BioElectronics Ends 2009 with International Product and Partner Gains
Source: BioElectronics Corp. On Wednesday December 30, 2009, 10:00 am EST
FREDERICK, Md.--(BUSINESS WIRE)--BioElectronics Corp. (PINKSHEETS: BIEL - News), the maker of inexpensive, disposable, drug-free anti-inflammatory devices, today announces product gains in the international market as well as new international distributor and marketing partnerships. As a result, BioElectronics is expecting significant gains in international markets throughout 2010.
Mr. Andrew Whelan, CEO of BioElectronics provides the following update to investors and other stakeholders:
“Earlier in 2009, we had stated that our corporate priorities were the completion of clinical studies, United States Food and Drug Administration (FDA) filings and the building of our brands. I am pleased to say this management team has helped BioElectronics make excellent strides in these areas. This year we completed several major studies, which we filed in support of our FDA applications. Over the past two months our staff has worked diligently on additional applications seeking reclassification of our products from Class III to Class II. We believe this application contains compelling evidence that our products are not only effective, but are also safe. We remain confident that FDA clearance will be granted for our products. We believe our meeting, which is scheduled with the FDA for January, will allow us to make significant progress towards that goal. In the meantime, our international marketing efforts are moving into high gear with significant progress already being realized.
“Today, we are announcing several significant international orders and partnerships. Our new distributor in Columbia, Health Tools S.A., has placed an order for both Allay, ActiPatch, and HealFast in support of the Latin American direct response TV campaign and its direct sales operations. We are also anticipating additional orders from our other Latin American partners. Additionally, our Turkey distributor has made a substantial commitment for product in support of direct response TV marketing campaigns in that region.
“The management team has also been spending a considerable amount of time fostering relationships to drive sales in Asia. We recently finished our television advertising spots targeting China and those will be tested during the first quarter of 2010. Over the next several months members of the team will visit our Chinese marketing partner, Chinese government officials and television station executives in China. We view this as a very exciting revenue generation opportunity. We are also happy to announce we have completed negotiations with a well financed public company that will act as our marketing partner in Japan. Over the next few days we are expecting this partner to place a significant pre-order for product. We have long been excited about the Japanese market and believe it could ultimately be our largest market outside the United States.
“The significant revenues we expect from these efforts will allow us to further strengthen our year-end balance sheet and position us well for substantial revenue growth in 2010 and beyond.”