Hydromer Inc. Shares Message from CEO Michael E. Torti

Rhea-AI Summary

Hydromer Inc. (HYDI) has shown progress in their FY’23 third quarter OTC filing, focusing on improving financial performance, reducing past due receivables, and enhancing reporting accuracy. The company plans to hire a new Controller to reduce operating costs, invest in R&D initiatives, and launch new sales and marketing campaigns to drive revenue growth. Hydromer aims to refresh its brand with a new logo and website, while also focusing on organizational restructuring and improving shareholder communication.

CONCORD, NC , July 31, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Hydromer Inc. (OTC: HYDI), a worldwide supplier of specialty coatings and biopolymers for medical devices and industrial applications, has a message from recently appointed CEO, Michael E. Torti.

“Hello Shareholders,

Hopefully, you were encouraged by our FY’23 third quarter OTC filing. That said, we recognize that we have a long way to go to win back your confidence and embrace that challenge. 

We will remain focused on improving our financial performance (and the reporting of it), including cash management. We have made major strides in reducing past due receivables and winning back terms with vendors.  Invoicing is now current, including royalties. Our QuickBooks accounts are infinitely more accurate than just six months ago.

We will soon hire a new Controller that will focus on the reduction of the company’s operating costs and a resulting gain in operating margin.  Additionally, the improvement of our OTC reporting and removal of the company’s yield sign. 

New sales and marketing initiatives will drive longer-term revenue and resultant margin growth. We are investing in Google Ad Words and lead generation campaigns.  We are refreshing our brand with a new logo and website (coming soon!). 

Vital to our success will be a greater investment in R&D initiatives that will widen our product offering and drive sales.  To that end, we have added to our R&D bench with the recent hire of a chemist.   

Our products continue to outperform the competition, as evidenced by a recent guidewire friction durability test performed by a global leader in medical device manufacturing. Hydromer was the top performer amongst six companies, and we look forward to working with this company to bring their cutting-edge devices to the next level.  

I am grateful to be given this opportunity to run such a wonderful company and one that boasts a legacy brand.  I intend on building a high performing and winning culture within the building. Some amount of organizational re-structuring has begun.

We are in the process of finalizing our June 2023 fiscal year end financials, preparing our 2023 Annual Report and filing with OTC. Once that is complete, we plan on issuing a proxy calling for a shareholder meeting as quickly thereafter as legally possible. We look forward to bringing you completely up to date when you all have the most current information.

Finally, I am anxious to connect with all shareholders and will continue to provide periodic updates.  I welcome your feedback.  I can be reached at m.torti@hydromer.com."

Hydromer Inc
800-326-5976
M.Torti@hydromer.com

FAQ

What is Hydromer Inc.'s (HYDI) focus in their recent OTC filing?

Hydromer Inc. (HYDI) is focused on improving financial performance, reducing past due receivables, enhancing reporting accuracy, and hiring a new Controller to reduce operating costs.

What initiatives is Hydromer Inc. (HYDI) planning to drive revenue growth?

Hydromer Inc. (HYDI) plans to invest in R&D initiatives, launch new sales and marketing campaigns, and refresh its brand with a new logo and website.

How does Hydromer Inc. (HYDI) plan to improve shareholder communication?

Hydromer Inc. (HYDI) aims to improve shareholder communication by finalizing financial reports, issuing a proxy for a shareholder meeting, and providing periodic updates to shareholders.