|By PR Newswire||
|August 20, 2013 09:15 AM EDT||
NEW YORK, August 20, 2013 /PRNewswire/ --
SPO (SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced recently its financial results for the fiscal quarter ended June 30, 2013.
Total revenue for first half 2013 was $249,000 compared to no revenues for the same period in 2012. In addition the Company has a current backlog of approximately $249,000 of purchase orders which it intends to deliver during 3rd quarter 2013. The revenue increase was attributed to shipments of our new consumer wellness product to mass market retailers. Since August 2012, we have partnered with HoMedics LLC for distribution of our private-labeled pulse oximeter known as the HoMedics Deluxe Pulse Oximeter.
Furthermore, the Company announced that it has commenced commercialization of its new consumer wellness time-piece designed to measure overall daily activity levels, especially useful for the estimated 100 million obese adults & children in the US. The Company is working closely with its distribution partner to realize this retail opportunity commencing late 2013 and beyond.
Michael Braunold, Chief Executive Officer of SPO commented: "We are pleased with our continuing success, working with our partners HoMedics for retail distribution of our private-labeled pulse oximeter. Our new wellness watch will also be available for sale shortly, and we look forward to capitalizing on both these revenue opportunities in the coming quarters and into 2014. Adding this second product to our portfolio in a relatively short period of time has allowed us to further expand our strategy in the fast-growing consumer wellness market. In addition, we continue to work on other product opportunities, including a unique baby-monitor for parental reassurance when babies are sleeping and a sports watch to continuously measure heart-rate during exercise without the need of a chest strap."
The new wellness time-piece, designed both for children and adults, has innovative features including display functionality and a time-piece which continuously measures number of daily movements and calories burned against preset recommended goals. Furthermore, the watch is designed to encourage individuals to wear it with pride and to help towards improving their overall lifestyle.
Further details as to SPO's financial information and results of operations for the fiscal quarter ended June 30, 2013 are in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2013.
SPO 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, expectations as to the realization of additional revenues from the order backlog, expectations as to the timing and the commercial launch of our new consumer wellness timepiece as well as our efforts to expand distribution of products to additional mass market retailers, the ability to create additional strategic partnerships to aid in the distribution of products, expectations regarding the successful expansion of our product base to include, among other products, the baby monitor and the sports watch, 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, 2012. We undertake no obligation to revise or update any forward-looking statement for any reason.
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SOURCE SPO Medical