Nov. 16, 2021 7:00 AM ETBioElectronics Corporation (BIEL)
Year over Year Revenue Growth Exceeds 463%
FREDERICK, MARYLAND, Nov. 16, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — BioElectronics Corporation (BIEL) (https://www.bielcorp.com/ OTC: BIEL) announces a 463% increase in sales revenue resulting in a profitable 3rd quarter.
Keeping in line with BIEL’s impressive year-over-year growth, the nine months ended September 30, 2021 sales were 463% higher than the same period during 2020. Additionally, Deferred revenue amounted to $256,398 at the quarter’s close; this revenue will be recorded as sales in the applicable quarter when the products are shipped.
KT Health, LLC has received its initial order to launch its KT Recovery+ WaveTM in the United Kingdom and intends to continue expansion into other markets.
The Company continues making progress on international sales. Our sales partner in Australia, LMT Surgical Party, Ltd, is reporting strong demand and excellent clinical outcomes with the RecoveryRx product. Our sales partner in Korea is preparing to receive their first order with an expected product launch date in the spring of 2022. Our distributor in Bangladesh has resumed full operations following Covid19 shutdowns in Bangladesh and has placed an order for delivery in the first quarter of 2022. The sales team continues discussions with several firms that have an established presence in the consumer health space, to expand distribution in Europe and the MENA (Middle East and North Africa) region. The sales team is also actively seeking an OEM partner for a wound pain product development partnership.
The Research and Development team is expanding its efforts regarding the brain stimulation project by collaborating with the Clinical Science and Engineering Research Lab at Binghamton University under the guidance of Ken McLeod, Ph.D. The vision behind this research undertaking is to develop and optimize PSWT technology that will be capable of serving as a therapeutic intervention for psychological disorders such as depression and anxiety.
Two major lenders continue to neither collect nor accrue interest on their notes and no additional stock was issued during the 3rd quarter. It is likely, but not certain, that these lenders will continue to forgo interest at least through the 2nd quarter of 2022 to help offset increased supply and shipping costs caused by global shortages due to the pandemic.
The team at BioElectronics is looking forward to continuing to improve the financial health of the Company and the resulting increase in shareholder value.
About BioElectronics: BioElectronics Corporation is a leader in non-invasive electroceuticals and the manufacturer of industry leading disposable, drug-free, pain therapy devices for the over-the-counter treatment of back pain and other musculoskeletal complaints; RecoveryRx® Devices for chronic and post-operative pain and wound care. For more information, visit www.bielcorp.com
Disclosure 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; (vii) renewal of the Company’s current customer, supplier and other material agreements; and (viii) 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.
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Contact: Paul Knopick