SAN DIEGO, April 26, 2022 (GLOBE NEWSWIRE) – Salona Global Medical Device Corporation (“Salona Global”, “SGMD” or “the Company”) (TSXV: SGMD), an acquisition-oriented medical device company serving the injury recovery market Surgery (commonly known as Reconstructive Science) today announced the expansion of its product lines under its Mio-Guard® brand with its first premium grade electrode, which it plans to make available to customers in June 2022.
The company also presented highlights of the current technology portfolio it is using to expand its product line.
Premium Mio-Guard electrodes
With the recently announced (April 5, 2022) acquisition of its intellectual property portfolio, Salona Global is introducing the Mio-Guard Premium Grade Electrode to the recovery science market. The electrode is a multi-layered gel electrode used for transcutaneous electrical nerve stimulation and muscle electrical stimulation treatments. Manufactured in an FDA approved facility of Salona Global, the electrode provides excellent adhesion and comfort allowing it to be used multiple times without risk of injury. The product will be sold as four individual electrodes per package with a layer of carbon film for optimal electrical current distribution and electrode pads that do not sacrifice performance or adhesion. Incorporating the latest electrode manufacturing technology, Mio-Guard combines a special bonding with a moisture barrier to provide greater comfort and relief and speed up the healing process.
Leverage your existing technology portfolio to expand your product
The Simbex® Innovation Business Unit located in Lebanon, New Hampshire, has a long and strong track record in product innovation with a patented competitive advantage in several markets. As a wholly owned subsidiary of Salona Global, Simbex focuses on developing new, advanced products for the recovery science market that can be produced at Salona Global’s FDA approved facility and marketed under Salona Global’s owned brands, such as Mio-Guard.
The range of products created includes:
1. Riddell InSite Smart Football Helmet: https://simbex.com/work/riddell/
2. BionX Powerfoot Ankle: https://simbex.com/work/bionx/
3. Hololog Pain Relief Device: https://simbex.com/work/hollywog/
4. MedRythyms Sensor: https://simbex.com/work/medrhythms/
“This is the first product we have launched as a fully integrated medical device company. Having an IP and having the product available for sale in just a few months is a significant achievement for our newly listed and rapidly growing company,” said Les Croese, Chairman and Interim CEO of SGMD. The Mio-Guard branded electrode is the latest component of an innovative range of products that we plan to distribute under our Mio-Guard brand. Recent intellectual property acquisitions are an important part of our multi-pronged growth plan. We plan to continue driving revenue and profit margins from top to bottom by sourcing or developing devices, producing them locally, and then marketing and distributing them as branded products that have a tangible and measurable impact on the customers we serve.”
The global medical electrodes market size is expected to reach more than 1.7 billion US dollars by 2028, according to a recent study by Brandessence Market Research.
For more information please contact:
Not a cross
Chairman and Interim Chief Executive Officer
Tel: 1 (800) 760-6826
There can be no guarantee that any acquisition will be completed or the timing of any acquisitions. Completion of any transaction will be subject to the approvals of the relevant manager, shareholders and regulators.
Neither the TSXV nor the Regulatory Services Provider (as this term is defined in the TSXV Policies) accepts responsibility for the adequacy or accuracy of this version.
Certain statements 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. Such statements may be identified through the use of forward-looking terms such as “expects”, “believes”, “estimates”, “may”, “will”, “could”, “should”, “potential”, “will” and “seek” and “intends,” “plans,” “expects,” and similar expressions as they relate to the company, including: the company’s plans to make the Mio-Guard Premium Grade Electrode available to customers in June 2022; The company plans to distribute an innovative range of products under its Mio-Guard brand; And the company’s plans to continue to increase revenue and profit margins from top to bottom by acquiring or developing devices, producing them locally, and then marketing and distributing them as branded products. All statements other than statements of historical facts may be forward-looking information. These statements reflect the Company’s current views and intentions regarding future events, current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including: continuing to find existing customers and new products in a cost-effective manner, intellectual property for brands, poles manufacturing Electrical in a cost-effective manner, marketing in a cost-effective manner, branding and brand development successfully including ensuring all necessary regulations are met, successfully identifying and closing on new acquisitions, identifying and leveraging efficiencies among previously acquired businesses. SGMD cautions that the forward-looking statements made here are limited by important factors that may cause actual results to differ materially from those reflected in these statements. These factors include, but are not limited to, general business and economic conditions in the areas in which SGMD operates; SGMD’s ability to implement key priorities, including the successful completion of acquisitions, retaining business and strategic plans, and attracting, developing and retaining key executives; Difficulty incorporating newly acquired business; Ability to implement business strategies and pursue business opportunities; disturbances or attacks (including cyberattacks) on SGMD’s information technology, Internet, network access, or other voice or data communications systems or services; the development of various types of fraud or other criminal behavior to which the SGMD is subjected; Third parties fail to comply with their obligations to SGMD or its affiliates; the effect of new laws and regulations and changes or application of existing laws and regulations; Granting of permits and licenses in highly regulated businesses; difficult litigation environment in general, including in the United States; increased competition; changes in foreign exchange rates; Increased financing costs and market fluctuations due to market illiquidity and competition for financing; Availability of funds and resources to pursue operations; significant accounting estimates and changes in the standards, policies, and accounting methods used by SGMD; the occurrence of natural and unnatural catastrophic events and the claims arising from such events; and risks related to COVID-19 including various recommendations, orders and measures of government authorities to try to curb the epidemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolation, shelters in place and social distancing, market disruptions, economic activity, finance, supply chains and sales channels, deteriorating general economic conditions including a possible national or global recession; In addition to those risk factors discussed or indicated in SGMD disclosure documents filed with the US 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. If any factor affects SGMD in an unexpected way, or if assumptions underlying the forward-looking information prove incorrect, actual results or events may differ materially from the expected results or events. Any such forward-looking information is expressly qualified in full by this cautionary statement. Further, SGMD is not responsible for the accuracy or completeness of this forward-looking information. The forward-looking information contained in this press release is issued as of the date of this press release and SGMD undertakes no obligation to update or revise any forward-looking information generally, other than as required by applicable law.