CLX Medical, Inc. Announces New Stock Symbol and Plans to File Quarterly and Annual Financials
February 18 2009 - 9:14AM
Marketwired
CLX Medical, Inc. (PINKSHEETS: CLXM), which is focused on the
marketing and distribution of unique medical diagnostic testing
products including ThyroTest�, an FDA cleared screening device for
hypothyroidism, has announced that the company has been assigned a
new stock symbol and will begin trading as CLXM as of the open of
trading today. The company previously traded under the OTC BB
symbol CLXNE.
In addition to its symbol change, a reverse split of the
company's issued and outstanding common stock on the basis of one
share for 2,000 shares became effective today. The reverse split
was sought by the company's Board of Directors in order to position
CLX Medical to acquire ThyroTest�, a rapid thyroid stimulating
hormone (TSH) screening device used for the detection of
hypothyroidism in adults, a common thyroid disease. Majority
shareholder approval for the reverse split was received in July
2008, and the company did subsequently close the acquisition of
ThyroTest�.
CLX Medical is currently implementing its ThyroTest� marketing
program and is seeking to establish distribution of the product
with a national U.S. distributor. ThyroTest� is FDA cleared and has
also achieved CLIA waived status, so the test can be administered
in the more than 100,000 CLIA waived doctors' offices in the U.S.,
as well as in any non-waived laboratory.
"This restructure of the company's common stock was deemed
necessary to complete the acquisition of ThyroTest� as well as to
move the marketing and distribution program for the product
forward," stated Patrick Edgerton, Chairman of the CLX Medical
Board of Directors. "We are pleased to have reached this stage and
now expect to establish our primary U.S. distribution relationship,
so that ThyroTest� can be made available to doctors' offices,
clinics and others in the U.S. medical market."
CLX also announced that in order to keep shareholders up-to-date
on the revenue growth that it expects from the sales of the
ThyroTest� product, the company will begin the process of reporting
its quarterly and annual financial information through the Pink
Sheets OTC Disclosure and News Service. By reporting this
information, the company will be placed in the "Current
Information" category at www.pinksheets.com.
The company will receive this designation by meeting the
applicable requirements set for by Pink OTC Markets Inc., which
operates www.pinksheets.com and related websites. The requirements
include subscribing to the OTC Disclosure and News Service;
publishing disclosure that complies with the guidelines contained
in "Pink OTC Markets' Guidelines for Providing Adequate Current
Information," including the posting of quarterly and annual
financial statements through the OTC Disclosure and News Service;
publishing a quarterly letter from an attorney stating that the
issuer's disclosure meets specified requirements and identifies the
person responsible for the preparation of the financial statements;
and maintaining an SEC registered transfer agent. Quarterly and
annual financial statements must be prepared in accordance with
U.S. GAAP requirements but are not required to be audited.
"CLX management believes that the Pink Sheets OTC Disclosure and
News Service is a more appropriate venue for the company to report
its financial information at this time. This method will allow the
company to significantly reduce its financial reporting costs while
maintaining a high degree of transparency. We will continue to
evaluate the company's status in the public markets and explore any
opportunities to bring the CLX Medical story to a larger audience,"
Mr. Edgerton said.
To sign up to receive information by email directly from CLX
Medical, Inc. when new press releases, investor newsletters, SEC
filings, or other information is disclosed, please visit
http://www.clxinvestments.com/email.php.
About CLX Medical, Inc.
CLX Medical, Inc. (www.clxmedical.com) holds a 51% equity
interest in Zonda, Inc. (www.zondaincusa.com), which has developed
several rapid point of care tests for medical and non-medical
markets, including a rapid test for chlamydia. CLX has also
recently closed its acquisition of ThyroTest�, a rapid thyroid
stimulating hormone (TSH) screening device used for the detection
of hypothyroidism in adults, a common thyroid disease. CLX Medical
is focused on the successful worldwide distribution of these and
any additional products it may acquire or license.
All statements included in this release, including statements
regarding potential future plans and objectives of CLX Medical,
Inc. are forward-looking statements. Such statements are
necessarily subject to risks and uncertainties, some of which are
significant in scope and nature beyond CLX Medical's control. There
can be no assurance that such statements will prove accurate.
Actual results and future events could differ materially from those
anticipated in such statements depending on many factors.
Historical results are not necessarily indicative of future
performance.
Contact: Gemini Financial Communications, Inc. A. Beyer
951-677-8073 Email Contact