BOULDER, Colo., Jan. 20, 2017 /PRNewswire/ -- Bioptix, Inc.
(Nasdaq: BIOP) ("Bioptix" or the "Company"), announced that on
January 14, 2017 the Board of
Directors of the Company adopted a plan under which the Company
will terminate certain employees associated with the September 2016 acquisition of its subsidiary,
Bioptix Diagnostics, Inc. The Company commenced terminations
on January 16, 2017 and terminations
are expected to be completed within 30 days. The Company may
pay severance benefits in certain circumstances of up to one month
base salary. The Board determined to take the action
following a review and assessment of the anticipated time to
realization of benefits from the acquisition, further product
development required and the sales forecasts, costs and results of
operations projected during the near to mid-term period. The
Company is reviewing possible strategic alternatives for the
business.
None of the Company's current Board members, with the exception
of the CEO, were employees or Board members of the Company at the
time of the Bioptix purchase.
Michael Beeghley, Chairman of the
Board of Directors commented "The Board and executive team are
committed to growing the business of the Company and enhancing
prospects for growth and increasing shareholder value. In
this endeavor we may explore strategic alternatives that would be
accretive to the Company as a whole and that would maximize
shareholder value."
About Bioptix, Inc.
Bioptix, Inc., through its subsidiary Bioptix Diagnostics, Inc.,
acquired Enhanced Surface Plasmon Resonance ("eSPR") instruments
designed to increase the flexibility and reliability of SPR for a
broad range of applications during 2016. The Company is
developing a plan to address technical and other initiatives
related to eSPR while it continues to be a licensor of important
patents and technology in its intellectual property
portfolio.
Forward Looking Statements:
This press release contains "forward-looking statements"
regarding matters that are not historical facts, including
statements relating to the Company's operations and future
strategic acquisitions. Because such statements are subject to
risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements.
Words such as "anticipates," "plans," "expects," "intends," "will,"
"potential," "hope" and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are based upon current expectations of the Company and
involve assumptions that may never materialize or may prove to be
incorrect. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties. Detailed
information regarding factors that may cause actual results to
differ materially from the results expressed or implied by
statements in this press release relating to the Company may be
found in the Company's periodic filings with the Securities and
Exchange Commission, including the factors described in the section
entitled "Risk Factors" in its annual report on Form 10-K for the
fiscal year ended December 31, 2015,
as amended and supplemented from time to time and the
Company's Quarter Reports on Form 10-Q and other filings submitted
by the Company to the SEC, copies of which may be obtained from the
SEC's website at www.sec.gov. The parties do not undertake any
obligation to update forward-looking statements contained in this
press release.
Contact: InvestorRelations@venaxis.com
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SOURCE Bioptix, Inc.