distribution of the product, the success, if any, of our efforts to expand distribution of the product to additional mass market retailers, the ability to create strategic partnerships to aid in the distribution of products, profitability, market acceptance of our products and new product applications, timing of new product launches, success of the Company's rebranding program, product performance, size of prospective markets, revenue assessments, marketing strategies, success of our restructured operations and plans, our ability to generate fees or raise capital to support our business operations and plan, the sufficiency and availability of working capital, changes in economic conditions generally and in more specifically, the introduction of competing products, changes in our operating strategy or development plans patent protection for our products and technologies, changes in economic conditions generally and in more specifically, in the markets we operate, changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. We undertake no obligation to revise or update any forward-looking statement for any reason.
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SOURCE SPO Medical Inc.