NEW YORK, January 8, 2013 /PRNewswire/ --
SPO Medical Inc. (SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced today that initial shipments of its new consumer wellness product to US mass-market retailers generated approximately $300,000 in revenues to the Company in 2012. The revenues figures are preliminary estimates and actual year end results will be published with the Company's 2013 year end audited financial statements. The Company has also received orders for additional units of this product which it anticipates delivering in Q1, 2013.
The initial wellness product manufactured by the Company is a private-labeled, consumer over-the-counter (OTC) pulse oximeter for non-medical applications, which is currently available for sale at CVS stores throughout the US. The Company is working to further expand the product distribution under private label to other large retailers. The Company's strategy is in line with the previously announced restructuring of SPO to focus its technology through its rich patent portfolio for non-medical mass-market consumer applications.
Michael Braunold, Chief Executive Officer of SPO commented: "2012 was a turning-point for the Company in which we were able to successfully implement our new consumer strategy at a time of strong market awareness for wellness products. Our decision to distribute under private-label enabled us access to mass-market retailers through partner relationships. We plan on expanding our product portfolio during 2013 to further leverage on our success to date."
SPO is in the final stages of preparing to release a new consumer wellness time-piece designed to measure overall daily activity level, especially useful for overweight or obese adults and children. This product, which the Company expects will be marketed through a strategic partner, will include unique innovative features as well as being a fashionable time-piece to continuously measure the number of daily activities and calories burned against a recommended goal. With approximately 100 million adults and children today in the US considered to be obese, SPO views this new product offering as a major opportunity not only for the Company but to assist those individuals seeking to increase their mobility and overall wellness via an affordable, simple-to-use, mass-market product.
The Company views the general wellness product category as a major growth opportunity during fiscal 2013, by leveraging its technology to monitor information related to general leisure/sport activities. In addition, the Company continues to seek strategic partnerships for other product opportunities under development such as a baby wellness monitoring device for parental reassurance while a baby sleeps and a fitness watch which negates the need for the traditional chest-strap currently being used by most sports watch manufacturers.
SPO (SPOM) is a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices to capture life-enhancing information within four key markets: medical care; sports and wellness; homecare monitoring and security. Its patented technology uses information gathered from the reflectance of light on the human body, in a noninvasive manner, to monitor key vital signs. The company manufactures its products in addition to licensing its technologies to appropriate client corporations for commercialization and distribution. For more information, visit http://www.spoglobal.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, the actual revenues recorded for 2013, the continued generation of revenues, the realization of revenues from product orders, the success, if any, of our efforts to expand distribution to additional mass market retailers, the ability to create strategic partnerships to aid in the distribution of products, profitability, market acceptance of our products and new product applications, timing of new product launches, success of the Company's rebranding program, product performance, size of prospective markets, revenue assessments, marketing strategies, success of our restructured operations and plans, our ability to generate fees or raise capital to support our business operations and plan, the sufficiency and availability of working capital, changes in economic conditions generally and in more specifically, the introduction of competing products, changes in our operating strategy or development plans patent protection for our products and technologies, changes in economic conditions generally and in more specifically, in the markets we operate, changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. We undertake no obligation to revise or update any forward-looking statement for any reason.
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SOURCE SPO Medical Inc.