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Frederick, Maryland, Jan. 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioElectronics Corporation (OTC PINK:BIEL) is pleased to report that Q4 revenue for 2020 exceeded $519,000, representing an increase of 241% when compared to Q3 revenue in 2020 ($151,956). Correspondingly, Q4 2020 revenue represents an increase of 233% when compared to the cumulative revenue of Q1 and Q2 in 2020 ($155,818).
As of today, the Company has $554,074 in deferred revenue remaining on the books, at least half of which is scheduled to ship in Q1 of 2021.
Richard Staelin, Ph.D., Chairman of the Board, said, “We believe this increase in both revenue and deferred revenue is a strong signal that the firm is moving in the right direction.” He attributes this robust growth to the firm’s unique portfolio of products and the management’s decision to prioritize partnerships with entities that have a strong brand recognition and significant retail presence.
Keith Nalepka, VP of Sales, commented: “We are pleased with the increase in revenue and look forward to the national retail rollout of KT Recovery+Wave™ and the DonJoy® Advantage products, Powered by ActiPatch®. We are simultaneously bringing on more international distribution channels and ramping up our efforts to market and sell the RecoveryRx® brand domestically.”
The managers of the firm’s two largest lenders, which are both controlled by Whelan family members, Ibex LLC and St. John’s LLC, have agreed to extend foregoing of interest due on their convertible debt notes through the end of 2021. Kelly Whelan, President & CEO of BioElectronics, stated: “It is the goal of both BioElectronics’ management team and the Whelan family to bring the Company to profitability as swiftly as possible, for the benefit of all shareholders. The Whelan family has collectively foregone interest in excess of $750,000 in 2020, and will extend this hiatus on interest collection through at least 2021.”
Dr. Staelin noted that “the Board is deeply appreciative of the Whelan family foregoing any interest in 2020 and 2021. This decrease in interest expenses coupled with a steady increase in sales will bring the firm much closer to its goal of posting profits in the near future.”
About BioElectronics Corporation
Headquartered in Frederick, Maryland, and founded in 2000, BioElectronics Corporation is the leading company in the field on non-invasive electroceutical medical devices. BioElectronics is the maker of disposable, drug-free, pain therapy devices: ActiPatch® Therapy, over-the-counter treatment for back pain and other musculoskeletal complaints; RecoveryRx® Therapy for postoperative pain and chronic wound care.
FORWARD LOOKING STATEMENTS
Certain information set forth in this email contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this email are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contact: Paul Knopick