MISSISSAUGA, ON, June 30 /CNW/ - MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser and light therapy for tissue repair and pain relief today announced its results for the year ended December 31, 2009, and the quarter ended March 31, 2010.
Revenue for the year ended December 31, 2009 was $451,375, a 60.7% per cent decrease over 2008 year end revenue of $1,149,478. MedX incurred a loss for the year of $2,559,007 or $0.09 per share compared to a loss of $2,766,736 or $0.11 per share for the same period in the prior year. Revenue for Q1 2010 was $166,039, a 52.7 per cent decrease over Q1 2009.
"Unfortunately we felt the full impact of the worldwide financial decline in 2009, just at a time when we were beginning to develop new partnerships and customers," said Steven Guillen, chief executive officer and president of MedX Health. "The Company is increasingly emphasizing the marketing of third party products, and in 2010, is now distributing in Canada the RJ Laser product line within our traditional rehabilitation, chiropractic, and sports medicine markets. Additionally, this line of products will significantly improve our access to the veterinary, dermatology and acupuncture markets. In 2010, we will expand the distribution of RJ Laser products into the U.S."
Prior to this announcement, MedX Health Corp., had not filed its year-end financials for 2009, and as previously announced, the company under NP 12-203 requested that a management cease trade order be imposed as a result of this late filing. As announced by the company, the Ontario Securities Commission, being the Principal Regulator, issued a management cease trade order to the Company's Chief Executive Officer and Acting Chief Financial Officer, thereby temporarily prohibiting them from trading in the securities of the Company. Previous to this announcement MedX provided bi-weekly status reports in the form of news releases as per National Policy 12-203. The issuance of the management cease trade order did not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in MedX securities. The Management Cease Trade Order was to continue until two full business days following the receipt by the Commission of all filings MedX Health Corp. is required to make under Ontario securities law.
About MedX Health Corp.
MedX is a leading North American developer and manufacturer of low level laser and light medical devices for the drug free and non-invasive treatment of tissue damage and pain in numerous medical settings including dental, rehabilitation and wound care. MedX is the world's only company focusing on developing and delivering a broad cross-section of technologies and products involved in healing using light therapy. MedX is committed to advocating for and bringing the non-invasive, drug-free healing nature of light to people seeking relief from pain and other physical ailments. MedX's strategy is to build upon its success in bringing relief of symptoms in a non-pharmacologic manner in the rehabilitation market through key partnerships, acquisitions, strong patent protection as well as developing and commercializing advanced products in the dental and wound-care markets that will position the company to increase revenue. In addition, MedX plans to accelerate the development of a new product aimed at the rapidly-growing wound care market: its "Photobandage(TM)", a bandage technology that allows a wound to be bathed in light, designed to enhance the healing process. The Company intends to license this new technology to one or more major wound care companies for further development of marketing and sales.
Brand products are US FDA approved, Health Canada cleared, and CE Marked and are produced in an ISO 9001 and 13485 certified manufacturing and testing facility. For a complete profile of MedX Health Corp. and its products visit www.medXhealth.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information may include statements regarding the Company's future plans, objectives, performance, growth, profits, operating expenses or its underlying assumptions. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedX to be materially different from those expressed or implied by such forward-looking information, including uncertainty of successful development of new products, uncertainty of successful manufacturing or marketing of products, uncertainty of commercial acceptance of products, uncertainty concerning governmental regulation, dependency on key employees and relationships, rapid technological changes, foreign currency fluctuations. MedX does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE MedX Health Corp.
For further information: For further information: Investors: Steve Guillen, President and Chief Executive Officer, MedX Health Corp., Phone: (905) 670-4428, email@example.com