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LMAO must be reading the wrong PR
FALSE-MISLEADING-PIG-CRAP-IN-POST-RELATED TO BIEL
LMFAO read the report, just pure crap in the post related to Biel
"However, we believe the worst is behind us as we have resumed much of our logistics operations, most of our distributors have resumed placing orders and our regulatory agency has moved our CE mark project into the final stage of review".
The COVID-19 pandemic has caused the-biggest-blow-to-the-US economy since the Great Depression. Biel's Q2 Better than I expected COVID-19-has-been-hell on everything, JUST FACTS NOT BS POST
GDP fell at a 32.9% annualized rate, the deepest decline since records began back in 1947.
30.2 million Americans were receiving unemployment checks in the week ending July 11.
The U.S. economy suffered its biggest blow since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus.
The bulk of the deepest contraction in at least 73 years reported by the Commerce Department on 30th July occurred in April when activity almost ground to an abrupt halt after restaurants, bars and factories among others were shuttered in mid-March to slow the spread of coronavirus.
5 facts about how COVID-19 is affecting unemployment in the U.S.
More than five years of growth have been wiped out. With the recovery faltering, pressure is mounting for the White House and Congress to agree on a second stimulus package.
“This is hard to swallow,” said Jason Reed, finance professor at the University of Notre Dame’s Mendoza College of Business. “Right now, the American economy is speeding toward a fiscal cliff. Not only do we need Americans to take serious action preventing the spread of the disease, but we also need Congress to agree on another stimulus package and quickly.”
Gross domestic product collapsed at a 32.9% annualized rate last quarter, the deepest decline in output since the government started keeping records in 1947. The drop in GDP was more than triple the previous all-time decline of 10% in the second quarter of 1958. The economy contracted at a 5.0% pace in the first quarter. It fell into recession in February.
US economy GDP
The biggest fall on record
Image: US Bureau of Economic Analysis
Economists polled by Reuters had forecast GDP slumping at a 34.1% rate in the April-June quarter.
On a year-on-year basis GDP fell a record 9.5% last quarter. Output shrank 10.6% in the first half. The level of GDP has dropped to levels last seen in the last quarter of 2014.
Though activity picked up starting in May, momentum has slowed amid the explosion of COVID-19 infections, especially in the densely populated South and West regions where authorities in hard-hit areas are closing businesses again and pausing reopenings. That has tempered hopes of a sharp rebound in growth in the third quarter.
Federal Reserve Chair Jerome Powell on Wednesday acknowledged the slowdown in activity. The U.S. central bank kept interest rates near zero and pledged to continue pumping money into the economy.
Stocks on Wall Street fell. The dollar dipped against a basket of currencies. U.S. Treasury prices rose.
Broad historic declines
Economists say without the historic fiscal package of nearly $3 trillion, the economic contraction would have been deeper. The package offered companies help paying wages and gave millions of unemployed Americans a weekly $600 supplement, which expires on Friday. Many companies have exhausted their loans.
This, together with the sky-rocketing coronavirus infections is keeping layoffs elevated. In a separate report on Thursday, the Labor Department said initial claims for unemployment benefits increased 12,000 to a seasonally adjusted 1.434 million in the week ending July 25. A staggering 30.2 million Americans were receiving unemployment checks in the week ending July 11.
“Tens of millions of workers have lost their jobs over the past few months and remain unemployed, and the pace of improvement in the labor market has slowed,” said Gus Faucher, chief economist at PNC Financial in Pittsburgh.
“These $600 payments are adding about $75 billion per month to household income, at a time when income from work has plummeted. The loss of huge amounts of unemployment income in the near term would be a significant drag on consumer spending.”
The GDP report showed income at the disposal of households surged $1.53 trillion in the second quarter compared to an increase of $157.8 billion in the January-March period.
A significant portion of the income was stashed away, boosting savings to $4.69 trillion from $1.59 trillion in the first quarter. Consumer spending, which accounts for more than two-thirds of the U.S. economy, plunged at a 34.6% pace last quarter.
Business investment tumbled at a 27% rate. It was pulled down by spending on equipment, which collapsed at a 37.7% rate. Investment is equipment has now contracted for five straight quarters. Boeing reported a bigger-than-expected quarterly loss on Wednesday and slashed production on its widebody programs.
The pandemic has also crushed oil prices, leading to deep cuts in shale oil production and layoffs. Spending on nonresidential structures such as mining exploration, shafts and wells plunged at a record 34.9% rate.
Investment in homebuilding tumbled at a 38.7% rate. Government spending rose, though state and local government outlays fell. Trade added to GDP, but inventories were a drag.
Q2 Better than I expected COVID-19-has-been-hell. The COVID-19 pandemic has caused the biggest blow to the US economy since the Great Depression.
GDP fell at a 32.9% annualized rate, the deepest decline since records began back in 1947.
30.2 million Americans were receiving unemployment checks in the week ending July 11.
The U.S. economy suffered its biggest blow since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus.
The bulk of the deepest contraction in at least 73 years reported by the Commerce Department on 30th July occurred in April when activity almost ground to an abrupt halt after restaurants, bars and factories among others were shuttered in mid-March to slow the spread of coronavirus.
5 facts about how COVID-19 is affecting unemployment in the U.S.
More than five years of growth have been wiped out. With the recovery faltering, pressure is mounting for the White House and Congress to agree on a second stimulus package.
“This is hard to swallow,” said Jason Reed, finance professor at the University of Notre Dame’s Mendoza College of Business. “Right now, the American economy is speeding toward a fiscal cliff. Not only do we need Americans to take serious action preventing the spread of the disease, but we also need Congress to agree on another stimulus package and quickly.”
Gross domestic product collapsed at a 32.9% annualized rate last quarter, the deepest decline in output since the government started keeping records in 1947. The drop in GDP was more than triple the previous all-time decline of 10% in the second quarter of 1958. The economy contracted at a 5.0% pace in the first quarter. It fell into recession in February.
US economy GDP
The biggest fall on record
Image: US Bureau of Economic Analysis
Economists polled by Reuters had forecast GDP slumping at a 34.1% rate in the April-June quarter.
On a year-on-year basis GDP fell a record 9.5% last quarter. Output shrank 10.6% in the first half. The level of GDP has dropped to levels last seen in the last quarter of 2014.
Though activity picked up starting in May, momentum has slowed amid the explosion of COVID-19 infections, especially in the densely populated South and West regions where authorities in hard-hit areas are closing businesses again and pausing reopenings. That has tempered hopes of a sharp rebound in growth in the third quarter.
Federal Reserve Chair Jerome Powell on Wednesday acknowledged the slowdown in activity. The U.S. central bank kept interest rates near zero and pledged to continue pumping money into the economy.
Stocks on Wall Street fell. The dollar dipped against a basket of currencies. U.S. Treasury prices rose.
Broad historic declines
Economists say without the historic fiscal package of nearly $3 trillion, the economic contraction would have been deeper. The package offered companies help paying wages and gave millions of unemployed Americans a weekly $600 supplement, which expires on Friday. Many companies have exhausted their loans.
This, together with the sky-rocketing coronavirus infections is keeping layoffs elevated. In a separate report on Thursday, the Labor Department said initial claims for unemployment benefits increased 12,000 to a seasonally adjusted 1.434 million in the week ending July 25. A staggering 30.2 million Americans were receiving unemployment checks in the week ending July 11.
“Tens of millions of workers have lost their jobs over the past few months and remain unemployed, and the pace of improvement in the labor market has slowed,” said Gus Faucher, chief economist at PNC Financial in Pittsburgh.
“These $600 payments are adding about $75 billion per month to household income, at a time when income from work has plummeted. The loss of huge amounts of unemployment income in the near term would be a significant drag on consumer spending.”
The GDP report showed income at the disposal of households surged $1.53 trillion in the second quarter compared to an increase of $157.8 billion in the January-March period.
A significant portion of the income was stashed away, boosting savings to $4.69 trillion from $1.59 trillion in the first quarter. Consumer spending, which accounts for more than two-thirds of the U.S. economy, plunged at a 34.6% pace last quarter.
Business investment tumbled at a 27% rate. It was pulled down by spending on equipment, which collapsed at a 37.7% rate. Investment is equipment has now contracted for five straight quarters. Boeing reported a bigger-than-expected quarterly loss on Wednesday and slashed production on its widebody programs.
The pandemic has also crushed oil prices, leading to deep cuts in shale oil production and layoffs. Spending on nonresidential structures such as mining exploration, shafts and wells plunged at a record 34.9% rate.
Investment in homebuilding tumbled at a 38.7% rate. Government spending rose, though state and local government outlays fell. Trade added to GDP, but inventories were a drag.
Share
BIEL buyers beware, POST Is bullshitting BIEL.
False misleading information in the post just pure pig excrement related to Biel
There's zero value in the Post related to ActiPatch thus BioElectronics, Works great and cleared for OTC By The FDA LMAO NO Changing the direction with the Pig Crap Post!
LMAO My Sales Trac said it going to the moon
Oh well cashed out some mutual funds and freed up some IRA $$$$ I figured the next 6-12 months could be way over the top. Adding to my grandkids shares in Biel JMO
Buying 10 million more shares Monday Go Biel Kick-Ass KW and Team Biel, Thanks The Pro
LMAO NO DECLINING SALES JUST PIG CRAP BOOM BOOM 3rd Q Est $1,500,000
3rd Q Sales 120,000 units x $10= $1,200,000 + another 45,000 units= $450,000 Total Sales $1,650,000
Better buy up Friday next week could be too Late I'm buying 8 million more bought 2 million today.
Yep just a guesstimate only but should be close
Go Biel buying more
Estimating $15 to $19 per unit
Actipath 6/10 Taking painkillers too often may be doing more harm than good. That was the advice last week from the National Institute for Health and Care Excellence (NICE), which warned that pills including paracetamol, aspirin, ibuprofen and opioids such as codeine should no longer be routinely prescribed to patients with chronic pain — defined as pain that lasts three months or longer — with no obvious cause.
CLAIM: The device is a cross between a bandage and a knee support made from elasticated material with a 'generator' inside that fires electromagnetic pulses straight into the knee.
These pulses are said to stimulate nerves in the joint, which dampen down pain signals transmitted to the brain. Other versions are available to soothe sciatica or lower back pain. Wear until you get an effect, the maker says.
EXPERT VERDICT: 'A review of electromagnetic pulse therapy this year concluded that it was 'safe and effective' in the treatment of both acute and chronic muscle pain, even at the low intensity found in this patch,' says Tim Allardyce, a physiotherapist specialising in pain control at Surrey Physio clinic in Mitcham.
https://www.dailymail.co.uk/health/article-8612999/Can-really-beat-pain-without-drugs.html?fbclid=IwAR1XWqbDnE4DbhIxk6dSmgS3_bJ4EoZcNmegUHsWVJf2K43_Te8lPUlgqpw
I know for sure ONE Deal was signed in the 180-day time frame, would not disclose till the money was in hand.
Kelly Whelan
"Mack one of those deals was signed by me within the 180-day goal, too...we just didn't announce it until we had PO and CASH in hand. #gotthisdad #teambiel"
Disclosing-Biel's-Partners-Name-Company A, B, C, and-SalesForce
NO-THE-POST-IS-Shunk-Crap-With-False-Info-Related-To-Biel
Biel has mentioned numerous times of keeping a 60% profit, so if manufacturing and overhead cost is $6-9 per unit. So I think that little 120,000 unit order will generate close to $500,000 -/+ revenue.
ZERO value in post related ActiPatch. Sales Trac shows #1 in roach shit misinformation related to Biel.
WRONG GEEZZ DIG INTO MARYLANDS LAW LMAO IT'S THERE WE HAVE DONE THIS A COUPLE OF TIMES ON THE BIEL BOARD
Good Post Spot On strikeitrich about Biel
$15-Billion-Market-Alone-For-Wound-Care-by-2022. We also have a signed agreement with a commercial firm that is in the process of recruiting and training up to 400 independent sales representatives who will actively sell our RecoveryRx postoperative pain product line into doctors’ offices, wound clinics, nursing facilities, and hospitals.
Globally, the annual cost for wound care was an average of $2.8 billion in 2014. It is projected to rise up to $3.5 billion in 2021. The 2018 market research report predicts that the global wound-closure products market will exceed $15 billion by 2022. "Feb 14, 2019"
Selling-pressure-my-ass-69.5 million-buys-and-31.4 sales LOL
I predict Biel will generate $100 million in wound care sales in the future, it works just used Actipatch to heal a nasty wound with a grinder and no infection and 4-5 days closed up.
RecoveryRx® Devices for chronic and post-operative wound care; Allay® Menstrual Pain Therapy. Hold on tight and buy up.
Globally, the annual cost for wound care was an average of $2.8 billion in 2014. It is projected to rise up to $3.5 billion in 2021. The 2018 market research report predicts that the global wound-closure products market will exceed $15 billion by 2022. "Feb 14, 2019"
Women on average menstruate for 40 years (taking into account that some women have children), so each woman spends approximately $5,600 on her period over her lifetime. Imagine what else you could do with $5,600 if you didn't have to spend it on period protection. Tampons aren't good for you or for the environment. About 1.2 Billion Women Are Having Periods Worldwide.
Sales-Trac-issues-BS-warning-related to false information about Biel
BioElectronics Corporation is a leader in non-invasive electroceuticals and the maker of an industry-leading family of disposable, drug-free, pain therapy devices: ActiPatch® Therapy, over-the-counter treatment for back pain and other musculoskeletal complaints; RecoveryRx® Devices for chronic and post-operative wound care; Allay® Menstrual Pain Therapy. Two giant money makes with BILLION spent by consumers
Works wonders for me on pain relief, that is why I have been supporting Biel since January 2006 Go Biel
BioElectronics-Chairman-Outlines-New-Direction-for-Company
FREDERICK, MD, Aug. 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – BioElectronics Corporation (OTC: BIEL), (www.bielcorp.com) today released a Chairman’s Letter to Shareholders written by Dr. Richard Staelin, the Company’s Chairman of the Board.
Dear BioElectronics Shareholders :
The purpose of this letter is to update you on the activities of BioElectronics Corporation over the last 10 months, their results, and the impact of these activities on the future of the Company. Although many are probably most eager to learn about these results (which are detailed first), I encourage you to also read my discussion on the underlying logic which led us to where we are today, since it is this logic that forms the foundation that will drive your Company forward over the foreseeable future.
Results to Date
We now have signed long term contracts with, and received initial stocking orders and cash deposits from, three major companies. These initial orders total more than 120,000 ActiPatch devices. These three companies will be selling our devices into the United States over-the-counter (OTC) consumer health retail market. They will differentiate their offerings by utilizing different retail channels, branding strategies, and attachment systems (to affix the device on to various locations on the body). Their retail launch dates vary but are currently scheduled between Q4 of 2020 and Q2 of 2021, reflecting industry practice for retailers to plan launch times six to nine months into the future.
We also have a signed agreement with a commercial firm that is in the process of recruiting and training up to 400 independent sales representatives who will actively sell our RecoveryRx postoperative pain product line into doctors’ offices, wound clinics, nursing facilities, and hospitals. As with the three OTC retail-oriented companies mentioned above, we will act as the original equipment manufacturer (OEM) for this sales force, providing them with devices upon receiving purchase orders. The principles of this sales force anticipate that sales will begin in Q4 of 2020 and ramp up over the next calendar year.
As an OEM we must respect all of these buyers’ requests not to reveal any specific information about their identity or marketing and sales plans. However, at the appropriate time, probably after retail product launches, BioElectronics will provide more information about each venture in news releases.
In terms of international sales, we recently signed a licensing agreement with a major international company and are in the final stages of signing an agreement with another large international company. Both of these companies need to register our products with their respective local medical regulatory authorities before they can distribute and sell our products. In addition, the sales force of our long-standing distributor, Mundipharma, has reentered the field after a slow down of sales activity due to the pandemic. Based in part on this new activity, they are forecasting a reorder in Q4 of 2020.
Our engineering and clinical team has continued to improve our understanding of the mechanism of action for the technology behind our devices and to develop new versions of our products. In addition, in conjunction with some of our new sales representatives, we are in the process of establishing new clinical alliances to further strengthen the clinical evidence on our devices.
The Strategy, Plan and Underlying Logic
In early November of 2019 senior leadership started working on developing a long-term strategy that would allow the Company to better compete and thrive in the pain care health market. This team was composed of the current Board, Kelly Whelan, Keith Nalepka, and myself, and augmented by Dr. Sree Koneru who heads up our product development team. Early on, this group concluded that the Company’s core capabilities were its deep knowledge and experience in Pulsed Short Wave Therapy (PSWT) technology which is the use of non-thermal, high-frequency electromagnetic fields for therapeutic purposes.
This knowledge had already enabled the Company to acquire three 510(k) clearances from the U.S. Food & Drug Administration. This expertise also allowed the Company, working with its trusted manufacturer, to develop processes that enabled mass production of high quality, effective, low cost PSWT devices. The group felt that these two core assets not only allowed the Company to successfully compete in the United States medical and retail markets, but also efficiently a) develop new product offerings that would better serve different segments of the pain management market; and b) launch new initiatives into other neurological ailments linked to chronic pain, such as overactive bladder and migraine headaches.
The question then facing the leadership team 10 months ago was: “How does the Company leverage these core capabilities (both human and product related), given its very weak financial position?”
The group quickly coalesced around the strategy of not trying to directly sell its existing products into either the medical or retail markets in the United States but instead becoming an efficient, low-cost original equipment manufacturer (OEM) that would form strong relationships with other companies that not only had the financial resources, but also the marketing expertise and knowledge to effectively introduce our devices into these markets. With this noted, we also decided to strengthen the Company’s international footprint, by continuing to contract with noted international companies and provide them with products and clinical evidence (and thus verifiable claims) that would help them be successful.
This two-pronged OEM selling strategy had a number of implications. First, it did not require the Company to acquire large sums of (expensive) outside financing to penetrate these large and complex domestic and international markets. Second, it meant that the Company would seek to do business with multiple companies, many of whom serve niche markets not easily available to us. Third, it implied the need for us to continue to develop innovative products to attract new companies (customers) and markets, as well as enhance our offerings to our existing customers.
The Last 10 Months’ Activities
Armed with the OEM strategy, we aggressively pursued activities intended to support this two-pronged selling approach. Members of the sales team began communicating with several potential domestic and international companies. Concurrently, a major effort was initiated by our regulatory and engineering staff to accelerate the renewal of our CE mark, thereby allowing us to export product to the EU and other international markets.
Just as we were making some progress, it became clear that the world was facing a pandemic. This unanticipated event had many ramifications for us. First, it limited our ability to work centrally. In addition, it also greatly affected our two potential markets. Many retailers significantly altered their buying processes and thus their willingness to accept new products into their channel system. Likewise, many doctors who normally performed elective surgery (which requires pain management) temporarily discontinued their practices.
Despite these realities, we continued to follow our strategic plan and focused our efforts on establishing strong channel relationships. In addition, we started working with our manufacturer to develop variants of our existing product line. As a result, we now have the capability to design products that vary along four dimensions: battery life, on/off functionality, treatment (antenna) size, and aesthetics (color, branding logo, etc.). This should greatly enhance our ability to meet the special requirements of niche markets.
Summary
I am happy to report that BioElectronics has made substantial progress in the last 10 months. It has developed a new strategy that centers on OEM and research & development activities. This has allowed the Company to establish several new distributing relationships and develop new product offerings. The intent of this letter is to update investors on the results of these new initiatives and the logic behind these initiatives.
Finally, I would be amiss if I didn’t mention that although our progress is encouraging, the Company still needs to continue to focus single-mindedly on our core capabilities and work hard to ensure that these newly established company relationships remain stable and profitable for all members within the channel. In addition, we need to continue to monitor our costs and keep our cash needs as low as possible and to maximize the cash intake as we build up inventory to meet our anticipated demand. We cannot lose sight of staying ahead of the curve in terms of leveraging our PSWT expertise. These challenges are substantial but within our abilities.
I anticipate reporting to you significant progress over the next 10 months via a series of news releases. Until then, I want to thank the current shareholders for their willingness to stick with BioElectronics Corporation.
Sincerely,
Richard Staelin, Ph.D.
Chairman of the Board
About Dr. Staelin: Richard Staelin is the Edward and Rose Donnell Professor of Business Administration at The Fuqua School of Business, Duke University. He served as Associate Dean for Faculty Affairs at The Fuqua School from 1984 until July 1991. For the next two years, he was Executive Director of Marketing Science Institute in Cambridge, Massachusetts. After that, he served as Managing Director of The Fuqua School's Global Executive MBA program (GEMBA) 1995-1997, Associate Dean for Executive Education 2000-2002, Co-Director of the Teradata Center for Customer Relationship Management at Duke University 2000-2005, and Deputy Dean 2002-2004. As of July 1, 2004, he stepped down from his administrative duties to devote all his attention to research and teaching. Subsequent to that he was one of the initial members of BiVarus, a start-up that utilized his research on patient experience data and its relationship to the quality of health care.
About BioElectronics Corporation
BioElectronics Corporation is a leader in non-invasive electroceuticals and the maker of an industry-leading family of disposable, drug-free, pain therapy devices: ActiPatch® Therapy, over-the-counter treatment for back pain and other musculoskeletal complaints; RecoveryRx® Devices for chronic and post-operative wound care; Allay® Menstrual Pain Therapy.
For more in
BioElectronics Chairman Dr. Richard Staelin Makes Major Announcement
Yahoo/Inbox
Release #:812-192288-rl-1141231:
BioElectronics Chairman Outlines New Direction for Company
FREDERICK, MD, Aug. 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – BioElectronics Corporation (OTC: BIEL), (www.bielcorp.com) today released a Chairman’s Letter to Shareholders written by Dr. Richard Staelin, the Company’s Chairman of the Board.
Dear BioElectronics Shareholders :
The purpose of this letter is to update you on the activities of BioElectronics Corporation over the last 10 months, their results, and the impact of these activities on the future of the Company. Although many are probably most eager to learn about these results (which are detailed first), I encourage you to also read my discussion on the underlying logic which led us to where we are today, since it is this logic that forms the foundation that will drive your Company forward over the foreseeable future.
Results to Date
We now have signed long term contracts with, and received initial stocking orders and cash deposits from, three major companies. These initial orders total more than 120,000 ActiPatch devices. These three companies will be selling our devices into the United States over-the-counter (OTC) consumer health retail market. They will differentiate their offerings by utilizing different retail channels, branding strategies, and attachment systems (to affix the device on to various locations on the body). Their retail launch dates vary but are currently scheduled between Q4 of 2020 and Q2 of 2021, reflecting industry practice for retailers to plan launch times six to nine months into the future.
We also have a signed agreement with a commercial firm that is in the process of recruiting and training up to 400 independent sales representatives who will actively sell our RecoveryRx postoperative pain product line into doctors’ offices, wound clinics, nursing facilities, and hospitals. As with the three OTC retail-oriented companies mentioned above, we will act as the original equipment manufacturer (OEM) for this sales force, providing them with devices upon receiving purchase orders. The principles of this sales force anticipate that sales will begin in Q4 of 2020 and ramp up over the next calendar year.
As an OEM we must respect all of these buyers’ requests not to reveal any specific information about their identity or marketing and sales plans. However, at the appropriate time, probably after retail product launches, BioElectronics will provide more information about each venture in news releases.
In terms of international sales, we recently signed a licensing agreement with a major international company and are in the final stages of signing an agreement with another large international company. Both of these companies need to register our products with their respective local medical regulatory authorities before they can distribute and sell our products. In addition, the sales force of our long-standing distributor, Mundipharma, has reentered the field after a slow down of sales activity due to the pandemic. Based in part on this new activity, they are forecasting a reorder in Q4 of 2020.
Our engineering and clinical team has continued to improve our understanding of the mechanism of action for the technology behind our devices and to develop new versions of our products. In addition, in conjunction with some of our new sales representatives, we are in the process of establishing new clinical alliances to further strengthen the clinical evidence on our devices.
The Strategy, Plan and Underlying Logic
In early November of 2019 senior leadership started working on developing a long-term strategy that would allow the Company to better compete and thrive in the pain care health market. This team was composed of the current Board, Kelly Whelan, Keith Nalepka, and myself, and augmented by Dr. Sree Koneru who heads up our product development team. Early on, this group concluded that the Company’s core capabilities were its deep knowledge and experience in Pulsed Short Wave Therapy (PSWT) technology which is the use of non-thermal, high-frequency electromagnetic fields for therapeutic purposes.
This knowledge had already enabled the Company to acquire three 510(k) clearances from the U.S. Food & Drug Administration. This expertise also allowed the Company, working with its trusted manufacturer, to develop processes that enabled mass production of high quality, effective, low cost PSWT devices. The group felt that these two core assets not only allowed the Company to successfully compete in the United States medical and retail markets, but also efficiently a) develop new product offerings that would better serve different segments of the pain management market; and b) launch new initiatives into other neurological ailments linked to chronic pain, such as overactive bladder and migraine headaches.
The question then facing the leadership team 10 months ago was: “How does the Company leverage these core capabilities (both human and product related), given its very weak financial position?”
The group quickly coalesced around the strategy of not trying to directly sell its existing products into either the medical or retail markets in the United States but instead becoming an efficient, low-cost original equipment manufacturer (OEM) that would form strong relationships with other companies that not only had the financial resources, but also the marketing expertise and knowledge to effectively introduce our devices into these markets. With this noted, we also decided to strengthen the Company’s international footprint, by continuing to contract with noted international companies and provide them with products and clinical evidence (and thus verifiable claims) that would help them be successful.
This two-pronged OEM selling strategy had a number of implications. First, it did not require the Company to acquire large sums of (expensive) outside financing to penetrate these large and complex domestic and international markets. Second, it meant that the Company would seek to do business with multiple companies, many of whom serve niche markets not easily available to us. Third, it implied the need for us to continue to develop innovative products to attract new companies (customers) and markets, as well as enhance our offerings to our existing customers.
The Last 10 Months’ Activities
Armed with the OEM strategy, we aggressively pursued activities intended to support this two-pronged selling approach. Members of the sales team began communicating with several potential domestic and international companies. Concurrently, a major effort was initiated by our regulatory and engineering staff to accelerate the renewal of our CE mark, thereby allowing us to export product to the EU and other international markets.
Just as we were making some progress, it became clear that the world was facing a pandemic. This unanticipated event had many ramifications for us. First, it limited our ability to work centrally. In addition, it also greatly affected our two potential markets. Many retailers significantly altered their buying processes and thus their willingness to accept new products into their channel system. Likewise, many doctors who normally performed elective surgery (which requires pain management) temporarily discontinued their practices.
Despite these realities, we continued to follow our strategic plan and focused our efforts on establishing strong channel relationships. In addition, we started working with our manufacturer to develop variants of our existing product line. As a result, we now have the capability to design products that vary along four dimensions: battery life, on/off functionality, treatment (antenna) size, and aesthetics (color, branding logo, etc.). This should greatly enhance our ability to meet the special requirements of niche markets.
Summary
I am happy to report that BioElectronics has made substantial progress in the last 10 months. It has developed a new strategy that centers on OEM and research & development activities. This has allowed the Company to establish several new distributing relationships and develop new product offerings. The intent of this letter is to update investors on the results of these new initiatives and the logic behind these initiatives.
Finally, I would be amiss if I didn’t mention that although our progress is encouraging, the Company still needs to continue to focus single-mindedly on our core capabilities and work hard to ensure that these newly established company relationships remain stable and profitable for all members within the channel. In addition, we need to continue to monitor our costs and keep our cash needs as low as possible and to maximize the cash intake as we build up inventory to meet our anticipated demand. We cannot lose sight of staying ahead of the curve in terms of leveraging our PSWT expertise. These challenges are substantial but within our abilities.
I anticipate reporting to you significant progress over the next 10 months via a series of news releases. Until then, I want to thank the current shareholders for their willingness to stick with BioElectronics Corporation.
Sincerely,
Richard Staelin, Ph.D.
Chairman of the Board
About Dr. Staelin: Richard Staelin is the Edward and Rose Donnell Professor of Business Administration at The Fuqua School of Business, Duke University. He served as Associate Dean for Faculty Affairs at The Fuqua School from 1984 until July 1991. For the next two years, he was Executive Director of Marketing Science Institute in Cambridge, Massachusetts. After that, he served as Managing Director of The Fuqua School's Global Executive MBA program (GEMBA) 1995-1997, Associate Dean for Executive Education 2000-2002, Co-Director of the Teradata Center for Customer Relationship Management at Duke University 2000-2005, and Deputy Dean 2002-2004. As of July 1, 2004, he stepped down from his administrative duties to devote all his attention to research and teaching. Subsequent to that he was one of the initial members of BiVarus, a start-up that utilized his research on patient experience data and its relationship to the quality of health care.
About BioElectronics Corporation
BioElectronics Corporation is a leader in non-invasive electroceuticals and the maker of an industry-leading family of disposable, drug-free, pain therapy devices: ActiPatch® Therapy, over-the-counter treatment for back pain and other musculoskeletal complaints; RecoveryRx® Devices for chronic and post-operative wound care; Allay® Menstrual Pain Therapy.
For more in
BOOM BOOM Let The Good Time Roll
https://twitter.com/i/status/1291835152608485378
LMFAO that is going to break the piggy bank savings, but it will pay well down the road, good luck.
BOOM BOOM Roll-On
https://twitter.com/i/status/1291835152608485378
BEWARE there is a raid coming on Biel