(This release corrects the release that was posted earlier on January 11, 2024 to update company information)
FORT MILL, SC / ACCESSWIRE / January 11, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), an innovative US-based medical device Company dedicated to improving the lives of patients with cardiac arrhythmias, announces that its CEO and Chairman, Mr. David Jenkins, [and/or one or more of his affiliated entities] has been authorized to purchase up to 500,000 shares of the Company's common stock in open market transactions across multiple trading days.
David Jenkins, CEO/Chairman of Catheter Precision, Inc., and founder of the Catheter Precision business states, "Committing additional capital shows that I fully believe in the Company and the team. Our development of groundbreaking technology for electrophysiology procedures to improve the treatment of cardiac arrhythmias continues aggressively forward. Our FDA-registered LockeT product is gaining early acceptance by hospitals and physicians, with patents pending or approved in the USA and other global markets. We also see continued global growth with our VIVO 3D mapping system. The future is strong for Catheter Precision, Inc., and I'm excited for our future and expect that more of our innovations will meet necessary approvals and become marketable."
Although it is Mr. Jenkins' current intent to engage in open market purchase transactions from time to time, his decision as to whether to engage in a purchase at any given time will depend upon a number of factors, including the current trading price of Company common stock and Mr. Jenkins' other capital needs. There is no guarantee that all or a substantial portion of the shares authorized as described above will in fact be purchased, and Mr. Jenkins reserves the right to make private purchases or purchases directly from the Company, subject to compliance with rules of the NYSE American. All purchases by Mr. Jenkins will be made in compliance with all applicable laws, and all open market transactions will be conducted pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Before these proposed purchases, Mr. Jenkins and his affiliate entities invested greater than $30 million of his capital into the Company's predecessor, which was acquired by the Company in January 2023.
The Company continues to seek innovations and markets to improve the overall health of many with cardiac arrhythmias.
About Catheter Precision, Inc. (NYSE-American:VTAK)
Catheter Precision, Inc. (NYSE-American:VTAK) is an innovative U.S.-based medical device company bringing new solutions to market to improve the treatment of cardiac arrhythmias. It is focused on developing groundbreaking technology for electrophysiology procedures by collaborating with physicians and continuously advancing its products. The Company produces and delivers electrophysiological products to provide patients, hospitals, and physicians with novel technologies and solutions to improve patients' lives with cardiac arrhythmias. With a world-class management team and partnerships with leading industry experts, Catheter Precision continues to reach new and essential milestones in electrophysiology. Reincorporated as Ra Medical Systems, Inc. in Delaware in 2018, the Company changed its name to Catheter Precision, Inc. on August 17, 2023. https://www.catheterprecision.com/.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to substantial risk and uncertainties. Forward-looking statements can be identified by words such as "believe," "anticipate," "may," "might," "can," "could," "continue," "depends," "expect," "expand," "forecast," "intend," "predict," "plan," "rely," "should," "will," "may," "seek," or the negative of these terms and other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements include, but are not limited to, our belief that our FDA-registered LockeT product is gaining early acceptance by hospitals and physicians, our belief that the future is strong for the Company, and our belief that more of our innovations will meet necessary approvals and become marketable. The Company's expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks and changes in circumstances, including but not limited to risks and uncertainties included under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2022 and Forms 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, filed with the U.S. Securities and Exchange Commission and available at www.sec.gov. These risks and uncertainties include, but aren't limited to, that we are currently, and have been historically, unprofitable, our current operations do not generate sufficient cash flow to cover our expenses, and we do not have sufficient liquidity to operate for the next [six] months without obtaining additional financing, which we may be unable to obtain, that we will not be able to reach profitability and sufficient cash flow unless we are able to achieve our product expansion and growth goals, our research and development and commercialization efforts may depend on entering into agreements with corporate collaborators, we have entered into joint marketing agreements with respect to our products, and may enter into additional join marketing agreements, that will reduce our revenues from product sales, royalty agreements with respect to our LockeT device will reduce any future profits from this product, if we experience significant disruptions in our information technology systems, our business may be adversely affected, litigation and other legal proceedings may adversely affect our business, if we make acquisitions or divestitures, we could encounter difficulties that harm our business, failure to attract and retain sufficient qualified personnel could also impede our growth, failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock, if our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud, our revenues may depend on our customers' receipt of adequate reimbursement from private insurers and government sponsored healthcare programs, we may be unable to compete successfully with companies in our highly competitive industry, many of whom have substantially greater resources than we do, our future operating results depend upon our ability to obtain components in sufficient quantities on commercially reasonable terms or according to schedules, prices, quality and volumes that are acceptable to us, and suppliers may fail to deliver components, or we may be unable to manage these components effectively or obtain these components on such terms, if hospitals, physicians and patients do not accept our current and future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any, our medical device operations are subject to pervasive and continuing FDA regulatory requirements, our products may be subject to additional recalls, revocations or suspensions after receiving FDA or foreign approval or clearance, which could divert managerial and financial resources, harm our reputation, and adversely affect our business, changes in trade policies among the U.S. and other countries, in particular the imposition of new or higher tariffs, could place pressure on our average selling prices as our customers seek to offset the impact of increased tariffs on their own products, increased tariffs or the imposition of other barriers to international trade could have a material adverse effect on our revenues and operating results. The forward-looking statements included in this communication are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements except as required by law.
CONTACTS
David Jenkins
973-691-2000
[email protected]
SOURCE: Catheter Precision, Inc