ORLANDO, Fla., April 29 /PRNewswire-FirstCall/ -- WellTek
Incorporated (OTC Bulletin Board: WTKN), a global health, fitness
and wellness company, is pleased to announce that the Company
reported $2.54 million in revenue for
the 2009 fiscal year ended December 31,
2009, representing a 15% increase over $2.20 million in revenue posted for 2008.
The increase is primarily attributable to international sales
by the Company's subsidiary, MedX Limited.
WellTek reported a gross profit of $1.26
million for the 12 months ended December 31, 2009 as compared to $586,000 for the prior year, reflecting a 115%
increase. The increase in WellTek's gross profit stems from
the restructuring efforts at MedX Limited, which helped to
significantly reduce production and salary costs.
Consequently, the Company's operating losses on a
year-over-year basis declined 35% to $1.39
million from $2.14 million;
and net losses dropped 21% to $1.72
million, or $0.02 per basic
and diluted share, from net losses of $2.19
million, or $0.04 per basic
and diluted share.
"We are pleased with the progress that WellTek made in 2009,"
stated Randy Lubinsky, CEO of
WellTek. "We look forward to continuing to increase
shareholder value in 2010 through enhanced sales at MedX and by
signing and implementing contracts at Pure HealthyBack. We
also anticipate exploring strategic acquisitions in the wellness
industry that are deemed synergistic and complementary to our
existing growth platform."
MedX® exercise and rehabilitation equipment has been sold
in all 50 states and around the world. The medical and
exercise machines can be found in colleges and universities;
professional sports teams' training facilities; government
agencies, including but not limited to every branch of the U.S.
Armed Forces, CIA, Department of Energy, Secret Service, FBI and
the Veterans Administration (numerous locations); Fortune 500
companies, such as General Motors and Tyson Foods; and hundreds of
medical rehabilitation hospitals and leading wellness centers
throughout North America and
around the world. MedX machines have undergone
independent testing and evaluation by research teams fluent in
Exercise Science at the University of Florida and the
University of California San Diego,
among other leading academic research institutions around the
world.
The Company's wholly-owned subsidiary Pure HealthyBack uses
MedX medical machines and scientifically proven
rehabilitative exercise protocols to help patients resolve chronic
back and neck pain - ailments that afflict an estimated 80% of all
adult Americans and costs the U.S. healthcare system as much as
$100 billion every year. The program provides
non-surgical treatment and has had documented success in improving
spinal function and significantly reducing symptoms, at a
substantially reduced cost to managed care and self insured
companies. Current methods for treating chronic back and neck
pain have significant shortcomings, including escalating costs;
expensive, unnecessary and unproven treatments and procedures; and
increasing surgical rates. These issues have resulted in
skyrocketing costs, causing payers and self-insured employers to
actively seek innovative solutions that improve outcomes, control
costs and hold patients and providers accountable. Pure
HealthyBack is seeking to develop programs with managed care and
self insured companies nationwide.
The Company has filed its 10-K with the U.S. Securities and
Exchange Commission, which can be viewed at www.sec.gov.
About WellTek Incorporated
WellTek is a global health, fitness and wellness company that
provides solutions to help address some of the world's most
pressing and costly health challenges -- obesity and chronic neck
and back pain. The Company's subsidiary, MedX Limited,
manufactures, markets and distributes the most advanced medical
exercise equipment to the medical and fitness markets.
Through its wholly owned subsidiary Pure HealthyBack, Inc.,
WellTek is redefining healthcare delivery by providing health
plans, self-insured employer groups, and consumers with a viable
non-surgical, lower cost treatment for patients who are
seeking lasting relief from chronic neck and back pain.
For more information on the Company, please visit
www.WellTekinc.com.
Certain statements contained in this press release, which are
not based on historical facts, are forward-looking statements as
the term is defined in the Private Securities Litigation Reform Act
of 1995, and are subject to substantial uncertainties and risks in
part detailed in the respective Company's Securities and Exchange
Commission filings, that may cause actual results to materially
differ from projections. Although the Company believes that its
expectations are reasonable assumptions within the bounds of its
knowledge of its businesses, expectations, representations and
operations, there can be no assurance that actual results will not
differ materially from their expectations. Important factors
currently known to management that could cause actual results to
differ materially from those in forward-looking statements include
the Company's ability to execute properly its business model, to
raise additional capital to implement its continuing business
model, the ability to attract and retain personnel – including
highly qualified executives, management and operational personnel,
ability to negotiate favorable future debt facilities and capital
raises, and the inherent risk associated with a diversified
business to achieve and maintain positive cash flow and net
profitability. In light of these risks and uncertainties, there can
be no assurance that the forward-looking information contained in
this press release will, in fact, occur.
FOR MORE INFORMATION, PLEASE CONTACT:
Elite Financial Communications Group, LLC
Dodi B. Handy, President &
CEO (Twitter: dodihandy)
Kathy Addison, VP of Elite Media
Group (Twitter: kathyaddison)
407-585-1080 or via email at WTKN@efcg.net
SOURCE WellTek, Incorporated