IRVINE, CA -- (Marketwired) -- 01/22/14 -- Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported it has closed a strategic investment from its new China distribution partner. In total the new China partner has now invested $500,000 at $1.25 per share for 400,000 shares of Biomerica restricted common stock.
Commenting on the investment, Zackary Irani, Biomerica's Chief Executive Officer, said, "While the restructuring of our distribution channel in China has negatively impacted sales in the first two quarters of this fiscal year, we now anticipate sales in China will increase throughout the balance of the year. The investment from our China partner shows their commitment to success in this market and the alignment of their objectives with Biomerica's for the China market."
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for the early detection of medical conditions and diseases. The Company's products are designed to enhance the health and well being of people, while reducing total healthcare costs. Biomerica primarily focuses on products for diabetes, gastrointestinal disease and esoteric testing.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking, such as statements relating to intended launch dates, expected improvements in performance, new product introductions, sales potential, market size, continued growth, favorable positions, expansion, expected approvals, leading market positions, expanded distribution, anticipated increases in sales or production volume of the Company, success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.