LOS ANGELES, March 20, 2012 /PRNewswire/ -- BG Medical Technologies, Inc. (OTC: RIGH) is pleased to issue the following shareholder update on the status of current operations and a brief review of ongoing accomplishments. BG Medical Technologies continues to grow as a services leader in data collection for the medical marijuana industry while growing a broad horizontal of natural medicine and technology-related holistic healthcare solutions. The company remains proud in its differentiating position as one of the few publicly traded cannabis companies with actively deployed products and services producing revenue positive results.
BG Medical continues to grow its flagship service, BudGenius.com, a widely recognized brand of medical marijuana research, testing, and Internet technologies. The company also announces today that several high-value acquisitions are currently in progress to expand marketing influence, client accessibility, and additional revenues. Each of these proposed acquisitions leverages the company's proven track record of technical and marketing expertise without reliance on dilution or capital expenditures. The company expects to make several significant announcements prior to the closing of Q2.
The company restates its position in pursuing uplisting to an exchange requiring commitments of higher scrutiny and transparency. An audit has been previously performed on the public entity, and the company reaffirms its strategy to engage the previous auditing firm to bring the company current with recent activity. The company also reaffirms plans to file both recent and 2011 Q4 financials in a timely matter congruent with exchange policies. Name and symbol changes remain patiently in progress to best support a smooth transition.
Recently, DTCC issued a "trade-for-trade" brokering designation. In limited cases this has led to unwarranted concerns of this action being misrepresented as a "chill" on trading actions. BG Medical would to be emphatically clear that no global chill on the stock has been issued. It is felt that DTCC has taken these precautionary measures to protect shareholder interests from large volume traders that may have previously exhibited undesired influence on trading positions. As witnessed in recent days, the public entity remains stable and accessible through widely accepted brokerage channels. While recognized as a protectorate action, the company plans to engage the DTCC to re-satisfy all regulatory requirements. The company's legal representation has significant experience in SEC compliance and moves forward in full confidence of resolution.
"BG Medical's services represent a tremendous value in an incredibly accelerating market. The excitement surrounding advancements in medical marijuana continues to evolve into an unstoppable movement with unprecedented support from Americans seeking safe and viable healthcare alternatives," defined CEO, Angel Stanz. "We established ourselves as a publicly traded entity earlier this year to share this grand opportunity with investors and shareholders. In doing so we acquired an existing frame that came with preset resistance levels. We feel strongly that the current trading levels are a misnomer to our ability to generate revenue and groundbreaking news through deployed products and services. We remain committed to building shareholder value as the public entity's position performs a natural rebalancing in the marketplace to appropriately receive us."
About BG Medical Technologies
BG Medical Technologies develops ancillary support services for medical cannabis patients and professionals, including its flagship medical marijuana research laboratory and website portal, BudGenius.com. BG Medical Technologies, Inc. currently trades under the symbol OTC:RIGH. Symbol and name change pending. http://www.BgMedTech.com
BG Medical Technologies and its companies do not sell, grow, harvest, cultivate, nor distribute medical cannabis.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Chief Executive Officer
SOURCE BG Medical Technologies, Inc.