NEW YORK, April 12, 2024 (GLOBE NEWSWIRE) -- Evome Medical Technologies Inc (the Company or Evome) highlighted the strengthening credit relationship with Pathward, N.A. (Pathward), the Company's senior lender. As the Company works to sell non-core business units to reduce acquisition debt in an effort to improve operational profitability, Pathward provides working capital to fuel revenue growth of the Company's new Biodex products. Pathward has featured the strong and growing relationship with Evome as an example of its willingness to fund growth companies:
Evome Medical Technologies enjoys multi-year expansion with financing from Pathward Web link:https://www.pathward.com/news/evome-medical-technologies-enjoys-multi-year-expansion-with-fina/
This focus on revenue growth and market expansion has led the Company's operating subsidiary, Ž Biodex Rehab Systems, LLC (Biodex), to launch a new, high-tech product called the RST (Reactive Step Trainer), previously announced by the Company. The RST was launched by the Company at the American Physical Therapy Association Combined Sections Meeting in Boston on February 15, 2024. The RST is designed to improve balance and reduce tripping and falling, particularly among elderly patients. The Reactive Step Trainer can provide repetitive conditioning training along with random and on-demand perturbation challenges, designed to help patients improve their compensatory step strategies and reduce fall risk. It has been meticulously engineered to be cost-effective, ensuring accessibility to a wider range of patients, while also prioritizing functionality to effectively cater to the clinical requirements of Physical Therapists.
Looking ahead, Evome plans to continue its innovation with the upcoming launch of the SpaceTek Knee™. This isokinetic device, co-developed with NASA, represents another milestone in Evome's commitment to advancing medical technology and improving patient outcomes while improving margins and increasing sales by democratizing its technology to a broader market.
As we focus on the higher margin Biodex product line, we will work towards shedding non-core assets for the purpose of reducing existing acquisition debt, said CEO Mike Seckler. Simbex was an excellent example of this strategy. By selling Simbex, we both paid down a significant portion of acquisition debt and we are able to focus our time, capital and energy on the Biodex product line.
The Company also announced that the non-binding letter of intent (LOI) to extend acquisition debt related to the Company's acquisition of Simbex LLC in 2021, previously announced by the Company on February 8, 2024, has been cancelled and the unsecured and subordinated debt will revert to its previous status as an unsecured subordinated debt of the Company.
Mike Seckler ŽChief Executive Officer ŽTel: 1 (800) 760-6826 ŽEmail: Info@Salonaglobal.comŽ
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Žpolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Žrelease.Ž
Certain statements contained in this press release constitute "forward-looking information" within Žthe meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities Žlaws. These statements can be identified by the use of forward-looking terminology such as expects ŽŽbelieves, estimates, "may", "would", "could", ŽŽ"should", "potential", ŽŽŽŽŽ"will", "seek", "intend", ŽŽ"plan", and "anticipate", and similar expressions as they relate ŽŽŽŽto the Company, including: Žthe Company reducing debt by divesting non-core business units and the financial implications of such divestitures; the benefits of using the RST; and the Company launching its SpaceTek Knee™ product toward the end of the year. All Žstatements Žother than statements of ŽŽhistorical fact may be forward-lookingŽ information. Such statements reflect the Company's current Žviews and intentions with respect to future Ževents, and current information available to the Company, Žand are subject to certain risks, Žuncertainties and assumptions, including: the Company successfully identifying a buyer for a non-core business and negotiating and closing a sale; the Company having the necessary capital to complete its business objectives. The Company cautions that the forward-looking statements contained Žherein are qualified by important factors that could cause actual results to differ materially from Žthose reflected by such statements. Such factors include but are not limited to the ŽŽgeneral business Žand ŽŽeconomic Žconditions in the regions in Žwhich the Company operates; the ability of the Company to Žexecute on key ŽŽpriorities, Žincluding the successful completion of acquisitions, businessŽ retention, andŽŽ Žstrategic plans and toŽŽ attract, develop Žand retain key executives; difficulty integrating newly acquired Žbusinesses; ŽŽongoing or new disruptions in the supply chain, the extent and scope of such supply chain Ždisruptions, and the timing or extent of the resolution or improvement of such disruptions; the ability ŽtoŽŽŽ implement business strategies and pursue business opportunities; ŽŽdisruptions in or attacks ŽŽ(including Žcyber-attacks) on the Company's information technology, internet, network access or other ŽŽŽvoice or data Žcommunications systems or services; the evolution of various types of fraud or other ŽŽŽŽcriminal behavior to which Ž the Company is exposed; the failure of third parties to comply with their Žobligations to ŽŽ the Company or its Žaffiliates; theŽ impact of new and changes to, or application of, Žcurrent laws and regulations; Žgranting of permits and licenses in a highly regulated business; the ŽŽoverall difficult ŽŽŽŽŽlitigation environment, including in the United States; increased competition; changes Žin foreign currency rates; Žincreased ŽŽŽŽfunding Žcosts and market volatility due to market illiquidity and Žcompetition for funding; the Žavailability of funds ŽŽŽŽand resources to pursue operations; critical ŽŽaccounting estimates and changes to accounting standards, policies,ŽŽŽŽ and methods used by the ŽCompany; the occurrence of natural and unnaturalŽŽ catastrophic Ževents Žand claims ŽŽŽŽresulting from such Ževents; as well as those risk factors discussed or Žreferred to Žin the ŽCompany's disclosure Ždocuments Žfiled with United States Securities and Exchange Commission Žand Žavailable at Žwww.sec.gov, and with ŽŽthe securities regulatory authorities in certain provinces of Canada and ŽŽavailable at ŽŽwww.sedarplus.ca. Should any Žfactor affect the Company in an unexpected manner, or should ŽŽŽassumptions underlying Žthe forward-looking Žinformation prove incorrect, the actual results or events Žmay differ ŽŽmaterially from the results Žor events predicted. ŽAny such forward-looking information is Žexpressly qualified in its ŽŽentirety by this cautionary Žstatement. Moreover, Žthe Company does not Žassume responsibility for the accuracy or ŽŽcompleteness of such Žforward-looking Žinformation. The Žforward-looking information included in this press release ŽŽis made as of the Ždate of this press Žrelease Žand the Company undertakes no obligation to publicly update or revise ŽŽany forward-Žlooking Žinformation, Žother than as required by applicable lawŽ.Ž
Source: Evome Medical Technologies Inc.