SCOTTSDALE, Ariz., Jan. 14, 2020 /PRNewswire/ -- Electromedical Technologies, Inc. (OTC: ELCQ) (the "Company), the developer and manufacturer of WellnessPro Plus™ therapeutic medical device, is pleased to provide this corporate update summarizing its business to date, and its goals for 2020.
The Company develops and manufactures proprietary medical devices targeting physical pain relief. The Company's flagship product is the WellnessPro Plus™, developed in 2007. The WellnessPro Plus™ is a portable device designed to deliver localized pain relief, supplied by its distribution of calibrated electrical energy pulses.
The Company's mission is to develop, market and raise awareness of using electronic pulse therapies as a possible effective replacement or possible complement to current drug therapies targeting pain relief.
The Company's proprietary technology in the WellnessPro Plus™ is based on its unique energy delivery system called DeepPulse™. DeepPulse™ delivers a low voltage current to treat localized pain, and the Company believes that it provides longer lasting and more effective pain relief than many drugs and other products on the market.
The WellnessPro Plus™ received FDA clearance on July 6, 2007, as a Class II Medical Device, pursuant to the Company's FDA clearance granted under section 510(K). The intended use of the WellnessPro Plus™ is for the treatment chronic intractable and acute pain, and as an adjunctive treatment for post-surgical and post-traumatic acute pain. The WellnessPro Plus™ is also qualified to be sold and used in Mexico.
The WellnessPro Plus™ was found to meet device safety standards for Radiated Emissions, Electrostatic Discharge, Radiated Immunity and device safety.
Today, many patients use the WellnessPro Plus™ in a variety of settings by healthcare professionals, athletes, coaches and others.
Commenting on the WellnessPro Plus™, the Company's President and Principal Executive Officer, Matthew Wolfson, observed:
"A new era and a new category of medicine is emerging in the way we treat chronic pain. By learning to read and correct the electrical signals that travel between the brain and the body's organs, we believe that a whole new frontier in treating chronic and acute pain will become reality in the not too distant future. By using energy, frequency and vibration, we want to unlock the body's natural ability to achieve wellness, better health and a better quality of life. The WellnessPro Plus™ device provides variable and rotating frequencies that we believe triggers endorphin release, which helps to relieve chronic and acute pain without the use of drugs."
The Company's 2019 Achievements
The Company completed Regulation A+ Tier II offering; filed 15C-211 with FINRA to commence trading; and listed on the OTC Markets Pink Tier under ticker Symbol "ELCQ." The Company completed an independent audit of its financials and filed a registration statement with the Securities and Exchange Commission on November 12, 2019, and is working on addressing comments from the Commission, with the goal of becoming a fully reporting company under the Securities Act.
The Company's Goals for 2020
The Company is actively engaged in research and development efforts on a new device it is calling the "WellnessPro Pod." The Company envisions this device to provide more portability and features. The Company's research and development's goals for the "WellnessPro Pod" will be to expand the therapeutic uses for the Company's technology, and to determine whether its technology may be helpful in other possible areas of treatment, such as PTSD, insomnia, depression, and anxiety. The Company also intends to pursue research and development to incorporate laser technology into its products that may allow the Company to enter the cosmetic applications market.
The Company also intends to extend its marketing outreach to wellness centers, targeting venues with significant patient traffic. The Company also expects to qualify its products for use in the European Union and Canada, further expanding its available markets.
The FDA's issuance of a 510(k) clearance as a Class II Medical Device does not mean that FDA has made a determination that the Company's device complies with other requirements of the Act or any Federal statutes and regulations administered by other Federal agencies.
This news release contains "forward-looking statements," which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as "anticipate," "seek," "intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our Form S1, and other periodic reports filed from time to time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
SOURCE Electromedical Technologies, Inc.