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Know Labs, Inc. Addresses False and Incomplete Short Seller’s Claims
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Know Labs, Inc. (AMEX:KNW) addressed recent false claims from a research firm linked to short-selling. The company remains confident in its Bio-RFID™ technology for non-invasive glucose monitoring, aiming for FDA clearance. Founder Ron Erickson criticized the motives of those spreading misinformation for financial gain, asserting the uniqueness of their technology in the diagnostics field. Know Labs is set to report its Q4 and fiscal year 2022 results today, following a recent presentation to institutional investors.
Positive
Confident in Bio-RFID™ technology for non-invasive glucose monitoring.
Aiming for FDA clearance for its medical-grade diagnostic devices.
Negative
False claims by short-selling research firm could impact stock price.
SEATTLE--(BUSINESS WIRE)--
Know Labs, Inc. (NYSE American: KNW), an emerging developer of non-invasive medical diagnostic technology, today addressed recent claims by a purported research firm known for fueling and participating in short-selling, which has distributed false and incomplete information about the company in an apparent effort to profit by driving down the company’s stock price.
“Our team at Know Labs remains highly confident in the ability of our Bio-RFID™ platform technology to detect and measure glucose and other analytes in the body non-invasively, at extremely high levels of accuracy,” said Ron Erickson, Know Labs founder and chairman. “We continue to test and refine our technology while working toward the FDA clearance process for medical-grade diagnostic devices.”
Know Labs will report its fourth quarter and fiscal year 2022 results during an audio webcast today, Dec. 20, 2022. This follows a recent presentation to institutional investors at the Bernstein CGM Disruptors Conference last month.
“Attempts to manipulate the capital markets by self-interested actors seeking short-term profits by spreading lies disguised as equities research are reprehensible,” Erickson continued. “White Diamond Research is notorious for its smear campaigns. Their required legal disclosure makes its intentions clear: ‘You should assume that as of the publication date of our reports and research, White Diamond (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines.’ That tells you all you need to know.”
“The purported research report about Know Labs got most things wrong but did get one thing right,” Erickson added. “Detecting and measuring blood glucose non-invasively has never been done, and we remain confident Know Labs will offer the first devices to do it, improving the lives of millions of people with diabetes and pre-diabetes around the world.”
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 technology uses spectroscopy to direct electromagnetic energy through a substance or material to capture a unique molecular signature. The Company refers to its technology as Bio-RFID™. The Bio-RFID 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 our Bio-RFID technology will be in a product marketed as a non-invasive glucose monitor. It will provide the user with 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, 2022, 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.
