Huntington Beach, CA (PRWEB) February 20, 2013
iTech Medical, Inc. (“iTech”) (OTC: IMSU) (FWB: 0IM) announced today that it has completed the acquisition of BIOflex Medical Magnetics, Inc. (“BIOflex”), a private healthcare company that has been developing and selling magnetic therapy devices for over 25 years. This acquisition strengthens iTech’s corporate presence by adding more than 20 commercialized products that are currently being sold around the world.
“We’re excited to announce our official merger with BIOflex Medical Magnetics as we have already been working closely with the company for the past year,” says Wayne Cockburn, CEO of iTech Medical. “Our new partnership with BIOflex creates transformative opportunities for iTech in the Complementary and Alternative Medicine, or CAM market. CAM is one of the fastest growing fields in healthcare and is more widely used today than ever before. Millions of people worldwide are spending billions of out-of-pocket dollars on CAM therapies – including medical magnets - and its widespread use continues to have an impact on users, practitioners, researchers and policy makers.”
BIOflex owns the worldwide rights to the patented Composite Concentric Circle (CCC) flexible biomagnet. The CCC technology incorporates a proprietary design and magnetic field strength to maximize the therapeutic effects at the source of pain and discomfort. Millions suffer from acute or chronic pain every year and the effects of pain exact a tremendous cost in terms of health care costs, rehabilitation and lost worker productivity, as well as the emotional and financial burden it places on patients and their families. The worldwide magnet therapy industry has estimated sales of over a billion dollars per year, including $300 million dollars per year in the United States alone.
A summary of the transaction is as follows:
- BIOflex Medical Magnetics was purchased for 38 million shares of iTech Medical in an all-stock transaction
- Wayne Cockburn will continue as CEO of the combined company
- Charles Zablotsky will remain President of BIOflex Medical Magnetics
- Two members of the iTech Board of Directors and two members of the BIOflex Board of Directors will serve on the new Board of Directors, with a fifth member to be appointed in 2013
- iTech Medical will be moving its headquarters to Salt Lake City, UT and BIOflex Medical Magnetics will continue to be headquartered in Ft. Lauderdale, FL
“BIOflex Medical Magnetics is recognized as one of the leading developers of medical magnetic products; products that are supported by independent, peer-reviewed scientific and clinical research,” said Cockburn. “The partnership with BIOflex provides iTech with a unique opportunity to build on this fundamental research and to develop and commercialize a comprehensive line of diagnostic and therapeutic products that address the pain market.”
About BIOflex Medical Magnetics
BIOflex Medical Magnetics is engaged in the sale of the patented BIOflex magnetic therapy product line. BIOflex is the original magnet manufactured specifically and exclusively for human medical use. Medical magnets are an accepted form of therapy for use on sports injuries and chronic pain conditions including tendonitis, wrist and elbow pain, sprains and strains and chronic lower back pain. BIOflex Concentric Circle Magnets have been clinically tested at a number of prestigious institutions including the University of Kentucky, University of Tennessee and the Baylor College of Medicine.
For more information, visit the BIOflex Medical Magnetic Systems website: http://www.bioflexmagnets.com
About iTech Medical - (OTC: IMSU - News) (FWB: 0IM - News)
iTech Medical is engaged in the research and commercial development of healthcare information systems and technologies. To date, the Company has focused on developing a proprietary platform called Muscle Pattern Recognition (MPR), a unique clinical and rehabilitation tool for the analysis of muscle function.
For more information, visit the iTech Medical website: http://www.iTechMedical.com
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management’s current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “project,” “plan,” “outlook,” and other words and terms of similar meaning.
These statements involve a number of risks and uncertainties that could cause actual results to materially differ from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: general economic conditions, acquisitions and development of new businesses, divestitures, product availability, sales volumes, pricing actions and promotional activities of our competitors, profit margins, weather, changes in law or regulations, foreign currency fluctuation, availability of suitable real estate locations, our ability to react to a disaster recovery situation, and the impact of labor markets and new product introductions on our overall profitability.
iTech Medical cautions that the foregoing list of important factors is not complete and assumes no obligation to update any forward-looking statements that it may make. All such forward-looking statements are current only as of the date on which such statements were made. iTech Medical, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
iTech Medical, Inc.
Huntington Beach, CA