ADM Tronics Enters Into Agreement for New Respiratory Device
NORTHVALE, N.J., Nov. 2, 2016 /PRNewswire/ -- ADM Tronics Unlimited, Inc. (OTCQB - ADMT) has entered into an agreement with QOL Devices, Inc., a private company ("QOL") regarding QOL's new respiratory therapy and training platform trademarked "Alvio™" (the "Agreement"). Alvio is targeted for use in non-regulated respiratory training applications as well as for medical respiratory indications.
In accordance with the Agreement, ADMT has received approximately 23% of QOL's outstanding shares. ADMT will conclude development of the Alvio technology and submit an application to the FDA for clearance to market in the US. Once Alvio is finalized, ADMT will be the exclusive manufacturer of Alvio technology and any other forthcoming QOL products.
QOL and ADMT plan to first introduce the non-regulated version of Alvio for sale to the public for breathing training, while preparing submission to FDA for clearance of Alvio for medical applications in the US market and for CE marking for Europe and Canadian CMDCAS.
Over 80 million people in the US and over 1 billion people worldwide suffer with respiratory challenges such as COPD (chronic obstructive pulmonary disease), CHF (congestive heart failure), and Asthma. These patients require special breathing monitoring, training, and therapeutic devices in the hospital and at home. Alvio's cloud-connected devices can serve as an enabler to lower costs and improve patient outcomes across the continuum of care in the hospital and at home.
"We are seeing significant interest for Alvio from many major medical institutions, healthcare professionals and international distributors," stated Bez Arkush, founder and president of QOL. "I am so pleased to now be working with ADMT which has the development and regulatory expertise and experience to bring our technology to market."
"We believe our devices are positioned to disrupt the $5+ billion US market and the $6+ billion international respiratory therapy market. Alvio is the world's only fully integrated respiratory therapy platform, mobile connected, respiratory sensor and trainer that can redefine respiratory therapy and training markets," continued Mr. Arkush.
Andre' DiMino, ADMT President concluded "Having an ownership in, and exclusive relationship with QOL brings the meaning of "Strategic Partnership" to a whole new dimension. As recently stated in my letter to shareholders, this is part of our plan to enhance shareholder value and continue to fuel our growth initiatives."
Alvio can provide an end-to-end solution for lung function testing, respiratory training, and data tracking, utilizing an interactive connection among patients, their caregivers, health care providers, and payers. Alvio employs games and activities to incentivize patients to complete respiratory therapy, overcoming non-compliance issues that plague offerings of conventional respiratory device manufacturers. The Alvio platform can solve a major challenge in the healthcare market by offering the next generation of a combination of data and device connectivity - it's Respiratory Therapy 2.0™.
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT has three areas of activity: Medical Device Design, Engineering, Regulatory and Manufacturing Services; Proprietary Electronic Medical Devices; and Eco-Friendly, Water-Based Formulations. The Company's headquarters, laboratories, FDA-Registered medical device and manufacturing operations are in Northvale, NJ. ADMT's multi-disciplinary team of engineers, researchers and technologists utilize advanced technology infrastructure, such as 3-D prototyping, precision instrumentation and specialized software and peripherals, for research, development and commercialization of diversified technologies. Additional information is available at the Company's websites - admtronics.com and concepttoquantity.com.
Except for historical information contained herein, the matters set forth in this news release are "forward looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes the expectations reflected in such forward looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's SEC filings, news releases and other communications. The Company assumes no obligation to update information contained in this news release.
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SOURCE ADM Tronics Unlimited, Inc.