Apr 30 2010
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.
SOURCE WellTek, Incorporated
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