SPO is developing a series of consumer wellness devices that includes the world's first performance monitoring wristband, known as the Wellness 10k™, designed for both children and adults and featuring a display function to continuously measure the number of daily activities against preset recommended goals. A heart-rate monitor sports watch has also been developed to measure continuous heart-rate without the need to wear a conventional chest strap, unlike many other heart-rate monitor watches that are on the market.
Both SPO products are currently at an advanced stage of development and SPO expects the Wellness 10k™ wristband to be launched later this year following a recent successful test marketing program. Braunold continued; "Securing this equity line with Dutchess is an important milestone for the Company and its shareholders; we can now focus on bringing our wellness product line to the consumer market."
A more detailed description of the Dutchess agreement is set forth in the Company's Form 8k recently filed with the SEC.
Dutchess Capital is an investment manager which provides creative financing for promising, growth-stage companies. Founded in 2000, funds managed by Dutchess have made over $200 million in direct investments in companies throughout North America, Europe and Asia. For almost a decade, Dutchess has been a global leader in Equity Line Facilities ("ELF") and has transacted in excess of $1.8 billion in such financings. The ELF is a flexible financing structure by which publicly traded companies can raise capital quickly and more efficiently than most traditional offerings.
SPO (SPOM) is
a leading developer of biosensor and microprocessor technologies
for use in portable monitoring dev
|SOURCE SPO Global|
Copyright©2010 PR Newswire.
All rights reserved