SUWANEE, Ga., Sept. 15, 2016 (GLOBE NEWSWIRE) -- SANUWAVE Health, Inc. (OTCQB:SNWV), today received Canadian Pat. No. 2,909,661 from the Canadian Intellectual Property Office entitled “Apparatuses and Methods for Generating Shock Waves for Use in the Energy Industry” that has a patent life to April 2034.
The patent includes twenty claims relating to the use of shock waves, generated with laser systems, for hydraulic fracturing of rock formations, which can be employed in both secondary and tertiary oil recovery. The market size for technologies used in secondary oil recovery, also known as Improved Oil Recovery (IOR) that use mainly hydraulic fracking technology, is estimated to reach $72.6 billion in 2019. Shock wave technology can also be used as an additive technology for tertiary oil recovery, also known as Enhanced Oil Recovery (EOR), which is estimated to have a market size of $400 billion by 2019.
This is SANUWAVE’s first patent in Canada and it is targeting one of the most important industrial activities in this country, which is oil exploitation. This patent introduces the use of high efficiency shock waves for secondary and tertiary oil exploitation. The claimed methods of the patent use shock waves generated via plasma bubbles created with laser emitters. Employing lasers for generating the shock waves offers a much longer useful life and lower required maintenance for the shock wave devices, which will be deployed deep inside the oil bores. This fits the needs of low maintenance systems required by the energy industry applications. Also, the amount of water inside the bore necessary to allow shock waves propagation is substantially reduced when compared to fracking and should not be pressurized at all, which is a significant cost reduction and results in a more environmental friendly option. Furthermore, the low quantity and non-pressurized water that needs to be used with shock wave technology can address some of the main concerns generated by high pressure water fracking process as contamination of groundwater and possible earthquakes.
“Our new system can potentially replace the high pressure water fracking technology, which could result in significant cost reductions and the water usage decrease translates into major positive environmental impact,” commented Kevin Richardson, Chairman of the board of directors of SANUWAVE. “We are now ready to begin exploring strategic partnerships to bring this technology to the energy industry in Canada and all over the world,” concluded Mr. Richardson.
SANUWAVE Health, Inc., and its wholly owned subsidiary SANUWAVE, Inc., now have 52 patents (issued or pending) in the field of shock waves used in medical and non-medical applications.
About SANUWAVE Health, Inc.
SANUWAVE Health, Inc. (OTCQB:SNWV) (www.sanuwave.com) is a shock wave technology company initially focused on the development and commercialization of patented noninvasive, biological response activating devices for the repair and regeneration of skin, musculoskeletal tissue and vascular structures. SANUWAVE’s portfolio of regenerative medicine products and product candidates activate biologic signaling and angiogenic responses, producing new vascularization and microcirculatory improvement, which helps restore the body’s normal healing processes and regeneration. SANUWAVE applies its patented PACE technology in wound healing, orthopedic/spine, plastic/cosmetic and cardiac conditions. Its lead product candidate for the global wound care market, dermaPACE®, is CE Marked throughout Europe and has device license approval for the treatment of the skin and subcutaneous soft tissue in Canada, Australia and New Zealand. In the U.S., dermaPACE is currently under the FDA’s Premarket Approval (PMA) review process for the treatment of diabetic foot ulcers. SANUWAVE researches, designs, manufactures, markets and services its products worldwide, and believes it has demonstrated that its technology is safe and effective in stimulating healing in chronic conditions of the foot (plantar fasciitis) and the elbow (lateral epicondylitis) through its U.S. Class III PMA approved OssaTron® device, as well as stimulating bone and chronic tendonitis regeneration in the musculoskeletal environment through the utilization of its OssaTron, Evotron® and orthoPACE® devices in Europe, Asia and Asia/Pacific. In addition, there are license/partnership opportunities for SANUWAVE’s shock wave technology for non-medical uses, including energy, water, food and industrial markets.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with the regulatory approval and marketing of the Company’s product candidates and products, unproven pre-clinical and clinical development activities, regulatory oversight, the Company’s ability to manage its capital resource issues, competition, and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
For additional information about the Company, visit www.sanuwave.com.