HOUSTON, May 11, 2012 (GLOBE NEWSWIRE) -- Spine Pain Management, Inc. (OTCBB:SPIN), a rapidly growing medical services and technology company, is providing updates on corporate initiatives designed to foster even stronger growth than it has been achieving.
The company ("SPIN") has staffed the newly created corporate position of Senior Vice President of Sales and Marketing and Chief Technology Officer. The position was filled by Dr. Eric Groteke, age 40, who is SPIN's principal affiliate in Florida. He will oversee development of the SPIN model into new territories, optimize SPIN's billing IT, and, among other duties, implement throughout SPIN his proprietary patent-pending "halo" system for documenting case treatments and facts during medical procedures, through an "IP video"-enhanced platform. In connection with the hiring of Dr. Groteke, SPIN acquired Gleric Holdings LLC, the technology entity that owns the rights to the halo system. SPIN purchased the entity from Dr. Groteke and his business partner, Dr. Glen Pettersen, for 170,000 restricted shares of SPIN common stock.
"Developed by Drs. Groteke and Pettersen, this video-based system holds much promise of significantly streamlining the adjudication and collection cycle. This would benefit all parties by providing exceptionally transparent and impartial evidence where patient injury has occurred," said Dr. William F. Donovan, Chairman and CEO of SPIN. "It optimizes operations and will attract new business partners and affiliates, particularly by likely accelerating redeployment of collections into new cases, which fuels the SPIN growth engine."
Dr. Donovan continued, "Another way the system is a game-changer is in opening up new business avenues short and long term for SPIN, including on the defense side of orthopedic cases. In this regard, we have already had interest from a prominent orthopedic surgeon who typically works as an expert for the defense of liability cases. Longer term the system can robustly compete in the emerging IP video market comprised of hospitals, medical device makers, medical schools, and others." Dr. Groteke said, "I look forward to cross-fertilizing throughout SPIN the success in Florida of the video-based evidence system, and furthering the company's success in other ways."
In other management realignment steps, John Talamas, 56, has ceased to be the company's Chief Operating Officer, in order to focus on his other business interests, but remains on the Board. "I've worked with Dr. Donovan for a decade and look forward to another decade doing so, and I will be an extremely active Board member of SPIN," Mr. Talamas said. Dr. Donovan commented, "John Talamas has made major contributions to the SPIN model and 'put a lot of runners on base'; in a Board role he can actively 'coach the team' and help Dr. Groteke and John Bergeron 'bat in the runs.'" In addition, John Bergeron, CFO, is assuming additional responsibilities in operations.
The company will conduct its First Quarter 2012 investor conference call on May 14 at 5:00 PM Eastern Time, after announcing earnings after market close that day. Slides to be referenced in the conference call will be available for view under the investor tab of the corporate website, spinepaininc.com. In addition to management's financial commentary, Dr. Groteke will discuss SPIN's breakthrough video-based injury evidence system and its potential impact.
There will be direct telephone access with interactive Q&A time available after management's prepared remarks. Participants may dial (480) 629-9713 and reference Conference ID 4538239. A replay will be available for 90 days at (877) 870-5176, or for international callers (858) 384-5517; the pin # is 4538239. The call can also be accessed via webcast, either live or through a replay to be archived for 90 days. The webcast access information is:
http://viavid.net/dce.aspx?sid=000097A7
About Spine Pain Management:
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, along with a video 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.
For Further Information Contact:
Gary M. Giblen
Director of Strategic Development, Finance & Communications
ggiblen@spinepaininc.com
(203) 324-2022
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