LOS ANGELES, Aug. 31 Signalife, Inc.(Amex: SGN), Lowell T. Harmison, President and acting Chief Executive, hasrelease the following corporate update since his matriculation into thePresidency last month:
"In short, I have achieved more than I anticipated in several short weeks,and the momentum toward device approvals, ventures, sales and earnings are atthe center of that gaining momentum. I am still planning on a near-termconference call with the marketplace, but I wish to complete certaintouchstone events before having that call. I am always available forshareholder calls and can be reached through our corporate offices,"added Dr. Harmison.
Signalife, Inc. is a life sciences company focused on the monitoring anddetection of disease through continuous biomedical signal monitoring.Signalife uses its patented signal technology to design and develop medicaldevices that simplify and reduce the costs of diagnostic testing and patientmonitoring in an ambulatory setting.
Signalife is publicly traded on the American Stock Exchange under thesymbol SGN. The website for the company is http://Signalife.com. Clear Data.Trusted Results.
Caution Regarding Forward-Looking Statements:
Statements in this release that are not strictly historical are"forward- looking" statements. Forward-looking statements involve known andunknown risks, which may cause Signalife's actual results in the future todiffer materially from expected results. Factors which could cause orcontribute to such differences include, but are not limited to, failure tocomplete the development and introduction of heart monitoring and otherbiomedical devices incorporating Signalife's technology, failure to obtainfederal or state regulatory approvals governing heart monitoring and otherbiomedical devices incorporating Signalife's technology, inability to obtainphysician, patient or insurance acceptance of for heart monitoring and otherbiomedical incorporating Signalife's technology, and the unavailability offinancing to complete management's plans and objectives, including thedevelopment of heart monitoring and other biomedical incorporating Signalife'stechnology. These risks are qualified in their entirety by cautionary languageand risk factors set forth and to be further described in Signalife's filingswith the Securities and Exchange Commission.1. Dr. Harmison has already "cleaned house" and has eliminated several positions that were producing no revenue whatsoever and no hope of any positive results for the Company, in his view. That was done immediately by Dr. Harmison and was done by the Dr. personally. "We are now operating within five separate departments: Sales, R&D, Operations, FDA, Regulatory. These positions are now compartmentalized and operating efficiently under my direct supervision." 2. As promised, and as announced, Dr. Harmison has participated in obtaining a $102 million financing vehicle for the Company. Dr. Harmison calls this an "extremely valuable" facility, because it enables the company to choose the market conditions - and stock price - at which it shall exchange its stock for capital." Dr. Harmison continues: "We are thankful to the AMEX for so efficiently and in good faith evaluating and approving our financing transaction. The market appears to be getting the message that - when my sales initiatives bear fruit in the upcoming near term - the obtaining of $100 million at the market price is a testament to our technology - referred to as a "modern medical miracle" by NBC. Any other result would have been unfair to our shareholders, and I promised that I would create a new era for our shareholders - one with revenues, earnings, profits, growth and corporate accolades." 3. According to Dr. Harmison, "