HOUSTON, Feb. 20, 2013 (GLOBE NEWSWIRE) -- Spine Pain Management, Inc. ("SPIN" or the "Company") (OTCQX:SPIN), a technology-driven, medical device and healthcare solutions company servicing the multi-billion dollar spine injury market, announced today the unveiling of its second generation Quad Video HALO Technology™ V.2.0 ("QVH 2.0"). With the debut of the QVH 2.0, the Company is now able to implement the strategic business initiatives outlined in its investor presentation webcast on December 6, 2012. The QVH 2.0 introduces two ancillary revenue streams to the Company's business model and provides the Company with a distinct advantage in recruiting the "best of the best" affiliated specialists in new markets. In turn, the introduction of this proprietary technology presents new marketing initiatives with the mission to not only launch new affiliate markets, but also to lay the groundwork for direct sales of medical devices. Over the coming weeks, detailed information on these new programs will be released to the newswires and on the Company's new website at www.spinepaininc.com -- we encourage investors to view our new dynamic website, which includes the new QVH 2.0 section.
The newly engineered QVH 2.0 delivers material production cost savings to the Company and features a fully branded, streamlined design that simultaneously offers electronic integration and improved adaptability across both old and new fluoroscopic guidance systems. Fluoroscopic guidance systems are radiology units used by the Company's affiliated specialists while performing procedures/surgeries and diagnosing pain generators. The QVH 2.0 is a tamper-proof, aftermarket, web-enabled video camera system that is secured to these radiological systems and captures close-up views of procedures/surgeries, just above the sterile surgical field.
The Company anticipates the QVH 2.0 will diversify direct line revenue streams with a recurring revenue model. With the advent of SPIN's technology, patients will have the opportunity to choose healthcare providers, including hospitals and surgery centers that offer an unprecedented level of transparency to the operating room environment. The QVH 2.0 enables SPIN to attract "the best of the best" affiliated specialists and associated hospitals/surgery centers to its network. SPIN's technology also minimizes the likelihood of fraudulent procedures for providers and counsel in the personal injury market, while adding a new, veritable dimension to doctors' traditional operative reports.
The QVH 2.0 provides an educational tool on the standards of video medical documentation with which SPIN intends to develop national and state approved continuing educational programs for attorneys and providers. In addition to introducing an educational, cost effective program to market, the QVH 2.0 is also expected to open new opportunities within the healthcare technology sector distribution channels.
Dr. Eric Groteke, co-inventor of the Quad Video HALO Technology V2.0, stated, "The patent for QVH 2.0 has been filed with the U.S. Patent Office under the entitlement, 'Video and Accessory Apparatus for a Video Fluoroscopy Unit' bearing Application No. 13/723,372."
Dr. Glen Pettersen, co-inventor of the Quad Video HALO Technology V2.0, has been appointed Director of Halo Operations & Development. As co-inventor, Dr. Pettersen understands the micro- and macro-specifications of delivering a productized QVH 2.0 to market. Dr. Pettersen is overseeing the manufacturing of the technology, the components of which are manufactured domestically and internationally, and he is also supervising the development of a comprehensive training and ongoing technical services component to support this technology as it is deployed across the Company's network of affiliated clinical locations.
Dr. William Donovan, Spin Pain Management's chairman and CEO, stated, "As was previously discussed, Spine Pain Management retained a New York-based management consultant last summer to conduct a top to bottom review of the company, including a thorough evaluation of the long term prospects of our existing business model, protocols for the deployment of ongoing resources and the development of action steps and metrics to measure the performance of these initiatives on an ongoing basis. These action steps were designed to deliver increased profitability to our business model. I am pleased to report that the Company has added these new revenue streams and we anticipate additional revenue streams will be introduced over the next several months. Over the past few months, we have been building a strong cash position as collections on seasoned cases have also been accelerating as we expected." Dr. Donovan continued, "With the introduction of the new QVH 2.0 and ancillary revenue streams, I believe that the company's building model is progressing through a dynamic process of operational refinement, technological development and industry perspicacity. I want to thank our loyal shareholders for their patience and, as the company's largest shareholder, I eagerly look forward to resumption of our early growth and commensurate increase in shareholder value."
About Spine Pain Management, Inc.:
We are a medical services and technology company facilitating diagnostic services for patients who have sustained spine injuries resulting from traumatic accidents. We deliver turnkey solutions to spine surgeons, orthopedic surgeons and other healthcare providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and work-related accidents. Our care management services help reduce the financial burden on healthcare providers that provide patients with early-stage diagnostic testing and non-invasive surgical care, preventing many patients from being unnecessarily delayed or inhibited from obtaining needed treatment. We believe that our services and technology brings strong transparency and impartiality to all parties involved in the settlement of patient cases.
Additional information about the company can be found at its website at www.spinepaininc.com.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, healthcare services demands, changes in healthcare practices, government regulation, and other factors over which the company has little or no control. The company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the company's recent filings with the SEC.