This looks pretty good to me: Telzuit Achieves Two Additional Milestones
Monday January 8, 4:15 pm ET
ORLANDO, Fla., Jan. 8 /PRNewswire-FirstCall/ -- Telzuit Medical Technologies, Inc. is pleased to announce that it has achieved two additional milestones as outlined in its 10% Senior Convertible Debenture offering. These milestones were the achievement of a monthly cash burn rate of $100,000 or less and an annualized revenue run rate from its clinic operations of greater than $1,020,000. The Company has now achieved 7 of 8 milestones related to the debenture offering. Therefore, there will be no adjustment to the conversion price of these debentures and related securities.
- For the month of December 2006, the Company's cash burn rate was less
than $100,000. We have taken the actions that have resulted in
sustainable reductions in expenses. Combing these reductions with
improved cash flow from the recently acquired mobile imaging clinic
business has helped the Company achieve this milestone.
- Clinic operations have significantly exceeded a revenue run rate of
$1,020,000 per annum for both the quarter ending December 31, 2006 and
for the month of December. Clinic operations included the Company's two
free-standing walk-in clinics and its six mobile imaging clinics.
Technology/ STATPATCH Update
Progress continues to made on the technology front, although there have been some setbacks as well. In October 2006 we sold $10,000 of the STATPATCH System to a physician practice that has utilized the patches on its patients and received usable and billable EKG data from these patients. We discovered during this process that the PDA device used to transit the EKG data had a failure rate of approximately 6% as a result of issues with the "BlueTooth" component of the PDA. We are working to resolve these issues utilizing a combination of in-house resources and three different outside software consulting firms. Palm, Inc., the manufacturer of the PDA device is also using its engineering resources to find a solution to the problems. We expect to receive feedback from these resources by the middle of February 2007.
We have also engaged a consulting firm to help us migrate the Palm O/S software to a Windows environment. We believe this greatly expands our flexibility and opportunity going forward.
Meetings
We have filed our Proxy Statement with the SEC and expect the Company's annual meeting to be held in Orlando on February 27, 2007. Details of the meeting are included in the Proxy Statement that will be mailed to shareholders when approved by the SEC.
Management has also set up a series of meeting with shareholders during January.
- On January 11, management will be presenting to shareholders in
Youngstown, Ohio
- On January 17, management will be presenting to shareholders in the
Minneapolis, MN area.
- On January 22-24, management will hold a series of meeting in New York
City.
If you wish to meet with management at these times please contact Morgan Wilson at 407-354-1222.
About Telzuit Medical Technologies, Inc.
Telzuit Medical technologies, Inc. is dedicated to providing advanced mobile medicine to patients. The STATPATCH System is a full 12-lead, completely wireless Holter monitor. The STATPATCH System has been approved by the FDA under a 510-K filing. Telzuit also operates two walk-in medical clinics in the Orlando area and provides ultrasound medical imaging services to physicians in Central Florida through six mobile imaging clinics. Telzuit is based in Orlando. For more information about Telzuit, its business model and its products, please visit the Company's web site: http/www.telzuit.com
Forward Looking Statements: Except for factual statements made herein, the information contained in this press release consists of forward looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the health products industry, customer acceptance of products, and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Telzuit results could differ materially from those contained in such statements. These forward-looking statements speak only as of the date of this release, and Telzuit undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.
For more information please contact:
Jerry Balter
Chief Financial Officer
Telzuit Medical Technologies, Inc.
407-354-1222
jbalter@telzuit.com
