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Monday, March 31, 2014

Novacab International Inc. Announces Pilot Project With Papineau Transport

Novacab International Inc. (OTC Pink: NVOB) (PINKSHEETS: NVOB) is pleased to announce, the Pilot Project with Papineau Transport International using the Novacab System. The fuel economy, using the Novacab System having been validated by Transport Canada, this specific Pilot project is monitored by a telemetric system.

 

Papineau Transport International and immediate affiliates manages more than 100/175 combined Class 8 trucks just at one Hub. Following the positive results of the fuel economy with the use of the Novacab System, a proposal for the retrofitting addition of the Novacab system is to be elaborated. For the Papineau International Transport and immediate affiliates at this Hub, this represents a potential of $2,000,000 in retrofitting over the next 3 to 4 years.

 

Once the results of the savings of the Papineau Transport trucks using the Novacab System have been tabulated, the information of the savings will be readily transmitted to all members of the Group, therefore increasing the potential of retrofitting to all the Group.

 

Papineau is also a member of Transforce Group working with and/or supervising 20+ transport companies. The possibilities of retrofitting all trucks overseen by Transforce Group, 1,000 / 1,200 trucks, is also on a period of 3 to 4 years. Please note that for all their trucks 80 % travel to the United States.

 

Papineau Transport International is also Environmentally Responsible following same guidelines implemented by the Transforce Group.

 

Novacab International also announces the opening of our first Regional Office in Palm Springs California. The opening should be in the month of April 2014.

 

We will be strategically located at the Courtyard at Palm Springs on 777 Tahquitz Canyon Way Blvd. Palm Springs, CA 92262

 

The decision for Palm Springs as the first Regional Office stems from a large number of clients, interested in pursuing negotiations for both our Novacab Systems (Thermal Energy Storage), Novacab Automotive (TES) and Novacab Commercial, Industrial and Institutional Stationary (TES/S).

 

More updates are forthcoming.

 

Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

 

Contact:
Donna Giroux
dgiroux@novacab.ca

 

SOURCE: Novacab International Inc



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AHS International Announces 2014 Recipients of Its Prestigious Awards

AHS International -- The Vertical Flight Technical Society -- today announced the 2014 recipients of its prestigious awards program, which has, since its establishment in 1944, paid tribute to the outstanding leaders of vertical flight and served as a catalyst for stimulating technological advances. This year's winners will be recognized at the 70th Annual Grand Awards Banquet on Wednesday, May 21, 2014 during AHS International's 70th Annual Forum & Technology Display at the Palais des congrès de Montréal, Québec, Canada.

 

"Few things compare to the wonder of vertical flight. The passion of the engineers, scientists and leaders who advance vertical flight technology and the dedication of the skilled pilots and crews who operate these incredible aircraft is truly an inspiration," said John Garrison, CEO of Bell Helicopter and this year's Chair of the Board of AHS International. "The prestigious AHS International Awards Program pays tribute to the extraordinary achievements and contributions of the men and women who exemplify the very best of the technical and operating communities."

 

AHS Honorary Fellow Awards are granted to Society members whose career-based leadership and innovation have significantly advanced the interests of the vertical flight community. Only two Honorary Fellowships are bestowed each year. Recipients receive lifetime membership in the Society. This year's winners are L. Kim Smith, former AHS International Deputy Director, and Philip J. Dunford, The Boeing Company, Vice President/General Manager, Operating Executive, Boeing Military Aircraft.

 

The AHS Technical Fellow Awards are granted to Society members whose career-based accomplishments towards the goals and objectives of the vertical flight technical community constitute an outstanding technical achievement. This year's recipients are Alphonse Lemanski, Retired; Dr. James Wang, AgustaWestland, Vice President for Research & Development; Dr. J.V.R. Prasad, Georgia Institute of Technology, Professor; Dr. Ram JanakiRam, The Boeing Company, Senior Manager Flight Technology and Boeing Technical Fellow, and Dr.-Ing. Wolfgang von Grünhagen, DLR, Research Engineer.

 

The Society's Captain William J. Kossler Award is given for the greatest achievement in practical application or operation of rotary wing aircraft, the value of which has been demonstrated by actual service during the preceding year. This year, the Kossler Award is being presented to two groups for their life saving heroics. The first award goes to the Uttarakhand Disaster Relief Helicopter Operators in the Indian Himalayas. The pilots and crews are being recognized for their heroic efforts delivering lifesaving supplies and evacuating those in need due to catastrophic flooding and landslides in June 2013; within seven days of the disaster, helicopters had airlifted more than 20,000 people and delivered over 500 tons of aid. A second Kossler Award is being presented to the U.S. Marine Corps Medium Tiltrotor Squadrons VMM-262 and VMM-265. The squadron members are being recognized for their heroic efforts delivering lifesaving supplies and evacuating those in need during Typhoon Yolanda (Haiyan) relief operations in the Philippines in November 2014, saving thousands of lives.

 

Taiwan-based Aerospace Industrial Development Corporation is this year's recipient of the AHS Supplier Excellence Award. This award is given to a supplier who, through the quality, innovativeness and cost-effectiveness of its products, has made a notable contribution to improving the state-of-the-art of vertical flight aircraft. This year's award is for the extraordinary performance in the fabrication and delivery execution of forty two S-92 helicopter cockpits in 2013.

 

The Grover E. Bell Award is given to the individual or organization that has fostered and encouraged research and experimentation in helicopter development. This year's recipient is AgustaWestland's Project Zero Team. The team successfully designed, built, and flew a highly innovative, one-ton, all-electric vertical flight aircraft in six months that established many world firsts, and worked as a lean and highly agile integrated team of 16 companies across three continents.

 

The Harry T. Jensen Award is given in recognition of an outstanding contribution to the improvement of helicopter reliability, maintainability, safety or logistics support through improved design or technical achievement brought to fruition during the preceding year. This year's award is presented to the S-92A Main Rotor Hub Life Extension Team. The award was given for the team's outstanding development and implementation of a methodology that extends component life through individual aircraft usage credits. Sikorsky successfully gained FAA approval of a methodology to accomplish this usage-based lifting concept approval for S-92A hub life extensions for both retired and in-service hubs.

 

This year's recipient of the Howard Hughes Award, given in recognition of an outstanding improvement in fundamental helicopter technology brought to fruition in the previous year, is the NRTC/VLC High Fidelity Icing Analysis and Validation Team. The team is being recognized for the contributions towards the understanding of fundamental aspects of rotorcraft icing and for the validation of an icing analysis tool suite which will improve safety and reduce cost and schedule for certification and qualification of rotorcraft.

 

The AgustaWestland International Helicopter Fellowship Award recognizes the most significant contribution to international vertical flight cooperation by an individual or group. This year's winner is the participants in the US/France Project Agreement on Helicopter Aeromechanics and Human Factors Integration Research: the French DGA, ONERA, U.S. Army, NASA and Georgia Institute of Technology. Established in 1971, the international collaboration is heralded as the longest-running, continuous scientific cooperation in rotorcraft for both the US and France. Its goal has been to tackle difficult and complex scientific research problems, to advance basic fundamental knowledge, and to perform precompetitive technology development, all to the benefit of the rotorcraft research and development community.

 

The Robert L. Pinckney Award is given in recognition of notable achievement in manufacturing research and development for rotorcraft or rotorcraft components brought to fruition in recent years. This year's recipient is the H-1 Pourable Foam Stiffened Structure (PFSS) Team, including Bell Helicopter and the US Navy's Naval Air Systems Command (NAVAIR), for the development of a unique elevator design utilizing carbon/epoxy skin laminates and urethane foam core. Overall, this process reduces part count by 92%, weight by 31% and overall cost by 80%, as well as cutting maintenance time to 13% of previous levels.

 

The Society's Paul E. Haueter Award is presented each year to an individual or company that has made significant contributions to the development of vertical take-off and landing aircraft (VTOL) other than helicopters. This year, the Haueter Award will be given to Jay Carter, Jr., President, Chief Executive Officer and Principal Design Engineer, Carter Aviation Technologies, LLC, for his achievements in slowed-rotor compound aircraft designs capable of providing unprecedented improvements in rotorcraft operational flexibility, efficiency, speed and safety. Mr. Carter's contributions culminated during flight testing in 2013 when Carter's 4-place second generation Slowed-Rotor/Compound (SR/C) VTOL demonstrator consistently achieved level flight lift-to-draft values of nearly 12, exceeding values of conventional helicopters by a factor of 2.5.

 

This year's François-Xavier Bagnoud Award is given to Eric Sinusas, Drive Systems Engineer, Bell Helicopter Textron, Inc. This award, established in 1992 to recognize outstanding contributions to vertical flight technology by a Society member under the age of 35, honors Mr. Sinusas's already significant technical contributions to the design of gearboxes and drive systems, development of a laser hardening method to improve wear characteristics of a rotorcraft drive spline, and to the manufacturing, lubrication, protection and repair of rotorcraft drive systems.

 

The John J. Schneider Historical Achievement Award is given in recognition of distinguished achievement by an individual in encouraging appreciation of, and enhancing access to, the history and legacy of vertical flight aircraft. This year's recipient is Peter J. Papadakos, Executive Director, Gyrodyne Helicopter Historical Foundation. The US Navy's Gyrodyne QH-50 first flew in 1959; it was the world's first operational unmanned helicopter and continued flying until 2006. Mr. Papadakos has invested decades of his personal time and wealth in enhancing access to and encouraging the appreciation of the history and legacy of vertical flight. Through his actions, he has saved and restored many QH-50 drones as historic aircraft.

 

Dr. Wayne Johnson, Chief of Aeromechanics, NASA Ames Research Center, is this year's honored recipient of the Dr. Alexander Klemin Award. This prestigious award is presented for recognition of notable achievement in the advancement of rotary wing aeronautics. He is honored for his role as an eminent aeronautical engineer, educator, and author in his 40-plus year career in rotorcraft. Dr. Johnson's seminal contributions to aeromechanics analyses, comprehensive modeling, design tools and wind tunnel testing of full-scale helicopters have had a major influence on the understanding of aeromechanical behavior and the design of modern rotorcraft systems.

 

The Frederick L. Feinberg Award is presented to the helicopter pilot(s) who have made the most outstanding achievement in the previous year. This year's award is given to the daring Pilots and Crew of RESCUE118, Irish Coast Guard Search and Rescue Base at Sligo Airport, located in Strandhill, County Sligo, Ireland. The Sikorsky S-61N crew made a heroic nighttime rescue on May 15, 2013, saving the life of an injured climber above a 1,200 ft (365 m) sheer drop in the Bluestack Mountains in severe weather, hovering a half-rotor diameter's distance from the cliff face for 20 minutes.

 

New to the AHS Annual Award Program this year is the Vertical Flight Heritage Site Award. The Vertical Flight Heritage Sites program is intended to recognize and help preserve locations with the most noteworthy and significant contributions made in both the theory and practice of helicopter and other VTOL aircraft technology. This year the committee has selected two sites to recognize for their historic significance. The Bell Helicopter Gardenville Site in Cheektowaga, New York was the site of Bell's initial helicopter developments, including construction and first flights of the three Model 30 prototypes, which would lead to more than 6,000 Bell Model 47s over four decades. Also honored is Pratt & Whitney Canada's Plant 1 in Longueuil, Québec, where the iconic PT6 helicopter engine was developed and is still produced today a half-century later, powering more than 25 different types of rotorcraft.

 

The AeroVelo Team, who won the AHS International Igor I. Sikorsky Human Powered Helicopter Competition last year, will also be fêted at the Banquet.

 

No award is being given this year for the Igor I. Sikorsky International Trophy, as there were no submissions in this category.

 

AHS International -- The Vertical Flight Technical Society -- has 6,500 members in more than 40 countries and is the world's leading technical society dedicated to the advancement of vertical flight technology and its applications. Descriptions of each of the awards and past recipients are available on the Society's website at www.vtol.org/awards.

 

Contact
Liz Malleck
lmalleck@vtol.org
(703) 684-6777 x107

AHS International -- The Vertical Flight Technical Society
217 N. Washington St. 
Alexandria, VA 22314, USA
phone: 1-703-684-6777
toll free: 1-855-AHS-INTL
fax: 1-703-739-9279
Send email: staff@vtol.org
web site: www.vtol.org

 

SOURCE: American Helicopter Society (AHS) International, Inc.



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China Commercial Credit Announces 2013 Results

China Commercial Credit, Inc. (NASDAQ: CCCR)

 

Net income of $7,704,970 on revenue of $12,541,075.

 

Year-end cash position of $9,405,865 vs. $1,588,061 at year-end 2012.

 

Loan capacity expanded with approval of IPO proceeds as contributed registered capital.

 

Total Shareholders' Equity at $84,949,906 versus $67,249,079 at year-end 2012.

 

China Commercial Credit, Inc. (NASDAQ: CCCR), a microfinance company whose current major business is providing microcredit loans and loan guarantees to small-to-medium enterprises (SMEs), farmers and individuals in Jiangsu Province, today reported that, for the year ended December 31, 2013, the company had net revenue of $12,541,075 compared to net revenue of $12,586,724 in 2012.

 

Net income for the year ended December 31, 2013 was $7,704,970, or $.81 per share, on total average shares outstanding of 9,535,161. This compares to net income of $8,312,469, or $1.04 per share, on total average shares outstanding of 7,960,662 in the prior year period. Accounting for non-cash expenses of $752,500 related to the conversion of Series A and B Preferred Shares at the closing of the company's IPO in August 2013, net income attributable to common stock shareholders was $6,952,470 for the year ended 2013 vs. $8,312,469 for the year ended 2012.

 

The decrease in 2013 net income compared to 2012 was primarily the result of an increase in total non interest expenses of $733,448, the majority of which comprised various travel expenses and legal and consulting costs. The 2013 net income was also negatively impacted by an increase in the provision for loan losses of $399,034, a charge assessed to reflect the added risk associated with the company's increase in loan receivables of approximately $4.4 million, to $90,203,413 in 2013 from $85,781,293 in 2012.

 

The company's cash position was $9,405,865 as of December 31, 2013, compared to $1,588,061 at year-end 2012. It included net IPO proceeds of $7.6 million, of which approximately $5.6 million has been approved by relevant government authorities as contributed registered capital to the company's operating entity as of the end of Q1 2014. Therefore, as of April 1, 2014, such funds can be used to expand the company's lending and guarantee capacity going forward.

 

Total Shareholders' Equity at year-end 2013 increased to $84,949,906 from $67,249,079 at year-end 2012.

 

"While net income fell moderately in 2013, we anticipate improved operating results in the current year based on an improved cash and registered capital base for expanding our microcredit lending and guarantee business, as well as contributions from our three new ventures anticipated for launch in 2014," said CEO and founder Mr. Huichun Qin. These ventures include a loan guarantee service for applicants on the Jiangsu Financial Bureau's Internet-based lending platform, utilized by thousands of SMEs, farmers and individuals in Jiangsu Province; and Pride Financial Leasing, designed to offer leases on machinery and equipment, transportation vehicles, and medical devices to municipal government agencies, hospitals and SMEs in Jiangsu Province and beyond; and Pride Lending Club, an online loan portal pairing prospective borrowers with willing lenders and loan guarantors throughout China.

 

The company's 2013 annual report on Form 10-K will be available online at www.sec.gov or by visiting the investor relations section of the China Commercial Credit website at http://www.ir-site.com/china-commercial-credit/default.asp.

 

About China Commercial Credit

 

China Commercial Credit (http://www.chinacommercialcredit.com), founded in 2008, provides business loans and loan guarantee services to more than 280 small-to-medium enterprises (SMEs), farmers and individuals in China's Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals -- which historically had been excluded from borrowing funds from State-owned and commercial banks -- are now able to borrow money at competitive rates from microfinance lenders. According to 2012 data, SMEs account for eight of ten jobs in China and comprise nearly 60 percent of the nation's GDP.

 

Investors wishing to receive CCC's corporate communications as they become available may go to http://www.ir-site.com/china-commercial-credit/default.asp and register under Email Alerts. The company's blog, "From The CEO," also appears at the same site. Each new blog post will be announced on the company's Twitter account, @CCCR_update, where readers may link directly to the post.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of United States securities laws. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. You should review the factors described in the section entitled "Risk Factors" in our prospectus filed with the SEC on August 14, 2013 and other documents we file from time to time with the SEC. We qualify all of our forward-looking statements by these cautionary statements.

 

 

 

 

 

CONTACT INFORMATION

 

Contact:

Investors

Jimmy Caplan
Asia IR/PR
512-329-9505
jimmy@asia-irpr.com

Media
Rick Eisenberg
Asia IR/PR
212-496-6828
rick@asia-irpr.com

 

SOURCE: China Commercial Credit, Inc.

 

 



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WestPark Capital Announces the Closing of $2,000,000 Financing for Digital Ally, Inc.

WestPark Capital, a Los Angeles based Investment Banking firm, announced today that it had closed a $2,000,000 private placement for Digital Ally, Inc. Proceeds will be used for general corporate purposes.

 

Digital Ally, Inc. produces digital video imaging, audio recording, and related storage products for use in law enforcement and security applications in the United States and internationally. Digital Ally, Inc. is headquartered in Lenexa, Kansas. 

 

About WestPark Capital
WestPark Capital is a full-service investment bank focused on emerging growth sectors such as healthcare, software, technology, biotechnology, financial services, manufacturing, consumer products, media and telecom industries, among other categories. WestPark provides a comprehensive range of corporate finance services, including initial public offerings, follow-on offerings, private placements, SIPOs and corporate finance advisory services. Additional information about WestPark Capital, Inc. is available at www.wpcapital.com or at info@wpcapital.com.

 

Contact:
WestPark Capital, Inc.
Richard Rappaport
CEO
(310) 843-9300

 

 

SOURCE: WestPark Capital, Inc.

 



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Minerco Resources, Inc. to Meet With All Note Holders and Lenders Prior to Investor Conference Call

Minerco Resources, Inc. (OTCQB: MINE) (the "Company"), the parent company of Level 5 Beverage Company ("Level 5"), a specialty beverage company which develops, produces, markets and distributes a diversified portfolio of all-natural and highly functional brands, announces collective and individual meetings with all of the Company's lenders and Note holders.

 

Note Holder and Lender Meeting(s)
Starting last week and continuing for the next few weeks, the Company has been and will be engaging all of our Note holders and lenders in private discussions concerning the tremendous opportunities, partnerships and challenges in front of Minerco and Level 5. We want to give all of our Lenders the opportunity to be equitable partners with Minerco and Level 5; however, Lenders unwilling to provide updated and/or equitable terms will be considered unfriendly. Minerco will finally have decisive control of our financings and is in a premier position to choose our Lenders (rather than Lenders choosing Minerco).

 

All friendly and equitable Lenders (partners) will participate in a collaborative meeting / conference call, currently scheduled for the week of April 14, 2014. These newest partnerships will help to clean up the Company's Balance Sheet, but more importantly, will provide the Company with financial stability and strength as we take the next steps in our business plan.

 

V. Scott Vanis, the Chairman of the Company, said, "This calendar year has been amazing, and we have been relatively quiet as we put some of the bigger pieces in place. The next piece is to sort lending partners from unfriendly Note holders. We know we have some very dedicated and loyal lending partners, and to them, we say 'Thank You! We look forward to a prosperous future together!' We are calling out each of our Note holders and Lenders: 'Who wants to be our partner, and who would like us to terminate the relationship permanently?' The Company hopes to have the financial partners sorted out by the end of April, so we may continue the next steps on a larger and healthier playing field. As always, we will keep you informed of developments and opportunities at the soonest opportunity."

 

Public Disclosure
Details of the Company's business, finances and agreements can be found as part of the Company's continuous public disclosure as a fully reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, please visit: www.minercoresources.com.

 

The above statements have not been evaluated by the Food and Drug Administration (FDA). These products are not intended to diagnose, treat, cure or prevent any disease.

 

Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, the company's ability to perform under existing contracts or to procure future contracts. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.

 

Please contact:
Minerco Resources, Inc.
info@minercoresources.com

John F. Powers
888-473-5150

 

 

SOURCE: Minerco Resources, Inc.

 



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Bio-AMD, Inc.; Annual Report and Operational Update

Bio-AMD, Inc. (OTCQB: BIAD) ("we", the "Company") is pleased to announce that on March 28, 2014 it filed its 10K annual report for the year ending December 31, 2013.

 

The Company here provides an operational update on progress at its core subsidiary, Bio AMD Limited, a technology developer for Point of Care ("POC") medical diagnostic devices.

 

Our strategy is to build a pipeline of POC products based across our unique technology platforms and bring products to market by way of a limited number of development and licensing deals with suitable partners or licensees, i.e. large multi-billion market capitalisation companies, ideally with a global reach. Our revenue model focuses on licence fee/royalty income and we will assess opportunities to manufacture in-house as they arise. During 2013 and to date we have continued to work toward commercialising our subsidiary's two most advanced technologies, COAG and DSR.

 

This strategy is designed to avoid "go-it-alone" development associated with assuming the totality of risks and costs associated with launching a med-tech device in a market largely serviced by powerful players. However, as we are consequently aiming to conclude a small number of significant, step-changing agreements this has resulted in slow news flow to date.

 

We have set out below an update on COAG and DSR to provide information on where the Company is in relation to potential commercial agreements. In addition, we provide an update on our Magnetic Immunoassay Detection System ("MIDS", formerly referred to as Magnetic Particle Reader or MPR) technology strategy, which we expect will underpin the next stage of our development.

 

COAG
In 2013, the POC blood coagulation market was estimated to be worth approximately US $870 million globally and projected to grow to an estimated US $1.1 billion by 2017.

 

Bio-AMD's COAG POC system is based on our disposable microfluidic strip. During 2013 we further developed our strip design to incorporate multi-chambers. This is expected to allow the testing of coagulation immunoassays that utilize multiple reagents, and is subject to a new patent application. We anticipate the newly designed strip to detect not only for the commonly tested prothrombin time ("PT")/International Normalized Ratio ("INR"), but also other tests such as Activated Partial Thromboplastin Time ("APTT"). 

 

We are in advanced and active discussions with a potential suitable partner, and anticipate that we will enter into an agreement to undertake a detailed feasibility study to assess our newly designed multi-chamber microfluidic strip for coagulation tests using immunoassays requiring single and multiple reagents. 

 

We are delighted to have interested such a potential partner in our COAG POC system and, subject to an acceptable formal agreement being successfully concluded (of which there is no certainty), we look forward to developing our COAG system for multiple coagulation tests.

 

DSR

Our DSR technology platform can read and quantify traditional chromatography based, nitro-cellulose, lateral-flow immunoassay tests, predicated on what we believe to be a unique optical sensor arrangement. The DSR comprises a proprietary design incorporating sensors, diagnostics, display and power management capabilities. A key feature of our DSR technology is that its platform can be adapted and applied to numerous and disparate lateral flow diagnostic tests.

 

During 2013 we undertook two extensive testing studies in conjunction with a potential partner, enabling the assessment of our technology for use in a disposable digital pregnancy test kit. The studies involved the creation of a disposable handheld device incorporating our technology to read lateral flow analogue test strips supplied by the potential partner with strict protocol independent testing undertaken by them. Discussions are on-going and whilst there can be no assurance that a formal agreement will be concluded we are very pleased with the results of these detailed studies.

 

MIDS, Magnetic Immunoassay Detection System

Demand is increasing for POC tests that can detect and fully quantify low concentrations of a target analyte. Currently, these types of test are laboratory based. 

 

The MIDS POC platform, in early stage development, incorporates what we believe to be a novel microfluidic strip design (including multi-chamber), combining magnetic nanoparticle manipulation and a double detection technique using bespoke Hall Effect sensors coupled with the unique Bio-AMD optical sensor. It is anticipated that the system can increase significantly the sensitivity and accuracy of the test result, bringing laboratory quality results to the POC setting. We are not aware that this method is being used in products currently being offered in the market, or in development.

 

We believe that the Bio-AMD MIDS technology has considerable potential to deliver the next generation of POC testing. This would encompass sample collection, pre-treatment, analyte specific reaction, signal production, signal reaction and final result: "from sample to result in one step". 

 

We plan to initially develop the system design using the critical marker for cardiac myocardial infarction, troponin I (cTnI). Our ultimate aim is to commercialize a POC system, using different strips for different tests, aimed at the multiple cardiac marker testing market currently estimated globally to be increasing to US $1.4 billion by 2017. We also envisage that the technology can be extended into test areas such as oncology, infectious disease, drugs of abuse and into new potential high growth areas such as companion diagnostics.

 

Tom Barr, CEO, commented, "We are a relatively small company that has engaged the serious interest of at least two global companies in each of our two most advanced POC technologies. This demonstrates the high level credibility and unique skills of our operating management and technical team. The engagement of potential suitable partners is, necessarily, taking time. However, we also have a growth plan to build upon the partnership deals we are seeking; our COAG multi-chamber strip design greatly enhances the value of our coagulation based system, and MIDS offers significant potential in the medium term; we also remain alert to manufacturing opportunities, such as producing strips in-house, which would significantly enhance our value proposition."

 

About Bio-AMD, Inc.

Bio-AMD has two majority owned UK subsidiaries: Bio AMD Limited, a technology developer for medical diagnostic devices; and the WOCU Ltd, the owner of the WOCU®, a global currency data reference source for application in financial markets. (www.wocu.com).

 

To find out more about Bio-AMD (OTCQB: BIAD), visit our website at www.bioamd.com.

 

Forward-Looking Statements
Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed on March 28, 2014, and in Company reports filed subsequently thereto. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

 

CONTACT:
Bio-AMD, Inc.
Tom Barr
CEO
+44 (0)8445 861 910

 

 

SOURCE: Bio-AMD, Inc.

 



Associated Documentation:


Link to submission on http://www.eteligis.com
BIAD_-_03-31-2014_LST_ETL.docx

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