EP MedSystems Announces Settlement Agreement with U.S. Department of the Treasury
March 28 2007 - 7:00AM
Business Wire
EP MedSystems, Inc. (NASDAQ: EPMD) today announced that the Company
has executed a Settlement Agreement with the United States
Department of the Treasury and deems the issues related to its
shipment of products to restricted countries in 2004 and earlier to
be closed. In the Settlement Agreement the Company does not admit
or deny guilt, but agrees to settle for $33,000 with no
restrictions on commercial or export activities, which has been
remitted to the government. The Company had accrued $44,000 for
this penalty in its books as of September 30, 2006 based on the
oral representations at that time. David Bruce, EP MedSystems�
President and Chief Executive Officer stated, �We are pleased to
put the issues with both the Departments of Commerce and Treasury
behind us and focus on the market opportunities for EP MedSystems.�
About EP MedSystems: EP MedSystems develops and markets cardiac
electrophysiology ("EP") products used in visualizing, diagnosing
and treating certain cardiac rhythm disorders. The Company's EP
product line includes the EP-WorkMate� Electrophysiology
Workstation, the MapMate� Navigation Interface, the NurseMate�
Remote Review Charting Station, the EP-4 Computerized Cardiac
Stimulator, fixed and deflectable diagnostic electrophysiology
catheters and related disposable supplies, and the ViewMate�
intracardiac ultrasound catheter imaging system. For more
information, visit our website at www.epmedsystems.com. For more
information, visit our website at www.epmedsystems.com. Forward
Looking Statements: This Release may contain certain statements of
a forward-looking nature relating to future events or the future
financial performance of the Company. Forward-looking statements
include information concerning our possible or assumed future
results of operations and statements preceded by, followed by or
including the words "believes", "expects", "anticipates",
"intends", "plans", "estimates", "see opportunities" or similar
expressions. Such forward-looking statements are based on our
management's beliefs and assumptions and on information currently
available to our management. Such forward-looking statements are
only predictions and are subject to risks and uncertainties that
could cause actual results or events to differ materially and
adversely from the events discussed in the forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, EP MedSystems' history
of losses, uncertainty of market acceptance of our products and
level of sales, uncertainty of future profitability and future
liquidity needs, possible costs, fines or penalties that may be
incurred in connection with government inquiries and investigations
and risks regarding regulatory approvals and demand for new and
existing products, as stated in the Company's Annual Report filed
on Form 10-K and Quarterly Reports filed on Form 10-Q. EP
MedSystems cautions investors and others to review the cautionary
statements set forth in this press release and in EP MedSystems'
reports filed with the Securities and Exchange Commission and
cautions that other factors may prove to be important in affecting
the EP MedSystems' business and results of operations. Readers are
cautioned not to place undue reliance on this press release and
other forward-looking statements, which speak only as of the date
of this release. EP MedSystems undertakes no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances
after the date of this report or to reflect the occurrence of
unanticipated events.
EP Medsystems (MM) (NASDAQ:EPMD)
Historical Stock Chart
From Jun 2024 to Jul 2024
EP Medsystems (MM) (NASDAQ:EPMD)
Historical Stock Chart
From Jul 2023 to Jul 2024