ZUG, Switzerland, June 9, 2017 /PRNewswire/ --
LifeWatch AG (SIX Swiss Exchange: LIFE), a leading developer and provider of medical solutions and remote diagnostic monitoring services in the digital health market, is pleased to announce that LifeWatch Services, Inc., the US subsidiary of LifeWatch AG, has successfully completed the five- year term of its Corporate Integrity Agreement (CIA).
In March 2012, LifeWatch entered into a Settlement Agreement with the U.S. Department of Justice, Office of the Inspector General (OIG) agreeing to pay $18 million and operate under a five-year CIA. The case pertained to certain sales-related activities. During the five-year period, LifeWatch operated under the guidance of an Independent Review Organization and submitted reports of its compliance activities, on an annual basis, to the OIG. Today that additional oversight has come to an end with the successful completion of the five-year CIA. LifeWatch's CEO Dr. Stephan Rietiker commented, "We are pleased to be able to move past this chapter in the company's history. We are strongly committed to delivering diagnostic cardiac monitoring services with the highest levels of integrity, compliance and patient safety. The highest standards of ethics and compliance are part of LifeWatch's DNA, and we will continue to use established best practices developed during the OIG oversight as an integral part of maintaining a comprehensive and effective compliance program."
About LifeWatch AG
LifeWatch AG, headquartered in Zug and listed on SIX Swiss Exchange (LIFE), Switzerland, is a leading healthcare technology and solution company, specializing in advanced digital health systems and wireless remote diagnostic patient monitoring services. LifeWatch's services provide physicians with critical information to determine appropriate treatment and thereby improve patient outcomes. LifeWatch AG has operative subsidiaries in the United States, in Switzerland, Israel and Turkey, and is the parent company of LifeWatch Services Inc., LifeWatch Technologies, Ltd. and LifeWatch Turkey Holding AG (joint venture). LifeWatch Services, Inc. is a leading U.S.-based provider of cardiac monitoring services. LifeWatch Technologies Ltd., based in Israel, is a leading manufacturer of digital health products. LifeWatch Sağlık Hizmetlerine A.S. is the operative Turkish subsidiary of LifeWatch Turkey Holding AG and provider of mobile cardiac telemetry services in Turkey. For additional information, please visit http://www.lifewatch.com.
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This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding future results of operations and financial position, the business strategy, and plans and objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect" and similar expressions are intended to identify forward-looking statements. LifeWatch AG has based these forward-looking statements largely on current expectations and projections about future events and financial trends that it believes may affect the financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances described may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All forward-looking statements are based only on data available to LifeWatch AG at the time of the issue of this press release. LifeWatch AG does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
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SOURCE LifeWatch AG