LOS ANGELES, Dec. 1, 2011 /PRNewswire/ -- Decision Diagnostics Corp. (OTCQB: ISCRD), a leading provider of prescription diagnostics, home testing products for the chronically ill, a leading fulfillment provider of direct to patient diabetes programs, and a leading developer of revolutionary cell phone centric e-health products and technologies, today announced a series of important initiatives. The company plans additional announcements as additional initiatives are completed:
- Effective November 25, 2011, Instacare Corp. changed its corporate name to Decision Diagnostics Corp. The new name reflects the Company's emergence as a vertically integrated provider of at-home diagnostics and more appropriately reflects the growth initiatives in place going forward. The name change as also a condition of the merger of Diagnostics Newco LLC.
- The Board of Directors announced a 1 for 14 reverse split, effective December 1, 2011. The reverse split is designed to help the Company to qualify for its common stock to be listed on a national exchange.
- Management plans to apply to have its common stock quoted on the NASDAQ Bx exchange early in 2012. Management expects the current stock symbol to be changed in the next several days, pending final approval by FINRA.
"Over the last two years, we have substantially added to the Company's focus, transitioning from a provider of innovative handheld technologies by adding a comprehensive, full-service line of diabetic testing products offering a wide and growing range of at-home diagnostics," commented Keith Berman, the Company's Secretary and CFO. "This effort has allowed us to rapidly grow revenues and the progress has positioned us to take the important steps we are announcing today. These initiatives, coupled with on-going operational improvements, allow us to streamline our capital structure and apply for a national listing for our common stock. This listing will significantly enhance the visibility of our stock for investors and drive increased liquidity. We are excited to announce these important efforts today."
Mr. Berman continued, "The Company is undertaking these efforts as it continues to prepare for the introduction of a proprietary diagnostic product, the Shasta Genstrip, for at-home testing of blood glucose, a $20 billion worldwide market. The Shasta Genstrip is in the final stages of review before the U.S. Food and Drug Administration and is expected to be introduced as soon as this review is completed.
On November 1, 2011, the Company completed the acquisition of Diagnostic Newco LLC from its owner, Kimberly Binder. Diagnostic Newco LLC is a design company that specializes in product and packaging design, medical products advertising design and graphic art. Ms. Binder will join the staff of the Company's Pharma Tech Solutions, Inc. subsidiary and work closely with the contract manufacturer for Genstrip, improving the packaging design of the product and all new products joining our product pipeline. We intend to acquire additional private companies, focusing on small engineering companies that have developed technology requiring either regulatory approval, distribution or both. We will have more to announce in this regard in the coming days.
"In anticipation of the exciting launch of this proprietary consumable technology, we have phased out certain sales of those brand name products that have been a backbone of our current distribution business but will, in the future, compete with our Shasta Genstrip," added Mr. Berman. "While this has impacted revenue in the short term, it positions us for accelerated growth and higher profit margins in the future, as we take a larger share of this growing market for at-home, consumable diagnostics. We are moving quickly to achieve our goal of becoming a vertically integrated, full service value added provider of products and services to an ever-growing market. The at-home diabetes testing market continues to grow in excess of 20% per year, doubling in size from a current $20-plus billion base in 2010 to over $40 billion in 2015."
For more information about Decision Diagnostics Corp., Pharma Tech Solutions, Inc. and/or its revolutionary MD@Hand cell phone centric technologies, please visit the Decision Diagnostics Corp. web site www.decisiondiagnostics.com or www.pharmatechdirect.com, or call the company at (805) 446-2973.
This news release contains forward-looking statements about our business, or financial condition and prospects that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this news release, words such as "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions.
SOURCE Decision Diagnostics Corp.