NEWMARKET, ON / ACCESSWIRE / March 12, 2019 / Aquarius Surgical Technologies Inc. (CSE: ASTI) ("Aquarius" or "the Company") today provides an update on its progress for the year of 2018.
In January 2018, ASTI successfully completed multiple product evaluations for the office-based BPH laser and in February, the Company was in the final stages of quality control testing of a new state-of-the-art holmium laser fiber which was gaining momentum in the market as a true innovation in laser lithotripsy.
After attending the Canadian Urology Association Annual Meeting and Convention in Halifax in June and getting an overwhelmingly positive response to its minimally invasive laser BPH solution, ASTI had three Canadian hospitals committed to implement the solution, including one of the most acknowledged and respected teaching hospitals in Toronto.
In August, the Company started negotiations with one of the leading manufacturers and distributors of surgical instruments to the urology/gynaecology marketplace in the US, an international company with an established presence in the United States for over 100 years.
A separate negotiation was taking place between ASTI and an established and certified provider of medical equipment to the Veterans Affairs (VA) hospitals across the US. The potential partner indicated their interest in exclusively representing ASTI's laser(s) for any upcoming VA hospital requirement. This was an excellent opportunity for ASTI to get immediate exposure to potential sales revenue from the equipment and consumable requirements of this exclusive network of hospitals and surgical centres.
That same month, ASTI also entered negotiations with one of the largest medical equipment mobilizers in the United States, providing technology solutions and personnel support to multiple medical disciplines across the country. With thousands of active contracts and hundreds of technicians across the United States, this potential partnership represented access to both short and long-term revenue growth in capital equipment and consumables. In September, the negotiations resulted in the initial business plan agreement, and the mobilizer processed initial orders for ASTI product which began shipping in September.
Finally, in November of 2018, the design of ASTI's new proprietary fiber optic for kidney and bladder stones was finalized and FDA approved. Production is scheduled to begin in the first quarter of 2019. Future consumable sales will grow as this will be the only fiber optic which will be locked and matched to the high power HYPHO Holmium laser.
Gordon Willox, President of the Company, commented: "2018 was a busy year for ASTI with several important negotiations taking place, which paved our way into an already busy start of 2019. There are many initiatives planned for this year and we are looking forward to updating the market on our further progress."
About Aquarius Surgical Technologies Inc.
Aquarius Surgical Technologies Inc. is an exclusive provider of innovative, minimally invasive medical laser systems and consumables for multiple medical disciplines, principally in the field of urology. Solutions also include clinical education, service, support and maintenance and focus on increasing the availability of services for patients, enhancing the quality of patient care, improving operationally efficiencies and reducing total operational costs.
For more information, please contact:
Gordon Willox, President
Cathy Hume, Investor Relations
Phone: 416-868-1079 x 231
Email: [email protected]
Neither the CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Aquarius Surgical Technologies Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Aquarius Surgical Technologies Inc.
SOURCE: Aquarius Surgical Technologies Inc.