Electromedical Technologies Announces Uplisting to the OTCQB Market
SCOTTSDALE, AZ -– October 7, 2020 – (GLOBE NEWSWIRE – LATINX NEWSWIRE) – Electromedical Technologies, Inc. (OTCQB: EMED), a pioneer in the development and manufacturing of a bioelectronic FDA cleared device, is pleased to announce the completion of uplisting to the OTCQB. To retain our standing on this higher-tiered exchange, we are required to meet the standards set by OTCQB. This higher designation will allow us to appeal to family offices, institutional traders and numerous major hedge funds. Therefore, a higher tier will help provide shareholders with a transparent corporate update and full compliance in our financial disclosure.
The global market for pain management devices estimated to reach $11.3 billion by 2025, expanding at a CAGR of 12.5% over the forecast period, driven by increasing prevalence of chronic neuropathic pain among the growing elderly and obese populations.
Matthew Wolfson commented, “There are other obvious market growth drivers, including the opioid crisis which is getting out of hand. The White House Council of Economic Advisors estimate that the opioid crisis costs the US Economy $504 billion a year. Now with the current lockdown orders in place and increased social isolation and medical distancing due to the Covid pandemic, the problem is only getting worse. For many struggling with chronic pain the possibility of addiction to opioids is real. Treatments and support systems have been disrupted which may increase the risk of overdose deaths. States are already seeing significant spikes in overdoses in the first half of this year, with an average 20% increase of overdose submissions since the first reported case that kicked off the pandemic lockdowns that hit US shores.”
What does this all mean? People are desperately seeking new ways of treatment to alleviate their suffering other than drugs and medical professionals will need more tools and different treatment options. We have the options NOW.
Finally, Mr. Wolfson stated, “We have expedited this uplist process in order to gain traction and compete in a rapidly growing industry. Opioids have become the leading cause in accidental death in the US and as a result life expectancy has begun to drop. We are extremely optimistic that our technology will help to improve the quality of life for millions of people while also preserving overall health and wellness. Bioelectronics will electrify medicine in the next 5 years and will be the norm in treatments of not only Chronic pain but will also open doors to other treatments that will improve human well-being without addictive and harmful side effects. Electromedical (EMED) is part of the wave of the future.”
About Electromedical Technologies
Headquartered in Scottsdale, Arizona, Electromedical Technologies, Inc. is a commercial stage, FDA cleared, bioelectronic medical device manufacturing company initially focused on the treatment of various chronic, acute, intractable, and post-operative pain conditions. Through university collaboration agreements the company is working to develop a comprehensive research program in defining the effects of electro-modulation on the human body by studying the impacts of electrical fields in cell signaling and effects on virus assembly and immune responses with the goal of improving human wellbeing. The company’s current cleared product indications are for chronic acute post traumatic and post-operative, intractable pain relief.
Our animal studies do not involve any human testing and are not related to our current products. We are conducting this research to augment and advance the science of electro-modulation in healthcare. The United States Food and Drug Administration has not reviewed or approved our animal research studies.
For more information, visit www.electromedtech.com.
Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.