ADM Tronics Applauds Permanent Repeal of Medical Device Tax
January 06 2020 - 11:20AM
InvestorsHub NewsWire
Northvale, NJ -- January 6, 2020 -- InvestorsHub
NewsWire -- ADM Tronics Unlimited, Inc.
(OTCQB: ADMT), a technology-based developer
and manufacturer of innovative technologies and products, applauds
the permanent repeal of the Medical Device Excise Tax that was
imposed as part of the Affordable Care Act, commonly referred to as
Obamacare.
The permanent repeal of the Medical
Device Excise Tax was included in the omnibus spending bills for
fiscal year 2020, passed by the US House of Representatives and
Senate. President Trump signed the bills into law the last
week of December, finally ending the uncertainty in the
long-awaited repeal of the
tax.
Andre’ DiMino, CEO of ADMT, has been
a staunch and vocal opponent of the medical device tax since its
inception. He made a number of network media appearances
describing the negative impact of the tax on the medical device
industry.
“The Medical Device Excise Tax was
incredibly damaging to the entire medical device industry,” stated
Mr. DiMino. “This ill-conceived tax had a particularly
negative impact on small, innovative companies like ADMT, that
develop and manufacture life-enhancing and life-saving medical
technologies. Although it was twice suspended temporarily, it
continued to hang like a ‘sword of Damocles’ over our
industry.”
When the medical device tax became
effective in January 2013 it was expected to raise approximately
$30 billion over 10 years to help pay for the Affordable Care Act,
former President Barack Obama’s controversial healthcare law.
After strong opposition from the medical device industry due
to the tax’s job and innovation killing affects, Congress passed
temporary measures suspending the tax for 2016 and 2017, and then
again for 2018 and 2019. The temporary suspensions kept the
uncertainty overhanging investment and innovation in medical device
companies and caused the loss of many jobs as companies moved
manufacturing to other countries. The permanent repeal of the
medical device tax finally eliminated the uncertainty prevalent
throughout the medical device
industry.
“ADM Tronics is already seeing a
positive impact from the permanent repeal,” continued Mr.
DiMino. “Just in the few days since the repeal was announced,
we have received numerous inquiries at ADMT for quotations for new
engineering, development and manufacturing projects for medical
devices from our customers. We believe the coming months and
years will be fruitful for our company as well as the overall
medical device
industry.”
About
ADMT
ADMT is a diversified,
technology-based developer and manufacturer of innovative
technologies and products. Its core competency is its ability
to conceptualize a technology, bring it through development,
regulatory requirements, into manufacturing and commercialization,
all in-house. ADMT has three areas of activity: Proprietary
Electronic Medical Devices; Medical Device Design, Engineering,
Regulatory and Manufacturing Services; and, Eco-Friendly,
Water-Based Formulations. The Company’s headquarters,
laboratories, FDA-Registered medical device manufacturing
operations are located in Northvale, NJ. ADMT’s
multi-disciplinary team of engineers, researchers and technologists
utilize advanced technology infrastructure, for the research,
development and commercialization of medical devices and
diversified technologies. Additional information is available at
the Company’s website -
admtronics.com.
Except for historical information contained herein,
the matters set forth in this news release are “forward looking”
statements (as defined in the Private Securities Litigation Reform
Act of 1995), including statements regarding future revenue growth
and performance. Although ADMT believes the expectations
reflected in such forward looking statements are based upon
reasonable assumptions, there can be no assurance that its
expectations will be realized. Forward looking statements involve
risks and uncertainties that could cause actual results to differ
materially from expectations. Factors that could contribute
to such differences include those described from time to time in
ADMT’s filings with the SEC, news releases and other
communications. The Company assumes no obligation to update the
information contained in this news
release.
Andre DiMino
201-767-6040
andre@admtronics.com
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