Salona Global Medical Device Corporation Announces Expansion of Mio-Guard Product Lines; Highlights Existing Technology Portfolio
SAN DIEGO, April 26, 2022 (GLOBE NEWSWIRE) -- Salona Global Medical Device Corporation (“Salona Global,” “SGMD” or the “Company”) (TSXV:SGMD), an acquisition-oriented medical device company serving the global injury and surgery recovery (known as recovery science) market, announced today an expansion of product lines under its Mio-Guard® brand with its first premium grade electrode, which it plans to make available to customers in June 2022.The Company also provided highlights of its existing technology portfolio it is using to expand its product line.
*Mio-Guard Premium Grade Electrodes *
With the recently announced (April 5, 2022) acquisition of its intellectual property portfolio, Salona Global introduces the Mio-Guard Premium Grade Electrode to the recovery science market. The electrode is a multiple layer gel electrode used for transcutaneous electrical nerve stimulation and Neuromuscular Electrical Stimulation electrostimulation treatments. Manufactured in Salona Global’s FDA-approved facility, the premium grade electrode provides adhesion and comfort enabling it to be used multiple times without risk of injury. The product will be sold as four individual electrodes per pack with a carbon film layer for optimum distribution of electrical current and electrode pads that do not sacrifice performance or adhesion. Incorporating the latest in electrode manufacturing technology, Mio-Guard combines a proprietary bonding and moisture barrier providing greater comfort and relief and accelerating the healing process.
*Leveraging the Existing Technology Portfolio for Product Expansion*
The Simbex® Innovation Business Unit, located in Lebanon, New Hampshire, has a long and strong track record of innovating products with a patent protected competitive advantage in several markets. As a wholly-owned-subsidiary of Salona Global, Simbex is focused on developing novel and advanced products for the recovery science market that can be produced at Salona Global’s FDA-approved facility and marketed under brands owned by Salona Global, such as Mio-Guard.
The portfolio of products created include:
1. Riddell InSite Smart Football Helmet: https://simbex.com/work/riddell/
2. BionX Powerfoot Powered Ankle: https://simbex.com/work/bionx/
3. Hollywog Pain Relief Device: https://simbex.com/work/hollywog/
4. MedRythyms Sensor: https://simbex.com/work/medrhythms/
“This is the first product we’ve released as a fully integrated medical device company. Acquiring the IP and making the product available for sale in just a few months is a significant accomplishment for our newly listed and fast-growing company,” said Les Cross, Chairman and interim CEO of SGMD. “The Mio-Guard branded electrode is just the most recent component of an innovative suite of products we plan to distribute under our Mio-Guard brand. The most recent IP acquisitions are an important part of our multi-pronged growth plan. We plan to continue to increase revenues and capture top-to-bottom margins by acquiring or developing devices, producing them domestically, and then marketing and distributing them as branded products that make a meaningful and measurable impact on the customers we serve.”
The global medical electrode market size is projected to reach over USD $1.7B by 2028, according to a recent study by Brandessence Market Research.
For more information please contact:
Les Cross
Chairman of the Board and Interim Chief Executive Officer
Tel: 1 (800) 760-6826
Email: Info@Salonaglobal.com
*Additional Information*
There can be no assurance that any acquisition will be completed or the timing of any acquisitions. Completion of any transaction will be subject to applicable director, shareholder and regulatory approvals.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. These statements can be identified by the use of forward-looking terminology such as “expects” “believes”, “estimates”, “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, and “anticipate”, and similar expressions as they relate to the Company, including: the Company’s plans to make Mio-Guard Premium Grade Electrode available to customers in June 2022; the Company’s plans to distribute an innovative suite of products under its Mio-Guard brand; and the Company’s plans to continue to increase revenues and capture top-to-bottom margins by acquiring or developing devices, producing them domestically, and then marketing and distributing them as branded products. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including: continuing to find customers for existing and new products in a cost-effective manner, trademarking intellectual property, manufacturing electrodes in a cost-effective manner, marketing in a cost-effective manner, trademarking, and successfully developing the brand including insuring all necessary regulations have been met, identifying and successfully closing on new acquisitions, and identifying and capitalize on efficiencies between previously acquired companies. SGMD cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include but are not limited to the general business and economic conditions in the regions in which SGMD operates; the ability of SGMD to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; disruptions in or attacks (including cyber-attacks) on SGMD’s information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which SGMD is exposed; the failure of third parties to comply with their obligations to SGMD or its affiliates; the impact of new and changes to, or application of, current laws and regulations; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the United States; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by SGMD; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; as well as those risk factors discussed or referred to in SGMD’s disclosure documents filed with United States Securities and Exchange Commission and available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect SGMD in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, SGMD does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and SGMD undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.