Wellstar International Corporate Update
October 05 2009 - 7:30AM
Business Wire
John Antonio, CEO of Wellstar International, Inc. (OTCBB:WLSI),
today issued the following statement:
As the CEO of Wellstar, I wanted to take the time to update all
of our shareholders with the current status of the company, as well
as the direction of where the company is headed.
First and foremost are the Duke Study results. The study was
designed to determine that long-wave infrared imaging can be used
to identify skin temperature changes associated with underlying
tissue changes. We wanted to determine if the use of Long Wave
infrared imaging is as effective as the Braden Score in predicting
nosocomial pressure ulcers.
As the study has been completed for sometime, the results were
put on hold for non-payment. In December 2008, Wellstar was able to
make the payment that was due to Duke University. Since that time,
we have been awaiting the final report. While the company was late
making their payment, Wellstar lost their position of expedience
with the final results. Since the payment has been made, we believe
there have been great strides in the last few months in compiling
the data and putting the data into a final report. Wellstar has
received several of the drafts pertaining to the final report for
publishing. Wellstar believes that the final results of the study
will be published within the next 30 to 60 days.
With the publication of the study, Wellstar intends to raise
enough capital to be able to run a minimum of two trials within the
marketplace. We cannot provide any guarantee that we will be able
to successfully raise capital, or if we do raise capital, that it
will be on acceptable terms. These two trials will run
simultaneously and allow for Wellstar to work out the installation
and execution process of our system. It is anticipated that the
trials will be for a period of between 90 and 120 days.
While the trials are being held, Wellstar will begin marketing
its system. We will focus our efforts on hospitals, nursing homes
and long term facilities.
Another issue that I would like to address is the current volume
of shares that are being traded. The high volumes of shares that
are and have been selling are the result of our debt holder’s
ability to convert into shares of common stock. Our promissory
notes allow for the note holder to convert the outstanding
principal and interest due to them into shares of common stock,
which shares may be issued without a restrictive legend as the
shares tack to the date of the issuance of the promissory notes
under Rule 144. By the note holders converting to shares and
selling into the marketplace, the company is reducing its debt.
Until the company is cash flowing and able to meet it’s obligation
to the note holders as well as its overhead, the conversions will
continue.
Wellstar will be making announcements to the public as they
achieve any significant progress in the process of rollout and
installation of their systems.
John AntonioChief Executive OfficerWellstar International,
Inc.
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Important
factors currently known to management that could cause actual
results to differ materially from those in forward-statements
include fluctuation of operating results, the ability to compete
successfully and the ability to complete before-mentioned
transactions. The company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operation results.
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