SALT LAKE CITY, Sept. 13 /PRNewswire/ -- Otix Global, Inc. (Otix)
(Nasdaq: OTIX), a leading provider of hearing care services and
solutions today announced that it has decided to discontinue its
operations in Germany as of
September 14, 2010. In
explaining this decision, Sam
Westover, Chairman and CEO of Otix stated, "the regulatory
obstacles in Germany have
dramatically impacted the feasibility of stability of our business
and, as a result, we have made the decision to discontinue our
operations."
ABOUT OTIX GLOBAL:
Otix Global designs, develops, manufactures and markets advanced
digital hearing aids designed to provide the highest levels of
satisfaction for hearing impaired consumers.
This press release contains "forward-looking statements" as
defined under securities laws. Actual results may differ materially
and adversely from those described herein depending on a number of
factors but not limited to, the following risks: the merger with
William Demant Holding A/S (WDH) may not be approved by our
shareholders or the applicable governmental agencies; we may fail
to receive the requisite number of votes or proxies from our
shareholders to obtain a quorum; the merger agreement may be
terminated according to its terms prior to the finalization of the
merger; the announcement of the pending merger with WDH may have a
significant and deleterious effect on our business; deterioration
of economic conditions could harm our business; we have a history
of losses and negative cash flow; we face aggressive competition in
our business, and if we do not compete effectively our net sales
and operating results will suffer; our financial results may
fluctuate significantly, which may cause our stock price to
decline; we have made a number of acquisitions and could make
additional acquisitions, which could be difficult to integrate,
disrupt our existing business, dilute the equity of our
shareholders, harm our operating results, and create tension within
our existing customer bases; if we fail to maintain an effective
system of internal controls, we may not be able to accurately
report our financial results or prevent fraud, and as a result,
current and potential stockholders could lose confidence in our
financial reporting, which could harm our business and the trading
price of our common stock; the loss of any large customer or a
reduction in orders from any large customer or buying groups could
reduce our net sales and harm our operating results; we rely on
several suppliers and contractors, and our business will be
seriously harmed if these suppliers and contractors are not able to
meet our requirements; we have high levels of product returns,
remakes and repairs, and our net sales and operating results will
be lower if these levels increase; if we fail to develop new and
innovative products, our competitive position will suffer, and if
our new products are not well accepted, our net sales and operating
results will suffer; because of the complexity of our products,
there may be undiscovered errors or defects that could harm our
business or reputation; if we are subject to litigation and
infringement claims, they could be costly and disrupt our business;
we may be unable to adequately protect or enforce our proprietary
technology, which may result in its unauthorized use or reduced
sales or otherwise reduce our ability to compete; we are dependent
on international operations, which exposes us to a variety of
risks, that could result in lower sales and operating results;
complications may result from hearing aid use, and we may incur
significant expense if we are sued for product liability; if we
fail to comply with Food and Drug Administration regulations or
various sales-related laws, we may suffer fines, injunctions or
other penalties; there may be sales of our stock by our directors
and officers, and these sales could cause our stock price to fall;
and we could default on our debt covenant on our line of credit.
For additional information regarding the risks inherent in our
business, please see "Factors That May Affect Future Performance"
included in our Annual Report on Form 10-K for the year ended
December 31, 2009, and Form 10-Qs for
the quarters ended March 31, 2010 and
June 30, 2010 as filed with the
Securities and Exchange Commission.
We undertake no obligation to revise our forward-looking
statements to reflect events or circumstances after the date hereof
as a result of new information, future events or otherwise.
SOURCE Otix Global, Inc.
Copyright . 13 PR Newswire