Thursday, March 22, 2007 11:46:50 AM
BodyTel Scientific, Inc. Acquires Remaining 50% of GlucoTel Scientific
Thursday March 22, 11:24 am ET
HENDERSON, Nev.--(BUSINESS WIRE)--BodyTel Scientific, Inc. (OTCBB:BDYT - News), an American company listed on the NASDAQ Over the Counter Bulletin Board and the Frankfurt Stock Exchange, Germany's largest stock exchange, announced today that the company will exercise its option to acquire the remaining 50% interest in GlucoTel Scientific from Safe-com GmbH & Co. KG and become 100% owner of the German technology. GlucoTel Scientific Inc., the developer of the world's first and only wireless Bluetooth(TM) enabled blood glucose meter, is now a wholly owned subsidiary of the company.
Per the terms of the acquisition, BodyTel Scientific will purchase all of the shares outstanding of the GlucoTel joint venture from Safe-com in exchange for 65% of the issued and outstanding shares of BodyTel. Furthermore, BodyTel will invest an additional $1,250,000 to complete the development and to market GlucoTel Scientific's wireless technology health monitoring solutions. This will bring BodyTel's total investment in the development of innovative wireless health monitoring products leveraging Bluetooth(TM) technology to $2,500,000.
The GlucoTel meter, the first and only blood glucose monitoring device in the world with integrated Bluetooth(TM) technology, is a small and easy to use meter which wirelessly monitors patients with diabetes glucose levels using Bluetooth(TM) and cellular phone technology. The data is then retrieved using a secure web site.
As a result of the acquisition, Stefan Schraps, current President and Chief Executive Officer of GlucoTel Scientific, will also become the new President, CEO and Director of BodyTel Scientific.
Stefan Schraps, new President and CEO of BodyTel Scientific, commented, "I am pleased to report the acquisition of GlucoTel Scientific. We feel very strongly that we have the potential to become a market leader in diabetes monitoring products and services for patients and their physicians with the introduction of the revolutionary wireless GlucoTel blood glucose monitor. The acquisition of GlucoTel strengthens the company's competitive position in the marketplace."
About BodyTel Scientific, Inc.
BodyTel Scientific, Inc. is a company focused on the development of innovative wireless health monitoring products. BodyTel's initial wireless health monitoring device is the world's first and only wireless Bluetooth(TM) enabled blood glucose meter. Please visit www.BodyTel.com, for more company information.
Forward-Looking Statements
Statements regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Forward looking statements in this press release include that GlucoTel's mission is to become a market leader in providing innovative higher quality diabetes monitoring products and services to diabetic patients and their physicians and that our primary product is a true wireless monitoring device that provides a higher quality testing, reporting and monitoring system than any currently being offered in the market. Actual results may differ materially from those currently anticipated due to a number of factors as we may find that our products must compete with cheaper or better products; we may not be able to retain key employees; a bigger market may not develop for our products and we may not be able to continue to attract new customers; we may face litigation if our technology fails to work when required; our intellectual property may be attacked and defeated in court proceedings; our patent filings may be rejected by the patent offices; other companies may discover and develop better or cheaper technologies that would render our products obsolete and we may not have sufficient funding to further develop and/or market our technology. Readers are directed to the BodyTel Scientific, Inc.'s reports as filed with the U.S. Securities and Exchange Commission from time to time, including but not limited to its 8-K filed December 14, 2006 under our prior name Sellcell.net which outlined the company's current business for further information and factors that may affect BodyTel Scientific Inc.'s business and results of operations as well as the Company's form 10-KSB filed on December 15, 2006. BodyTel Scientific Inc. undertakes no obligations to publicly update any forward-looking statements to reflect future events or circumstances.
Contact:
ZA Consulting Inc.
David Zazoff, 212-505-5976 (Investors Relations)
Thursday March 22, 11:24 am ET
HENDERSON, Nev.--(BUSINESS WIRE)--BodyTel Scientific, Inc. (OTCBB:BDYT - News), an American company listed on the NASDAQ Over the Counter Bulletin Board and the Frankfurt Stock Exchange, Germany's largest stock exchange, announced today that the company will exercise its option to acquire the remaining 50% interest in GlucoTel Scientific from Safe-com GmbH & Co. KG and become 100% owner of the German technology. GlucoTel Scientific Inc., the developer of the world's first and only wireless Bluetooth(TM) enabled blood glucose meter, is now a wholly owned subsidiary of the company.
Per the terms of the acquisition, BodyTel Scientific will purchase all of the shares outstanding of the GlucoTel joint venture from Safe-com in exchange for 65% of the issued and outstanding shares of BodyTel. Furthermore, BodyTel will invest an additional $1,250,000 to complete the development and to market GlucoTel Scientific's wireless technology health monitoring solutions. This will bring BodyTel's total investment in the development of innovative wireless health monitoring products leveraging Bluetooth(TM) technology to $2,500,000.
The GlucoTel meter, the first and only blood glucose monitoring device in the world with integrated Bluetooth(TM) technology, is a small and easy to use meter which wirelessly monitors patients with diabetes glucose levels using Bluetooth(TM) and cellular phone technology. The data is then retrieved using a secure web site.
As a result of the acquisition, Stefan Schraps, current President and Chief Executive Officer of GlucoTel Scientific, will also become the new President, CEO and Director of BodyTel Scientific.
Stefan Schraps, new President and CEO of BodyTel Scientific, commented, "I am pleased to report the acquisition of GlucoTel Scientific. We feel very strongly that we have the potential to become a market leader in diabetes monitoring products and services for patients and their physicians with the introduction of the revolutionary wireless GlucoTel blood glucose monitor. The acquisition of GlucoTel strengthens the company's competitive position in the marketplace."
About BodyTel Scientific, Inc.
BodyTel Scientific, Inc. is a company focused on the development of innovative wireless health monitoring products. BodyTel's initial wireless health monitoring device is the world's first and only wireless Bluetooth(TM) enabled blood glucose meter. Please visit www.BodyTel.com, for more company information.
Forward-Looking Statements
Statements regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Forward looking statements in this press release include that GlucoTel's mission is to become a market leader in providing innovative higher quality diabetes monitoring products and services to diabetic patients and their physicians and that our primary product is a true wireless monitoring device that provides a higher quality testing, reporting and monitoring system than any currently being offered in the market. Actual results may differ materially from those currently anticipated due to a number of factors as we may find that our products must compete with cheaper or better products; we may not be able to retain key employees; a bigger market may not develop for our products and we may not be able to continue to attract new customers; we may face litigation if our technology fails to work when required; our intellectual property may be attacked and defeated in court proceedings; our patent filings may be rejected by the patent offices; other companies may discover and develop better or cheaper technologies that would render our products obsolete and we may not have sufficient funding to further develop and/or market our technology. Readers are directed to the BodyTel Scientific, Inc.'s reports as filed with the U.S. Securities and Exchange Commission from time to time, including but not limited to its 8-K filed December 14, 2006 under our prior name Sellcell.net which outlined the company's current business for further information and factors that may affect BodyTel Scientific Inc.'s business and results of operations as well as the Company's form 10-KSB filed on December 15, 2006. BodyTel Scientific Inc. undertakes no obligations to publicly update any forward-looking statements to reflect future events or circumstances.
Contact:
ZA Consulting Inc.
David Zazoff, 212-505-5976 (Investors Relations)
Please do your own research and buy and sell at your own risk. I am not a financial advisor.
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