KLYG.. $0.115.. Innovator of Implantable Neuromodulation Devices Brings Significant Value and Opportunities to Company
(Statement of Income included)
CANTON, Conn.--(BUSINESS WIRE)-- Kelyniam Global, Inc. (OTC Pink: KLYG), an innovative medical device design and manufacturing company, announced today it has acquired MED-ALLY, LLC as part of its product diversification initiative. MED-ALLY applies custom, proprietary Neuromodulation technology to create a number of external and implantable medical devices that can be used to treat a wide array of conditions including chronic pain management, urinary incontinence, sleep apnea, Tinnitus and Deep Brain Stimulation applications such as Alzheimer’s, Epilepsy, and Parkinson’s disease.
Kelyniam’s current product line is made up of precise and novel, customized PEEK cranial and facial implants used to fill bony voids caused by trauma, birth defects or disease. Its streamlined CAD/CAM design and manufacturing techniques enable Kelyniam to deliver patient-specific PEEK implants to surgeons in as little as 24 hours from the receipt of an order – a timeframe which is unmatched in its industry. The ability to provide custom PEEK implants quickly and accurately can reduce the time between trauma and implantation and provides surgeons additional treatment options.
“Kelyniam’s mission is to develop and manufacture medical devices that significantly improve medical care, surgical outcomes and patient quality of life, and our acquisition of MED-ALLY greatly enhances our ability to do just that,” said Tennyson Anthony, president and CEO of Kelyniam Global. “Our cost-effective Implantable Pulse Generators will provide an alternative to addictive opiates for patients suffering from chronic pain, and provide new hope and the promise of an enhanced quality of life for many patients suffering from other ailments who currently have no viable alternative treatment.”
MED-ALLY founders, John Mulvihill and Raja Hitti, bring more than 50 years of combined medical device design, development, manufacturing, sales and marketing experience that will have a positive impact on Kelyniam customers globally. MED-ALLY has agreements with multiple early-stage neuromodulation companies to deliver an active implantable medical device system to treat new therapeutic indications not currently available in the market. A recent market study from Neurotech Reports estimates the neuromodulation medical device market to be $4 billion and growing more than 18% annually.
For more go to www.kelyniam.com.
Statement of Income
For the 2nd and 3rd Quarter Ended September 30, 2014
KELYNIAM GLOBAL, INC.
June 30, 2014,, September 30, 2014,, Year to Date
Sales $436,865 $455,401 $1,432,552
Cost of Sales 222,138 172,674 665,310
Gross Profit 214,727 282,727 767,242
General and administrative expenses 221,070 210,427 649,445
Income from Operations (6,343) 72,300 117,797
Other Income
Interest income 2 2 8
Net Income (6,341) 72,302 117,805
www.kelyniam.com
STOCKHOLDERS’ EQUITY
Common stock, $.001 par value, 60,000,000 shares authorized,
19,526,800 shares issued, 19,526,800 outstanding 19,017 19,017
Additional paid-in capital 2,436,564 2,436,564
Retained earnings (Deficit) (1,697,763) (1,654,001)
Total stockholders’ equity 757,818 801,580
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $1,444,223 $1,452,852
KELYNIAM GLOBAL, INC.
Internally produced by Kelyniam - these financials have not been reviewed, audited, or compiled.
BALANCE SHEET
June 30, 2014
September 30, 2014
ASSETS
CURRENT ASSETS
Cash $63,599 $75,138
Accounts receivable 212,235 286,855
Inventory 54,576 16,632
Prepaid rent 3,752
Investment securities available for sale 160,777 131,455
Total current assets $491,187 $513,832
CAPITAL ASSETS
Manufacturing Equipment 359,582 359,582
Computer Equipment 24,982 24,982
Furniture and Fixtures 8,043 8,043
Leasehold Improvments 189,455 189,455
582,062 582,062
Less accumulated depreciation (322,483) (335,735)
Total capital assests 259,579 246,327
OTHER ASSETS
License, net of accumulated amortization of $9,930 35,139
License, net of accumulated amortization of $11,458 34,375
Security Deposit 8,000 8,000
Deferred income tax asset 650,318 650,318
Total other assets 693,457 692,693
TOTAL ASSETS $1,444,223 $1,452,852
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Notes payable $78,125 $63,750
Line of Credit - Bank 165,623 165,623
Credit cards payable 987
Commissions payable 47,245 35,150
Accrued expenses 64,293 74,630
Accrued interest 9,803 6,291
Current portion of capital leases 9,282 30,674
Current portion of long-term debt 30,238 26,880
Total current liabilities $405,596 $402,998
LONG-TERM DEBT
Long-term debt, less current portion 229,464 222,809
Capital lease obligations, less current portion 51,345 25,465
Total long-term debt 280,809 248,274
STOCKHOLDERS’ EQUITY
Common stock, $.001 par value, 60,000,000 shares authorized,
19,526,800 shares issued, 19,526,800 outstanding 19,017 19,017
Additional paid-in capital 2,436,564 2,436,564
Retained earnings (Deficit) (1,697,763) (1,654,001)
Total stockholders’ equity 757,818 801,580
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $1,444,223 $1,452,852
About Kelyniam Global, Incorporated
Kelyniam Global (OTC Pink: KLYG) is an innovative Medical Device Manufacturing Company specializing in the production of custom PEEK cranial and facial prosthetics and proprietary, implantable neuromodulation medical device systems. Its Engineering Division works diligently with medical professionals - allowing them to operate more effectively, improve patient care and surgical outcomes while reducing health care cost.
Forward-Looking Statements
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective" and "appears" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
for Kelyniam Global, Inc.
Christian Scarborough, 325-388-6263
christian@inventivepr.net
www.inventivepr.net
Source: Kelyniam Global, Inc.
