Orders for consumer wellness products continue to increase
NEW YORK - SPO Medical Inc. (SPOM [http://finance.yahoo.com/q?s=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 [http://finance.yahoo.com/q?s=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 www.spoglobal.com.
SPO Medical Inc.