ADDISON, TX / ACCESSWIRE / March 8, 2017 / Wound Management Technologies, Inc. (OTCQB: WNDM), (the Company) an emerging commercial stage company with its primary product, a patent‐protected and FDA‐cleared collagen product, CellerateRX®, today announced the appointment of John Siedhoff as Chairman of the Company's Board of Directors.
Mr. Siedhoff was elected to the Company's Board of Directors in December 2014, and has been the Acting Chairman since November 2015. Mr. Siedhoff has extensive turnaround, merger and acquisition experience.
"The Company experienced tremendous sales growth in 2016, (63%)," Siedhoff stated. "The current team led by President, Deborah Jenkins Hutchinson, was the driving force behind WNDM's FY2016 growth and positive cash flow."
Other Unaudited 2016 highlights include:
- Cash on hand increased to approximately $833,000 on December 31, 2016, from $182,000 on December 31, 2015, (an increase of $651,000); while
- the Company reduced Notes Payable by $200,000; and
- Working capital increased to approximately $600,000 on December 31, 2016, from a deficit of $300,000 on December 31, 2015, (an improvement of $900,000).
The Company is planning continued growth in 2017 with projected revenues of approximately $8 million, or an increase 45%. The Company plans to continue strengthening the executive management team, sales partners and support staff in 2017, along with continued debt reduction at a pace of approximately $25,000 per month, with all amortized short term debt retired by the end of Q2 2017.
In addition, the Company is implementing new software to assist in order taking, processing, shipping and invoicing allowing our customers to track their shipments in real time, along with the ability to close our books faster and more efficiently.
Siedhoff stated, "For the first time in the Company's history, it has financial stability. Our three year plan to: stabilize the core business and become cash flow positive in 2016, continue to build the foundation for growth and new products in 2017, and to add assets to our core business for topline growth in 2018 is well underway."
About Wound Management Technologies
Wound Management Technologies, Inc. is an emerging commercial stage company focused on medical devices with its primary products in the $5B worldwide advanced wound care market. Wound Management's primary focus is the distribution of its Wound Care Innovations subsidiary's unique, patented collagen product line, CellerateRX® which is FDA‐cleared for all wound types except 3rd degree burns. The Resorbable Orthopedic Products subsidiary owns a multi‐ faceted bone wax and bone void filler patent and markets products in the $1.5B biomaterials market. For more information visit our website, www.wmgtech.com.
Information about Forward‐Looking Statements
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development and any other statements not constituting historical facts are "forward‐looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. This document may contain forward‐looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the Company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
SOURCE: Wound Management Technologies