HENDERSON, Nev., Jan. 10, 2007 (PRIME NEWSWIRE) -- BodyTel Scientific, Inc. (OTCBB:BDYT), a company focused on the development of innovative wireless healthcare products, has entered into a 50/50 Joint Venture with Safe-com, a German company, to market state-of-the-art monitoring products and services to diabetic patients under the brand name "GlucoTel."
GlucoTel Scientific, Inc., the Joint Venture Company, will be engaged in the research, development and commercialization of a blood glucose meter capable of transmitting data from a diabetic patient to a secure database using Bluetooth and cellular phone technology. GlucoTel's device is a small, easy to read meter which wirelessly monitors patients with diabetes, which has become one of the world's most costly medical conditions with annual healthcare expenditures exceeding $130 billion in the U.S. alone.
According to GlucoTel Scientific's President and CEO, Stephan Schraps, "GlucoTel's mission is to become a market leader in providing innovative higher quality diabetes monitoring products and services to diabetic patients and their physicians. Our primary product is a true wireless monitoring device that provides a higher quality testing, reporting and monitoring system than any currently being offered in the market."
Effective December 6, 2006, the Company entered into a joint venture arrangement with Safe-com and agreed to invest up to $2,500,000 for the further development of the GlucoTel assets. $1,250,000 has been invested to date, with the remaining balance contingent on GlucoTel meeting specific regulatory and sales requirements.
The assets that Safe-com transferred to the joint venture include: know how, received trademarks, patent applications, Intellectual Property rights and source codes for the GlucoTel Software running on mobile phones, Intellectual Property and source codes for the webserver and portal, the design and working prototypes of the blood glucose meter, all marketing and promotional equipment and all blueprints and architectural designs of the GlucoTel blood glucose meter. These assets are to be used to measure a patient's blood sugars and to transmit the measurement to a website that can be accessed by the patient's doctor or other care provider.
About BodyTel Scientific, Inc.
BodyTel Scientific Inc. is a company focused on the development of innovative wireless healthcare products. BodyTel offers a complete system of wireless meters covering all relevant data from blood glucose, blood pressure, weight and diet to assist healthcare providers in monitoring the health of their patients suffering from diabetes.
Forward-Looking Statements
Statements regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Forward-looking statements in this press release include that GlucoTel's mission is to become a market leader in providing innovative higher quality diabetes monitoring products and services to diabetic patients and their physicians and that our primary product is a true wireless monitoring device that provides a higher quality testing, reporting and monitoring system than any currently being offered in the market. Actual results may differ materially from those currently anticipated due to a number of factors as we may find that our products must compete with cheaper or better products; we may not be able to retain key employees; a bigger market may not develop for our products and we may not be able to continue to attract new customers; we may face litigation if our technology fails to work when required; our intellectual property may be attacked and defeated in court proceedings; our patent filings may be rejected by the patent offices; other companies may discover and develop better or cheaper technologies that would render our products obsolete and we may not have sufficient funding to further develop and/or market our technology. Readers are directed to the BodyTel Scientific, Inc.'s reports as filed with the U.S. Securities and Exchange Commission from time to time, including but not limited to its 8-K filed December 14, 2006 under our prior name Sellcell.net which outlined the company's current business for further information and factors that may affect BodyTel Scientific Inc.'s business and results of operations as well as the Company's form 10-KSB filed on December 15, 2006. BodyTel Scientific Inc. undertakes no obligations to publicly update any forward-looking statements to reflect future events or circumstances. Contact: