NEW YORK, November 14, 2013 /PRNewswire/ --
SPO Global Inc. (SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, reported financial results for its 2013 third quarter, representing the three months ended September 30, 2013.
Revenue for third quarter of 2013 totaled $245,000 and for the fiscal year to-date $494,000 compared to $278,000 in the same nine-month period of 2012. The increase in revenues during the nine-month period in 2013 was driven by continued sales of our consumer wellness products and primarily our private-labeled pulse oximeter known as the HoMedics Deluxe Pulse Oximeter.
SPO Global has also started to ship its new wellness time-piece to retailers under the "Live Well by SHARP" brand name. The wellness watch is designed to measure overall daily activity levels, especially useful for the estimated 100 million obese adults & children in the US. This new product has started to generate interest in markets outside of the US.
Michael Braunold, Chief Executive Officer of SPO Global, commented: "We are pleased with our progress to date and with our return to revenue generation during the past four consecutive fiscal quarters. We continue to try and build on our success to date by introducing new distribution partners and products to our existing portfolio and we look forward to capitalizing on additional revenue opportunities into 2014."
As announced recently, the Company changed its corporate name to SPO Global Inc. to better reflect the nature of its products and current business focus. In addition the Company is looking to add additional products to its portfolio during 2014 to further expand its offering in the fast-growing consumer wellness market. These new products include a unique baby-monitor for parental reassurance when babies are sleeping and a sports watch to continuously measure heart-rate during exercise without the need of a chest strap.
Further details as to SPO's financial information and results of operations for the fiscal quarter ended September 30, 2013 are in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2013.
SPO is a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices to capture life-enhancing information within four key markets: sports, wellness, homecare monitoring and security. Its patented technology uses information gathered from the reflectance of light on the human body, in a noninvasive manner, to monitor key vital signs. The company manufactures its products in addition to licensing its technologies to appropriate client corporations for commercialization and distribution. For more information, visit http://www.spoglobal.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, expectations regarding the market acceptance of the newly launched wellness watch, profitability, product performance, size of prospective markets, revenue assessments and ability to realize revenue opportunities, marketing strategies, our ability to generate fees or raise capital to support our business operations and plan, the sufficiency and availability of working capital, changes in economic conditions generally and in more specifically, the introduction of competing products, changes in our operating strategy or development plans patent protection for our products and technologies, changes in economic conditions generally and in more specifically, in the markets we operate, changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. We undertake no obligation to revise or update any forward-looking statement for any reason.
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|SOURCE SPO Medical|
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