SANUWAVE Health Provides Business Update

Rhea-AI Summary

SANUWAVE Health (OTCQB:SNWV) announced on July 2, 2021, that its shares will transition to pink sheets due to late financial filings with the SEC. The CEO, Kevin Richardson, attributed the delays to accounting system issues, asserting they are being resolved and that current filings are forthcoming. The company remains optimistic about its operations, citing a distribution agreement in Latin America and strong clinical study results. Their UltraMIST systems are seeing record sales, and the recent relaunch of the ENERGY FIRST platform is gaining traction, suggesting potential growth ahead.

Positive

• Signed distribution agreement with a major medical distributor in Latin America.
• Recent clinical studies show strong efficacy of products.
• Increase in dermaPACE Systems placements due to sales focus.
• Record sales year for UltraMIST systems with numerous ongoing trials.
• Successful rebranding and relaunch of the ENERGY FIRST platform.

Negative

• Shares removed from OTCQB due to late financial filings.
• Current financial discrepancies attributed to accounting system implementation issues.

SUWANEE, GA / ACCESSWIRE / July 2, 2021 / SANUWAVE Health, Inc. (OTCQB:SNWV), a leading provider of next-generation wound care products has announced that as of July 2, 2021 the company's shares will no longer be traded on the OTCQB due to failure to timely file quarterly financials with the Securities & Exchange Commission. The shares will commence trading on the pink sheets under the symbol SNWV.

Kevin Richardson, Chairman and Chief Executive Officer of SANUWAVE said, "Our inability to have timely financial results and documents was due, in part, to accounting systems implementation issues. The management team remains focused on resolving this issue and completing our financial filings. In fact, we have now filed our third quarter 2020 form 10Q and anticipate our 2020 annual report on form 10K will be filed in the next few weeks. We do not anticipate this will be an ongoing issue in the future. As soon as we are able to be current with our filings we will then have our shares re-listed on the OTCQB.

"Our business operations remain strong and growth prospects, both domestic and international, are promising. We recently signed a distribution agreement with one of the largest medical products distributors in Latin America, recently published clinical studies have shown our products have strong efficacy and we remained focused on growing the business and establishing SANUWAVE as one of the premier wound healing product companies in the world. We have seen an uptick in dermaPACE Systems placements as a direct result of the sales focus and positive reimbursement environment for the product. UltraMIST systems sales are having a record year to date, with the largest numbers of trials underway in company history.

"Our rebranding and relaunching of the ENERGY FIRST platform has been well received and is building momentum. Given this platform we have been able to add eight industry veterans to our sales team who will begin to add to the building sales growth and increasing sales pipeline. We fully expect 2021 to be a record year for Sanuwave. We appreciate our investors' continued patience and understanding."

About SANUWAVE Health

SANUWAVE Health (OTCQB: SNWV) is focused on the research, development, and commercialization of its patented, Energy First non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.

SANUWAVE's end-to-end wound care portfolio of regenerative medicine products and product candidates help restore the body's normal healing processes. SANUWAVE applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, plastic/cosmetic and cardiac/endovascular conditions. For more information, please visit. www.SANUWAVE.com.

Investor Relations Contact
Brian M. Prenoveau, CFA
Managing Director
MZ Group - MZ North America
(561) 489-5315
SNWV@mzgroup.us
www.mzgroup.us

SOURCE: MZHCI, LLC

View source version on accesswire.com:
https://www.accesswire.com/654105/SANUWAVE-Health-Provides-Business-Update

FAQ

Why will SANUWAVE Health's shares trade on pink sheets?

SANUWAVE Health's shares are moving to pink sheets due to the company's failure to file quarterly financials timely with the SEC.

What are the current challenges faced by SANUWAVE Health?

The main challenge is the inability to file timely financial statements, caused by issues with accounting systems.

What are SANUWAVE Health's growth prospects?

The company has promising growth prospects, supported by new distribution agreements and strong clinical study results.

What recent achievements has SANUWAVE Health reported?

Recent achievements include record sales of UltraMIST systems and successful rebranding of the ENERGY FIRST platform.

What does the future look like for SANUWAVE Health?

Management anticipates a record year in 2021, focusing on resolving financial filing issues and growing business operations.