IRVINE, CA--(Marketwired - April 07, 2016) - Biomerica Inc. (OTCQB: BMRA) today announced that the Chairman and CEO, along with all of the board members of the Company's board of directors, together plan to purchase up to $500,000 of Biomerica common stock in the open market over the next 12 months. Timing and size of any open market purchases will depend on market conditions, share price, regulatory requirements and other considerations. This is not a company sponsored stock repurchase program or plan and the individuals will act independently to determine how much stock and at what prices they purchase.
Zackary Irani, Chairman and Chief Executive Officer, stated, "We are excited about the feedback we have received for our new IBS product that identifies patient specific foods that may exacerbate an individual's IBS symptoms. It's estimated that over 45 million Americans suffer from IBS. The ability to manage IBS by identifying and eliminating specific foods from patients' diets could help tens of million suffering from the disease. We are also very pleased that our international patent application for our IBS product was reviewed by the International Search Authority and all claims have been deemed novel and non-obvious."
About Biomerica (OTCQB: 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 health and well being, while reducing total healthcare costs. Biomerica primarily focuses on products for Gastrointestinal Disease, Diabetes 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, sales potential, significant benefits, market size, prospects, new products, favorable outlook, new distributors, expansion, increases in productivity and margins, expected orders, leading market positions, anticipated future sales or production volume of the Company, the launch or 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.