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Merger Secures Revolutionary Diabetes Monitoring Technology
Osmotex Merges With Lifecare
WEST PALM BEACH, FL | Posted on May 21st, 2007
IQ Micro Inc. (OTCBB: IQMC), exclusive licensor of patented electro-osmotic membranes and micro-pumps for the rapidly emerging microfluidic technology sector, announced today that its parent company, Osmotex AS, has merged with Lifecare AS, a private Norwegian company developing advanced micro and nanotechnology for the diabetes monitoring market. The expanded parent company, renamed Osmolife AS, will continue to function as a holding company for two research and development subsidiaries and for IQ Micro, its exclusive, worldwide sales and marketing company.
IQ Micro President and CEO Johnny Christiansen said, "With demand surging for advanced nano and microfluidics technology in the diabetes sector, we are pleased that our parent company has merged with Lifecare, a complementary technology provider with particular expertise in the $11 billion worldwide diabetes market. As we continue to commercialize the proprietary microfluidics technologies licensed from Osmotex, we are anxious to expand our licensing rights to include the revolutionary technologies brought forward by Lifecare."
Lifecare AS has been developing a revolutionary, implantable osmotic sensor for automated, continuous glucose measurements for the world's 180 million individuals diagnosed with diabetes. The Company's proprietary sensor, SENCELL, uses an advanced sensing technology based on osmotic readings that can improve precision and accuracy beyond existing solutions in the marketplace. SENCELL integrates micro and nanofabrication technologies into a tiny, implantable device that continuously monitors glucose levels and provides a unique platform for development of a long-term, in vivo glucose sensor solution to replace conventional, less efficient glucose monitoring and measurement techniques.
About IQ Micro Inc.
IQ Micro Inc. ( http://www.iq-micro.com ) is an international licensing company that commercializes proprietary technology developed for use in the microfluidics sector. Developed from the micro-chip industry, microfluidics involves circuits of tiny chambers, channels and pumps that direct the flow of liquids on a single micro-chip.
IQ Micro is actively pursuing global licensing opportunities for its patented electro-osmotic membrane technology and its "invisible pump," a microfluidic technology with a wide range of consumer, medical and industrial applications. With its proprietary technology and highly experienced management, IQ Micro expects to become a leading global, specialized supplier of low-voltage microfluidic technology.
The recent Osmotex/Lifecare merger is expected to result in an expanded licensing arrangement with IQ Micro, which will include the exclusive sales and marketing rights to Lifecare's implantable, osmotic sensor for use in diabetes monitoring.
For more information, visit: http://www.iq-micro.com .
CONTACT: D.P. Martin & Associates, Investor Relations for IQ Micro at: 561-514-0194 or or visit: http://www.dpmartin.com .
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. The words "may," "could," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar words are intended to identify forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third-party manufacturers to produce components on a basis which is cost-effective to the company, our ability to protect our intellectual property rights from infringement by third parties, our ability to convert our intellectual property rights into product offerings that are accepted by the market, the development of competitors of intellectual property and associated products that are superior to ours or that gain better market acceptance than ours and the ability of our intellectual property rights to keep pace with the advances in technology, market acceptance of the company's products and licensing rights, the effects of government regulation and other factors. Results actually achieved may differ materially from expected results included in these statements. The company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, this company cautions that the risk factors listed in this paragraph are not exhaustive.
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IQ Micro Inc.
500 Australian Avenue S., Suite 700
West Palm Beach, FL 33401
Tel: (561) 514-0118
Fax: (561) 514-0195
D.P. Martin & Associates
Investor Relations for IQ Micro
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