NEW YORK, February 2 SPO Medical Inc. (SPOM,http://finance.yahoo.com/q?s=SPOM.OB), a leading developer of biosensor andmicroprocessor technologies for use in portable monitoring devices, todayannounced it has restructured the Company operations to focus primarily onlicensing its core technology for non-medical market applications. Arestructuring plan has now been completed which involved the reduction of theCompany's corporate and manufacturing workforce and a licensing agreement forthe existing medical PulseOx product line. Going forward, SPO Medical Inc.will operate as a development and licensing company. These corporate changeswere designed to streamline the organization and right-size the G&A andoverhead structure.
Under this new structure, the PulseOx medical product line will bemarketed by SPO Medical Systems Ltd., a private Israeli company owned andmanaged by the original founder of SPO Medical, Mr. Israel Sarussi. As perthe license agreement, all worldwide sales, marketing and manufacturing ofthe PulseOx line has been transferred to SPO Medical Systems Ltd. Thelicensee has retained much of the workforce previously employed by theCompany in connection with manufacture and marketing of the PulseOx medicalproduct line. Additional details relating to the license are included in theCompany's current report on Form 8-K that was recently filed.
Michael Braunold, President and Chief Executive Officer of SPO MedicalInc. commented: "The licensing of our medical technology and associatedPulseOx product line to SPO Medical Systems Ltd. should enable further growthof our medical product offering in the market. As a result, we will befocusing all our corporate efforts on new non-medical product offerings whichrelate to consumer mass-market opportunities. The licensing agreement andassociated restructuring plan should have no impact on the current 200,000SPO Medical end-users or worldwide reseller network that operates in over 40countries that will now be serviced by SPO Medical Systems Ltd. - I haveevery confidence that the existing PulseOx product line will be furtherenhanced by Mr. Sarussi and his team."
Israel Sarussi, Managing Director of SPO Medical Systems Ltd. commented:"The opportunity now exists for further enhancement of the existing PulseOxproduct line in addition to expanding the offering by incorporating newmedical products and related technologies going forward. We look forward tomaintaining the high level of support and commitment to the existing customerbase and to the SPO authorized resellers worldwide."
During 2010, SPO Medical Inc. plans to embark on business developmentactivities that will focus on various commercial applications relating to theimplementation of reflectance pulse oximetry for non-medical markets.Applications include the consumer sports watch and associated wellnessdevices, a baby movement monitor and various other mass-market productopportunities that could use pulse oximetry in a non-invasive, convenientmanner enabling accurate and effective measurements of vital signinformation. Braunold continued; "Commercially, we believe that our uniquetechnology can attract interest from various non-medical corporations who areseeking commercial solutions for mass-market consumer markets; in addition,this strategy should further contribute to potentially increasing value forthe SPO shareholders."
About SPO Medical:
SPO Medical (SPOM, http://finance.yahoo.com/q?s=SPOM.OB) a leadingdeveloper of biosensor and microprocessor technologies for use in portablemonitoring devices to capture life-saving and life-enhancing informationwithin four key markets: medical care; home and remote-care; sports andwellness; and safety and security. Its patented technology uses informationgathered from the reflectance of light on the human blood stream, in anon-invasive manner, to monitor key vital signs. The Company licenses itstechnologies to appropriate client corporations for commercialization anddistribution. For more information, visit http://www.spomedical.com andhttp://www.spobaby.com.
Forward Looking Statements:
This press release contains forward-looking statements that involvesubstantial uncertainties and risks. These forward-looking statements arebased upon our current expectations, estimates and projections about ourbusiness and our industry, and that reflect our beliefs and assumptions basedupon information available to us at the date of this release. We cautionreaders that forward-looking statements are predictions based on our currentexpectations about future events. These forward-looking statements are notguarantees of future performance and are subject to risks, uncertainties andassumptions that are difficult to predict. Our actual results, performance orachievements could differ materially from those expressed or implied by theforward-looking statements as a result of a number of factors, including butnot limited to, our ability to raise funds, sufficiency of working capitalresources, patent protection for our products and technologies, marketacceptance of our products and new product applications, product performance,size of prospective markets, revenues assessments, changes in economicconditions generally and the medical devices market specifically, changes intechnology, legislative or regulatory changes that affect us, the sufficiencyand availability of working capital, the introduction of competing products,changes in our operating strategy or development plans and the risks anduncertainties discussed under the heading "Risk Factors" in Item 1 of ourAnnual Report on Form 10-K for the fiscal year ended December 31, 2008. Weundertake no obligation to revise or update any forward-looking statement forany reason.SPO Medical Contact: Michael Braunold, Chief Executive Officer. firstname.lastname@example.org +972-54-695-9504
SOURCE SPO Medical Inc.