SAN DIEGO, May 03, 2022 (GLOBE NEWSWIRE) -- Salona Global Medical Device Corporation (“Salona Global,” “SGMD,” or the “Company”) (TSXV:SGMD), an acquisition-oriented medical device company serving the global injury and surgery recovery (known as recovery science) market, announces a further expansion of its Mio-Guard® Product Line with the K-Laser® Technology suite of products.
Starting today, Salona Global will start to market and sell the products, developed by Eltech K-Laser s.r.l based in Italy, through SGMD’s Mio-Guard channel in the United States May 3, 2022. The products will sell for low to mid-five figures depending on the needs of the clinic and the devices are expected to improve SGMD’s overall gross margins, which were reported last quarter at just above 30%.
According to K-Laser®, the FDA-approved high intensity therapeutic laser is used in clinics worldwide and designed to improve muscle function, decrease muscular fatigue, and reduce stress after physical activity. One of the products, the Cube Plus 30, features software updates via Wi-Fi and a smart. U.S. warranty and service for the products, including the Cube 4 and the Cube Plus 30 devices, will be handled by SGMD’s subsidiary, South Dakota Partners, Inc.
“We are proud to have K-Laser technology as the next suite of products we are releasing through the Mio-Guard channel bringing more momentum to our newly listed and growing company,” said Les Cross, Chairman and interim CEO of SGMD. “We are focused on expanding our sales distribution footprint with exciting, high margin products. We believe this suite of laser products has competitive advantages that will set us apart with our growing customer base. We expect the sales of these high-priced products to impact our financials as soon as next quarter, both in terms of selling units and service and warranty revenues.”
Additionally, the company hired Mr. Jethro Rothe-Kushel to the team. Mr. Rothe-Kushel, a seasoned media and communications executive who has served as Vice President for the Producers Guild of America and Director of Communications for the County of Los Angeles, will be charged with media and digital strategies for the company, including shareholder communications. The company plans to publish a regular newsletter accessible to shareholders and highlight additional details about the Company to capital markets participants.
“I am pleased to welcome Jethro to the team,” said Mr. Cross. “His vast experience in the media industry will increase our communications with customers and shareholders alike.”
“We remain focused on our multi-pronged approach to growth,” continued Mr. Cross. “We have an active acquisition pipeline, and we continue to work to increase our product lines through distribution deals, acquiring or in-licensing product IP and developing several products in our Simbex innovation hub to bring to market. Our goal continues to be quarter-over-quarter growth with increasing gross margins.”
The global medical laser market size is projected to reach over USD $14.23B by 2029, according to Fortune Business Insights.
More information is available for investors at www.salonaglobal.com/investors.
For more information please contact:
Les Cross
Chairman of the Board and Interim Chief Executive Officer
Tel: 1 (800) 760-6826
Email: Info@Salonaglobal.com
Additional Information
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Certain statements contained in this press release constitute "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. These statements can be identified by the use of forward-looking terminology such as “expects” “believes”, “estimates”, "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", and "anticipate", and similar expressions as they relate to the Company. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. The Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include but are not limited to the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; disruptions in or attacks (including cyber-attacks) on the Company’s information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the United States; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with United States Securities and Exchange Commission and available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in the investor call is made as of the date of the investor call and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
