Know Labs Appoints Chris Somogyi as President, International

Rhea-AI Summary

Know Labs (NYSE American: KNW) has appointed Chris Somogyi as President, International. Somogyi, with over 40 years of experience in commercializing innovation, will lead the 'Skunkworks' Program and global patent licensing efforts. His focus will be on leveraging Know Labs' IP portfolio of over 300 patents for diverse applications, including the KnowU™ continuous glucose monitor. He aims to drive global revenue, particularly in regions with high diabetes incidence such as Asia, Africa, South America, and the Middle East. Somogyi's extensive background includes roles at Stanford, SRI International, Xerox PARC, and Intellectual Ventures. CEO Ron Erickson expressed confidence in Somogyi's capability to enhance the company's strategic initiatives and revenue generation efforts.

Positive

• Appointment of Chris Somogyi with over 40 years of experience in innovation commercialization.
• Leadership in the 'Skunkworks' Program aiming to drive global revenues.
• Focus on leveraging an extensive IP portfolio of over 300 patents.
• Potential strategic partnerships to commercialize the KnowU™ continuous glucose monitor.
• Targeting high diabetes incidence regions like Asia, Africa, South America, and the Middle East.
• Somogyi's extensive background includes managing IP at Stanford, leading innovation grants in New Zealand, and roles at SRI International and Xerox PARC.
• Proven track record with a $750 million global invention fund at Intellectual Ventures.

Negative

• No immediate mention of specific revenue projections or timelines for new initiatives.
• Potential overreliance on non-core revenue streams while awaiting FDA clearance for core technology.
• Diversification into non-medical applications may dilute focus on primary offerings.

Somogyi to lead Know Labs’ “Skunkworks” Program and drive global revenues.

SEATTLE--(BUSINESS WIRE)-- Know Labs, Inc. (NYSE American: KNW), an emerging leader in non-invasive medical diagnostic technology, today announced the appointment of Chris Somogyi as President, International. With over 40 years of experience in commercializing innovation across related industries, Somogyi brings a wealth of expertise to lead the Company's “Skunkworks” Program and global patent licensing efforts.

In his role, Somogyi will focus on identifying new applications of Know Labs’ extensive intellectual property (IP) portfolio consisting of over 300 patents issued, pending and in-process and covering more than 100 medical and non-medical applications. As part of his responsibilities, he will work with potential strategic partners and customers on a Rest of the World (RoW) product that exploits Know Labs’ continuous glucose monitor, the KnowU™ for use as a screening device to support diagnosis in large, diverse populations across Asia, Africa, South America and the Middle East where diabetes incidence is at near pandemic levels.

Somogyi has an extensive background in biomedical engineering and product innovation, with over 20 issued patents to his name. His experience includes managing intellectual property at Stanford University, leading innovation grant funds for the New Zealand government and holding product development and incubation roles at esteemed organizations such as SRI International and Xerox PARC (Palo Alto Research Center). At the world’s largest IP fund, the $6 Billon Intellectual Ventures, Somogyi co-managed a $750 million global invention fund. He has served as a partner in medical and agricultural technology funds in the United States and Japan. His experience in technology monetization has an expansive global reach. His practical experience is built upon a B.S. in Biomedical Engineering from Purdue, an M.S. in Biomedical Engineering from Tulane and an MBA from the University of Washington.

"We are thrilled to welcome Chris Somogyi to our executive team as President, International," said Ron Erickson, CEO and Chairman at Know Labs. "His unparalleled expertise in commercialization of IP and his proven track record of driving innovation and building strategic partnerships make him an invaluable addition to our Company. With Somogyi’s leadership, we are moving aggressively with our ‘Skunkworks’ Program to derive revenue in worldwide markets from the significant IP portfolio surrounding our platform technology.”

Somogyi's appointment as President, International, allows the Company to maintain its core focus on bringing the first non-invasive continuous glucose monitor to the marketplace. While the Company moves toward FDA clearance of its technology, Somogyi will work to drive revenue from non-core fields of use of the Know Labs platform technology.

For more information on Know Labs, visit www.knowlabs.co.

About Know Labs, Inc.

Know Labs, Inc. is a public company whose shares trade on the NYSE American Exchange under the stock symbol “KNW.” The Company’s platform technology uses spectroscopy to direct electromagnetic energy through a substance or material to capture a unique molecular signature. The technology can be integrated into a variety of wearable, mobile or bench-top form factors. This patented and patent-pending technology makes it possible to effectively identify and monitor analytes that could only previously be performed by invasive and/or expensive and time-consuming lab-based tests. The first application of the technology will be in a product marketed as a non-invasive glucose monitor. The device will provide the user with accessible and affordable real-time information on blood glucose levels. This product will require U.S. Food and Drug Administration clearance prior to its introduction to the market.

Safe Harbor Statement

This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Know Labs, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy; and (iv) performance of products. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Know Labs, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2023, Forms 10-Q and 8-K, and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Investor Relations section of our website at www.knowlabs.co. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240516946439/en/

For Know Labs Media Inquiries:

Matter Health

Abby Mayo

Knowlabs@matternow.com

Ph. (617) 272-0592

Know Labs, Inc.:

Jordyn Hujar

jordyn@knowlabs.co

Ph. (206) 629-6414

Source: Know Labs, Inc.

FAQ

Who has been appointed as President, International at Know Labs?

Chris Somogyi has been appointed as President, International at Know Labs.

What is Chris Somogyi's role at Know Labs?

Chris Somogyi will lead the 'Skunkworks' Program and global patent licensing efforts at Know Labs.

What is the focus of Chris Somogyi's efforts at Know Labs?

Chris Somogyi will focus on leveraging Know Labs' IP portfolio and driving global revenue, particularly in high diabetes incidence regions.

How many patents does Know Labs' IP portfolio include?

Know Labs' IP portfolio includes over 300 patents.

In which regions will the KnowU™ continuous glucose monitor be targeted?

The KnowU™ continuous glucose monitor will be targeted at regions including Asia, Africa, South America, and the Middle East.

What previous roles has Chris Somogyi held?

Chris Somogyi has held roles at Stanford, SRI International, Xerox PARC, and Intellectual Ventures.

What are the potential benefits of Chris Somogyi's appointment for KNW stock?

Chris Somogyi's appointment may enhance strategic initiatives and global revenue, potentially benefiting KNW stock.