HOUSTON, March 26, 2013 (GLOBE NEWSWIRE) -- Spine Pain Management, Inc. (OTCQX:SPIN), a technology-driven, medical service, device and healthcare solution company servicing the multi-billion dollar spine injury sector, today announced it has received approval from the Texas Bar Association to begin Continuing Legal Education (CLE) for attorneys in the state; this in addition to our recent announcement of a similar program approved in Florida. (More on this below). Additionally, the Company has just completed a first sale of its patented Quad Video, v. 2.0 HALO (HALO v.2) to a non-affiliated clinic, owned by Diagnostic Pain Solutions, PLLC in Minneapolis MN at a sales price of $50,000 plus a per treatment royalty after one year; thus opening up a new and significant revenue stream outside its normal course of business. Special Educating Programs for Attorneys and Doctors As recently reported, Management has assisted in the development of a series of specialized educational program classes for attorneys, doctors and other provider organizations who manage patients with spine injuries who are parties to personal injury suits. These programs include "Documentation Standards of Medical Video Documentation" (DMVD) and "Documentation and Visualization of Medical Injuries" (DVMI) utilizing the Quad Halo Video 2.0 system. Some of these programs are directed to continuing legal and medical education programs (CLE/CME) which require minimum annual education/training "hours" for attorneys and doctors to maintain their professional licenses. The CLE/CME credit hours are determined by the state legal and/or doctor associations. The development of these standards for SPIN's programs is based on SPIN's patent pending technology of QUAD HALO Video system with its associated hardware and software technology. As reported last month, the Florida State Bar association approved the DVMD/CLE education program for its members and the first 2 credit hour CLE class was given on January 17, 2013 in Tampa to a large group of 59 plaintiff and defense attorneys. On March 6 , 2013, the Texas State Bar Association also approved a similar 2.5 credit hour CLE Program for its members. During the month of April, a total of four CLE programs will be hosted as follow: 4/4/13 San Antonio, TX, 4/10/13 Sarasota, FL, 4/17/13 Orlando, FL and Houston TX. William F. Donovan, M.D., CEO of Spine Pain Management, said, "I am very pleased that the Texas Bar Association has joined Florida's in recognizing the importance of what SPIN has spent the last year developing to advance attorneys' education in our related fields. The significance of SPIN having these programs approved cannot be stressed enough, both for existing and future centers, for separating SPIN from competitors. As we roll out into new States, we anticipate applying for similar programs in each new location.
New Revenue SourceAs reported in our recent press release, with the final release of SPIN's commercial HALO v.2, the Company saw an opportunity to market this system to non-competing hospitals and clinics outside our specialty area of spine personal injury case documentation. The Company has now made its first "outside" sale of this combined hardware and software package which now expands its potential revenue reach to theoretically all hospitals, clinics and medical centers worldwide that use C-Arm Fluoroscopy and would like an evidentiary "start-to-finish" video copy of a performed procedure. In addition to outright sales of the unit, SPIN will also receive a recurring revenue stream from a royalty feature attached to each use of the HALO by outside users. Dr. Donovan added; "While our original thought of developing the HALO was simply to provide a value added feature for our SPIN injury diagnostic centers, with the further development into the v.2, we realized we had a high margin product that could be marketed to tens of thousands of medical centers Worldwide. With the advent of this first outside sale, we now envision the 'best of both worlds' and an incredible future potential for the Company." Additionally; "It has been an exciting year in transition with commensurate ups and downs. I wholeheartedly encourage all shareholders and interested parties to attend our interactive Conference Call to more clearly understand why Management now feels SPIN is on a track for accelerated growth ahead." A detailed description of the Quad Video HALO Technology V.2.0 can be found in both; Spine Pain Management's press release dated Feb. 20, 2013 and also on the new company website: http://www.spinepaininc.com . Conference Call Details Conference Call: An investor's conference call with management will be held on Monday April 1, at 4:15 pm EDT. The call will be video WebCast with a short live Power Point Presentation followed by Q & A. The call may be accessed either by phone alone, which will not allow asking questions, or by phone and/or VOIP with headset after internet log-in with an on screen provided Audio Pin # which will allow verbally asking questions. Questions can also be typed into an online chat screen at any time during the presentation or Q & A period. Access to the Call: To use the internet link, you must register prior to access. So we suggest you complete the registration and get your log-in information in advance of the start of the presentation. You can register for your log-in any time between now and the start of the presentation at Monday April 1, at 4:15 pm EDT. Click or paste the link below in your browser for registration and web access to the presentation and follow the online instructions:
Additional information about the company, along with a video can be found at its website at www.spinepaininc.com .Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, healthcare services demands, changes in healthcare practices, government regulation, and other factors over which the company has little or no control. The company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the company's recent filings with the SEC.
CONTACT: Company Contact Dr. William F. Donovan Chairman, President & CEO Spine Pain Management, Inc. 713 521-4224 investorinfo@SpinePainInc.com