HUNTINGTON BEACH, Calif., May 23, 2012 (GLOBE NEWSWIRE) -- iTech Medical, Inc. (Pink Sheet:IMSU) (FWB:0IM) and BIOflex Medical Magnetics, Inc. announced today that they have entered into a Letter of Intent under which iTech Medical will acquire 100% of BIOflex Medical Magnetics, a consumer healthcare company. BIOflex Medical Magnetics holds the exclusive worldwide rights to the patented BIOflex® magnetic therapy product line, developed specifically for human medical use. BIOflex Medical Magnetics is a pioneer in the practice of medical magnetic therapy with its 25 years of market leadership. The BIOflex® magnetic technology is founded on academic and clinical research demonstrating its ability to support the body's natural healing processes.
iTech Medical also announced today that Lee Brickey has been appointed Vice President, Business Development of the Company. Brickey, a successful entrepreneur with extensive knowledge of the magnetic therapy industry, brings more than 15 years of experience in building private and public companies.
"Our stated mission is to improve a person's health through the development and commercialization of innovative medical devices and healthcare information systems," said Wayne Cockburn, President of iTech Medical. "The BIOflex® magnetic therapy product line, with its strong academic and clinical reputation, meets this criteria and represents an excellent opportunity for iTech Medical to not only expand its product base, but it also allows us to begin generating product sales while we complete the final development and commercialization work on our Muscle Pattern Recognition technology. We are also very excited to welcome Mr. Brickey to iTech Medical. Lee's experience in building sales channels delivering multi-million dollar revenues will help iTech Medical as it expands into new and exciting healthcare product areas."
About iTech Medical - (Pink Sheet:IMSU) (FWB:0IM)
iTech Medical is engaged in the research and commercial development of healthcare information systems and technologies. To date, the Company has focused on developing a proprietary platform called Muscle Pattern Recognition (MPR), a unique clinical and rehabilitation tool for the analysis of muscle function.
For more information go to the iTech Medical website: www.iTechMedical.com or fact sheet, visit: http://premierstocks.tv/images/company_links/imsu.pdf
About BioFlex Medical Magnetics
BioFlex Medical Magnetics is engaged in the sale of the patented BIOflex® magnetic therapy product line. BIOflex® is the original magnet manufactured specifically and exclusively for human medical use. BIOflex® is an accepted form of therapy for use on sports injuries and chronic pain conditions including tendonitis, wrist and elbow pain, sprains and strains and chronic lower back pain. BIOflex® Concentric Circle Magnets have been clinically tested at a number of prestigious institutions including the University of Kentucky, University of Tennessee and the Baylor College of Medicine.
For further information, visit the BIOflex Medical Magnetic Systems website: www.bioflexmagnets.com
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management's current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as "anticipate," "believe," "estimate," "expect," "intend," "project," "plan," "outlook," and other words and terms of similar meaning.
These statements involve a number of risks and uncertainties that could cause actual results to materially differ from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: general economic conditions, acquisitions and development of new businesses, divestitures, product availability, sales volumes, pricing actions and promotional activities of our competitors, profit margins, weather, changes in law or regulations, foreign currency fluctuation, availability of suitable real estate locations, our ability to react to a disaster recovery situation, and the impact of labor markets and new product introductions on our overall profitability.
iTech Medical cautions that the foregoing list of important factors is not complete and assumes no obligation to update any forward-looking statements that it may make. All such forward-looking statements are current only as of the date on which such statements were made. iTech Medical, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.