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| 4-D Neuroimaging Announces the Termination of Its Reporting Obligation and Stock Registration |
SAN DIEGO, March 3 /PRNewswire-FirstCall/ -- 4-D Neuroimaging ("4-D")
(OTC: FDNUV) announced today that in order to maximize its ability to serve
its growing customer base and to develop further improvements to its widely
used MEG technology, it has completed a "going private" transaction.
President and CEO D. Scott Buchanan, Ph.D., commented, "The resources required
to maintain our compliance with the increasingly complex regulations imposed
on publicly-held companies by the SEC have grown rapidly over the past few
years. These efforts now consume a far greater percentage of our management
and financial resources than can be justified by the benefits derived."
Following a 1200-to-1 reverse split of its stock the Company terminated its
reporting obligations and the registration of its common stock with the SEC
thereby freeing resources to apply to areas that add greater value to the
Company.
Buchanan said, "Our shareholders and our customers will be far better
served by the Company directing the resource freed by this change into
activities that will contribute directly to the now-accelerating progress in
the clinical and research applications of MEG." The Company plans to continue
the same strict accounting practices and conservative approach to revenue
recognition and cash management that has served it well during its tenure as a
publicly held firm.
4-D Neuroimaging, headquartered in San Diego, CA, and with a European
Sales and Service office in Aachen, Germany, is dedicated to the development
of Magnetoencephalography ("MEG") systems, which utilize superconducting
sensors to measure magnetic fields in the human brain and body and assist in
the diagnosis of a potentially broad range of medical disorders. Its main
products, the Magnes 2500 WH and Magnes 3600 WH, allow examination of the
functioning of the entire brain at once, and are designed for evaluating all
patients including those that are critically ill. Additional information
about 4-D and its products can be found on its web site:
http://www.4dneuroimaging.com.
This press release may contain forward-looking statements that involve
risks and uncertainties. Actual results may differ from what is expressed or
implied here. Risks and uncertainties that could cause or contribute to such
differences include, but are not limited to, 4-D's, market acceptance of new
applications, competition, obtaining routine reimbursements from third party
payers, regulatory approvals and other factors. These and other risks are
described in detail in 4-D's filings with the U.S. Securities and Exchange
Commission. 4-D is not obligated to publicly update or revise these forward-
looking statements.
SOURCE 4-D Neuroimaging
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CONTACT:
D. Scott Buchanan of 4-D Neuroimaging,
+1-858-453-6300
