WINSTON-SALEM, NC -- (MARKET WIRE) -- November 16, 2006 -- The following update is being released by
ALR Technologies, Inc. (
OTCBB:
ALRT). It is also available online at:
http://www.alrt.com
I am pleased to have the opportunity to update you on ALRT's progress at
this exciting time in the company's history. We have completed the long
and arduous product development process and we are beginning our first full
manufacturing run for delivery in January 2007.
Our product development process which included manufacturing, testing, and
pilot programs with select groups has been an astounding success. Pilot
programs have yielded significant compliance results that will correspond
to better patient health outcome and health cost savings. Our ALRT500,
recently branded the "
Constant Health
Companion™," is now ready to fill a serious gap in current
health management practices.
As with any growing company, we encountered a few challenges throughout the
year which I believe we quickly addressed. We experienced a delay in the
first full manufacturing run due to implementation of measures that will
allow for a significant reduction in product cost. Our first full
manufacturing run is in progress with shipments scheduled for January 2007.
This delay has not impacted our sales or market penetration efforts as we
have established strong industry relationships and are continuing to
receive product orders. With this innovative product now available for
sale and distribution we believe we will realize significant revenues as
our marketing efforts increase.
Accomplishments
Our senior management team has made valuable strategic decisions over the
course of this year and I am confident that, with the support and
contributions of our shareholders, employees, and partners, we are on the
verge of realizing the true potential of our products in the marketplace.
The last ten months have been a period of transition for ALR Technologies,
during which we have strategically positioned the company for long-term
success. We are proud of our recent accomplishments, which include:
-- completed the development of the company's flagship product, the
Constant Health Companion,
-- established a partnership with PageMinder which resulted in
Medicaid asthma patients to
utilize our system,
-- received successful compliance results for a patient living with the
life-saving procedure of a heart transplant by using our Constant Health
Companion, and
-- received national market recognition from the
Behavioral Health Community for
the Constant Health Companion's positive health and financial impact on
individuals with disabilities.
The Future
Looking to the immediate future, we are very encouraged with our progress
and growth prospects. There are three key highlights to our business
strategy:
-- Roll out of a multi-faceted marketing campaign starting in the first
quarter of 2007. Advertising and marketing will be key areas of focus for
ALR Technologies. By creating awareness that our Constant Health Companion
is now available, we believe that we will quickly gain significant
attention from health insurance payers. We expect these initiatives, along
with the efforts to expand our sales force, will significantly drive sales
in the near future.
-- We are addressing the debt on our balance sheet. We realize we are in
need of additional funding to meet our future growth plans. We are
speaking with several potential funding prospects that could help us with
near term and long term funding needs.
-- Continue to focus on R&D to include developing next generation products
as the market demands. We have already identified some key additions to
our Constant Health Companion system that will extend our reach into
complimentary markets and into the health management marketplace. We plan
to allocate significant resources in the future to strongly pursue these
developmental efforts.
Financial Outlook
Based on order flow and commitments that we have received to date, we are
projecting our sales for the fiscal year 2007 to be in the range of $4.5 to
$5 million. This number does not take into consideration any new sales
in-roads from this point on. This would be a significant jump from our
current levels due to our main product being commercially available
starting January 2007.
I would like to thank our shareholders for their continued support. I
expect to see significant value growth in ALR Technologies for our
shareholders as we begin to drive sales.
Sincerely,
Sidney Chan
Chief Executive Officer
ALR Technologies, Inc.
About ALR Technologies
ALR Technologies Inc., which specializes in health and disease management
products and services, designs and manufactures
medication compliance products
and compliance home-monitoring and intervention systems to meet the needs
for several targeted user groups.
To learn more about ALR Technologies, download the latest version of our
corporate profile from
http://www.alrt.com/Our%20Company/investor.html
More information on the Constant Health Companion home compliance system
can be found at
www.alrt.com/products/alrt500.html
More on ALR Technologies at
http://www.alrt.com
This release contains certain "forward-looking statements" relating to ALR
Technologies business, and these statements reflect the current views of
ALR Technologies with respect to future events and are subject to certain
risks, uncertainties and assumptions. When used, the words "estimate,"
"expect," "anticipate," "believe" and similar expressions are intended to
identify such forward-looking statements. There are many factors that
could cause the actual results, performance or achievements of ALR
Technologies and its products to be materially different from any future
results, performances or achievements that may be expressed or implied by
such forward-looking statements. Further management discussions of risks
and uncertainties can be found in the company's quarterly filings with the
Securities Exchange Commission.
Contact Information: Public and Investor Relations:
Mercom Capital Group, llc
Tel: 1.512.828.6645
E-mail: Email Contact