AcuNetx Announces Restructuring Initiative.VisioNetx to Bring Workplace and Highway Safety Products to Market as Private Subsidiary SUPERIOR, Colo. -- AcuNetx, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ANTX) today announced that it is restructuring the Company to unlock the value inherent in its eye-tracking-and-analysis technology for the detection of human impairment--specifically to create safety in the workplace and on the nation's highways. AcuNetx has formed VisioNetx, Inc., as a private subsidiary company that will be endowed en·dow tr.v. en·dowed, en·dow·ing, en·dows 1. To provide with property, income, or a source of income. 2. a. with the human impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. testing technology and associated intellectual property currently possessed by AcuNetx. VisioNetx will immediately seek additional private equity capital to bring its workplace and highway safety products to market this year. These products address a $9 billion U.S. market opportunity. As part of the restructuring plan, Dr. Terry Knapp has resigned as AcuNetx President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . He will assume the role of Chairman and CEO of VisioNetx. Dr. Knapp remains a Director of AcuNetx. Ron Waldorf, AcuNetx founder, Director, and President of its IntelliNetx medical device division, will assume the CEO position at AcuNetx. Waldorf, also the co-inventor and developer of the eye-tracking-and-analysis technology for both medical and human impairment testing, will assist VisioNetx in a consulting and collaborating role. Robert Corrigan, a current Director of AcuNetx, will serve on the Board of VisioNetx, representing AcuNetx interests. Douglas MacCarthy, Senior Vice President of Operations at AcuNetx, has resigned that position to assume the SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul , Operations role at VisioNetx. "We believe that creating a private subsidiary to attract the capital necessary to realize the potential of our nascent nascent /nas·cent/ (nas´ent) (na´sent) 1. being born; just coming into existence. 2. just liberated from a chemical combination, and hence more reactive because uncombined. human impairment testing technology is a win-win for both our AcuNetx shareholders and new investors in VisioNetx," said Charles "Chuck" Phillips, Chairman of the Board of AcuNetx. "Further, this restructuring plays to the strengths of all persons concerned." Dr. Knapp, the new Chairman and CEO of VisioNetx, summarized: "We at VisioNetx are tremendously excited to have this 'pure play' opportunity to bring worker impairment testing to a market where, until now, random urine testing has dominated, along with all the problems it introduces, such as invasion of privacy invasion of privacy n. the intrusion into the personal life of another, without just cause, which can give the person whose privacy has been invaded a right to bring a lawsuit for damages against the person or entity that intruded. and other civil liberties issues. We intend to capture a very large portion of the $4+ billion urine testing market because we have the people, the technology and the distribution, as well as a more meaningful, less onerous approach. We can change the safety profile of the American workplace. It will be a great ride." About AcuNetx, Inc.: AcuNetx combines diagnostic, analytical and therapeutic devices with proprietary software to permit: health providers to diagnose and treat balance disorders balance disorder Audiology A disturbance in equilibrium due to a disruption of the labryrinth. See Equilibrium. and various bone deficiencies; law enforcement officers to evaluate roadside sobriety; and employers in high-risk industries to determine--in real-time--the mental fitness of their employees to perform mission critical tasks. AcuNetx is headquartered in Superior, CO, and has operating divisions in Torrance, CA. For more information concerning AcuNetx and its divisions, please visit www.acunetx.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward Looking Statements: This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion