Global Med Technologies(R), Inc. to Recognize Approximately $2.1 Million in One Time Expenses in Q4 2005
December 19 2005 - 4:30PM
PR Newswire (US)
DENVER, Dec. 19 /PRNewswire-FirstCall/ -- Global Med Technologies,
Inc. (the "Company" or "Global Med") (OTC:GLOB) (BULLETIN BOARD:
GLOB) announced that it will be recognizing expenses of $1.569
million during the fourth quarter of 2005 related to the
establishment of reserves on its notes receivable and a deposit in
escrow. The Company has also accelerated the vesting of 2006 and
2007 employee options to vest immediately in 2005. As a result of
this accelerated option vesting, the Company will recognize
approximately $520 thousand in compensation expense during 2005. A
more detailed description of these expenses will be set forth in
the Company's report on Form 8-K, to be filed with the SEC. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO )
Michael I. Ruxin, M.D., the Company's Chairman and CEO, commenting
on the planned establishment of the reserve, stated, "By expensing
the notes receivable and accrued interest from the third party
amounting to $565 thousand and expensing the $1.004 million
affiliated with the lawsuit against Donnie L. Jackson during the
fourth quarter of 2005, Global Med will eliminate $1.569 million of
uncertainty in our financial statements." About Global Med
Technologies, Inc. Global Med Technologies, Inc. is an
international e-Health, medical information technology company,
providing information management software products and services to
the healthcare industry. Its Wyndgate Technologies division is a
leading supplier of information management systems to U.S. and
international blood centers and hospital transfusion centers.
Current clients of Wyndgate's products and services manage more
than 3 million units of blood, or over 22% of the U.S. blood
supply, each year. Wyndgate's products are also being implemented
in Canada, the Caribbean and sub-Saharan Africa. Together, the
SafeTrace(R) donor management system and the SafeTrace Tx(R)*
advanced transfusion management system provide Vein-to-Vein(R)
tracking from donor collection to patient transfusion. For more
information about Global Med's products and services, please call
800-WYNDGATE or visit http://www.globalmedtech.com/,
http://www.peoplemed.com/ and http://www.wyndgate.com/. This news
release may include statements that constitute forward-looking
statements, usually containing the words "believe," "estimate,"
"project," "expects" or similar expressions. These statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions
or changes after the date of this news release. *Patent Pending
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: Global Med Technologies,
Inc. CONTACT: Michael I. Ruxin, M.D. of Global Med Technologies(R),
Inc., +1- 303-238-2000; or John Nesbett or Mike Graff, both of The
Investor Relations Group, +1-212-825-3210 Web site:
http://www.globalmedtech.com/
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