NORTHVALE, N.J., May 4, 2017 /PRNewswire/ -- ADM Tronics Unlimited, Inc. (OTCQB - ADMT) announced today that its subsidiary, Aurex International Corporation ("AIC"), has entered into a Memorandum of Understanding with Gama Research and Development LTD also known as Otifleks., a leading producer of advanced hearing protection devices, to jointly develop and manufacture proprietary tinnitus prevention earplugs, and for AIC to also market and sell Otifleks current line of hearing protection devices. Otifleks produces a comprehensive line of specialized hearing protection devices used by the military, in medical applications, for those with pressure sensitivity during plane travel and for general applications, which are sold throughout Europe. AIC will market Otifleks line of products in the USA.
Otifleks is a developer and manufacturer in Istanbul, Turkey with award winning innovations in advanced hearing protection, garnering the Gold Medal at the Geneva Inventions Exposition and a winner of the Reddot Design Award. Dr. Hamit Kuralkan, founder and CEO of Otifleks, a noted researcher and audiological innovator stated, "I look forward to this collaboration with AIC and ADMT. We will strive to develop a state-of-the-art product to protect people from the debilitating onset of tinnitus."
As previously announced, AIC is spearheading 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 to be 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. Management has determined that the addition of a tinnitus prevention product, as contemplated by the arrangement with Otifleks, will expand the activities and revenue potential for AIC.
Dr. Mark Brenner, CEO of ADMT subsidiary AIC stated, "We are extremely excited about the potential for a tinnitus prevention technology as part of our offerings from AIC. The addition of tinnitus preventative products, alongside tinnitus treatment technology, provides an holistic approach to the complex health service challenge that tinnitus presents. Otifleks is an excellent partner to work with in bringing this to the world market, as well as for us to produce revenues with the Otifleks current line of hearing protection products."
Tinnitus is an auditory condition, described as the perception of sound in the head, when no outside sound is present. It is typically referred to as "ringing in the ears." The American Tinnitus Association estimates that there are up to 50 million tinnitus sufferers in the U.S. and some 250 million worldwide. The U.S. Center for Disease Control estimates that nearly 15% of the general public - over 45 million Americans - experience some form of tinnitus.
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.
SOURCE ADM Tronics Unlimited, Inc.