Bio-AMD, Inc.; WOCU® Strategic Relationship with Ormita
LONDON, June 13, 2012 /PRNewswire/ -- Bio-AMD, Inc. ("We" or the "Company") OTCBB: BIAD.OB, OTCQB: BIAD) is pleased to note the following announcement made by WDX Organisation Limited, our majority owned subsidiary ("WDX"), and Ormita Commerce Network Ltd on June 12, 2012.
The strategic relationship is intended to promulgate the availability of the WOCU® World Currency Quotation.
Hong Kong and London. (June 12, 2012): Ormita Commerce Network Ltd, the world's largest multilateral barter exchange trading system; together with WDX Organisation Ltd. ("WDX"), the owner and distributor of the WOCU® world currency unit, today jointly announced the integration of the WOCU into the proprietary Ormita trade platform.
The WOCU is a proprietary weighted currency basket encompassing the exchange rates of the local currencies of the World's twenty largest economies. The WOCU exchange rate reflects market rates and naturally adapts to and balances out economic growth over time across disparate national economies - and can be compared to a "Super - SDR."
The Ormita Commerce Network provides a multilateral barter trade platform to businesses, fortune 500 corporations and governments. Ormita monetises capacity in areas which are asset rich but cash poor. When credit is hard to come by, surplus capacities are often found wanting of a market. On the other hand, buyers for those products may exist but be unable to afford traditional forms of payment. If both buyer and seller suffer from excess capacity (or able to generate new sales at a lower incremental cost) then a trade can be made utilising a form of multilateral barter - and the needs of both participants can be met. As more cash expenses are offset in this manner the need for national currency is reduced accordingly and the profitability of each subsequent transaction rises.
The Ormita platform incorporates essential supply-chain elements from raw materials (typically sourced from government transactions) through to consumer goods (produced by manufacturers using those raw materials as inputs into their production cycles) and, finally, to the services-sector and end-users. This allows participants the ability to save money on their ordinary cash expenses and avoid the problems created by inflationary and/or deflationary monetary cycles.
"This strategic relationship provides a unique difference in the way international trades are conducted. There are opportunities for great synergies between the two companies and this integration will help Ormita clients further mitigate foreign exchange risk in international multilateral barter exchange and countertrade transactions," says Ormita co-founder and CEO Daniel Evans.
Mike Blakey, CEO of WDX, commented: "Integration into Ormita's strong barter exchange trade platform allows Ormita to incorporate the WOCU a standardised, apolitical currency basket to reduce pricing volatility in international transactions on the Ormita exchange. Although not mandatory, Ormita member accounts may also be denominated in WOCU, which can provide a further hedge against future global financial instability."
About Bio-AMD, Inc.
Bio-AMD has two majority owned UK subsidiaries: Bio AMD Limited, a technology developer for medical diagnostic devices; and the WDX Organisation Ltd, the owner of the WOCU®, a global currency data reference source for application in financial markets. (www.wocu.com).
To find out more about Bio-AMD (OTCBB: BIAD), visit our website at www.bioamd.com.
Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 filed on March 29, 2012. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
CONTACT: Bio-AMD, Inc.
Tom Barr, CEO
+44 (0)8445 861 910
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