Advanced Optics Electronics Inc. OKs Beta Testing for 'Color-Chek'; Mexico Gives Biomoda Inc. 'Patent Pending' Green Light
9/3/2003 11:41:00 AM
ALBUQUERQUE, N.M., Sep 3, 2003 (BUSINESS WIRE) -- Multiple location Beta testing is the protocol selected for "COLOR-CHEK," the color speech processor development underway at Advanced Optics Electronics Inc. (ADOT) . The next phase of prototype rating slated to be completed before month's end will be undertaken in such a manner as to simultaneously field test in a variety of environments. Testing to date, conducted to comply with nearly absolute parameters, although not yet certified, has demonstrated readings far greater than anticipated.
Mexico's Federal Patent Agency granted "Patent Pending" status to Biomoda Inc.'s proprietary systems now enabling Biomoda Inc. to target this adjacent 80 million plus population. The addition of Mexico's vast market, long sought by Biomoda now positions Biomoda with 18 countries in which to target its launch.
Biomoda Inc.'s market sponsorship has been completed by its newly authorized initial market maker allowing Biomoda to move toward publicly traded status upon completion of the NASD processing. A symbol will be assigned for quotation and trading purposes.
ADOT's existing balance sheet valuation, cost less depreciation resulted in the current reduced carrying value. This will be positively affected by Biomoda's scheduled $6 per share market price to be reflected in the Dec. 31, 2003 balance sheet audit likely producing a marked increase in ADOT's net worth.
Biomoda Inc. is scheduling the first addition to its professional staff with the addition of an individual with industry background to direct the commercial market entry of its patented cancer diagnostics programs. This effort, geared to achieve key intermediate benchmarks required for broad-based commercialization initially will be through clinical trials. Developments with global regional partners for targeted areas of testing and product development is intended to ensure both marketplace education and penetration.
Advanced Optics Electronics Inc. is a technology company based in Albuquerque, N.M. The company maintains an R&D facility and manufacturing plant, and is engaged in building large-scale flat panel displays utilizing its patented and patent-pending technology.
In addition to the core business of ADOT, the company has made a strategic technology oriented investment in Biomoda Inc. Biomoda Inc. is a company that holds patents and patents pending domestically and internationally for the early detection of lung cancer. ADOT currently holds directly and indirectly 30% of Biomoda Inc.
This news release contains forward-looking statements that involve a high degree of risk and uncertainty. Such statements include, but are not limited to, statements containing the words "believes," "anticipates," "expects," "estimates," and words of similar import. The company's actual results could differ materially from any forward-looking statements, which reflect management's opinions only as of the date of this report, as a result of risks and uncertainties that exist in our operation, development efforts and business environment. The company undertakes no obligation to revise or publicly release the results of any revisions to these forward-looking statements. You should carefully review the risk factors in other documents that the company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q.
SOURCE: Advanced Optics Electronics Inc.
Advanced Optics Electronics Inc., Albuquerque
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