Biotonix Announces Restructuring Initiative
(firmenpresse) - BROSSARD, QUEBEC -- (Marketwire) -- 10/14/11 -- Biotonix (2010) Inc. (TSX VENTURE: BTX) ("Biotonix), a leader in , today announced that the company is restructuring due to slow penetration of target markets. The Company has implemented cost-cutting measures including a decrease in staffing, wage and operating expense cutbacks, and a hold on research and development activities in order to preserve cash.
In this perspective, the Board has accepted the departure of President and Founder Mr. Sylvain Guimond, DO., Ph.D., effective immediately. However, Mr. Guimond will retain his position as Director on the Board. Ms. Louise St-Onge will remain as Chief Executive Officer of the Company.
Furthermore, the Company will restate its interim financial statements for the period ending March 31st, 2011 in order to reflect changes in accounting practices under the new International Financial Reporting Standards (IFRS). These modifications do not impact the previously disclosed financial information. Details on the nature of these accounting changes are available on .
In addition, based on projections and cash position to date, management believes the Company will have sufficient funds available to support its activities for the next twelve months. Biotonix is considering the option to sell a portion of its assets.
The Board also announces the departure of Francois Cote, Sylvain Morissette and Livia Masnaghetti, Directors since 2010, and wishes to extend its appreciation for their contribution.
WEB-BASED SOLUTIONS FOR POSTURE CORRECTION AND FITNESS
Biotonix has developed a non-invasive biomechanical and a unique method which are at the core of all its applications. The system helps health and fitness professionals to assess, improve and monitor posture and overall fitness. To date, the Company has generated over 475,000 postural and fitness assessments, including over 1,000 world-class athletes and corporations form the Fortune 500.
BIOTONIX PROFILE
Biotonix (TSX VENTURE: BTX) offers innovative health solutions for posture correction and fitness using a web-based imaging software technology. More information is available on Biotonix's website at as well as on the SEDAR website at .
BIOTONIX'S FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company's filings. While Biotonix anticipates that subsequent events and developments may cause its views to change, Biotonix specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Biotonix
Louise St-Onge
Chief Executive Office
514.840.0004 ext 229
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Datum: 14.10.2011 - 14:41 Uhr
Sprache: Deutsch
News-ID 1046170
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Biotech
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