Biomerica Announces Income of $697,034 On Sale of Securities Held for Investment<>
NEWPORT BEACH, California, June 20, 2007 – Biomerica, Inc. (OTC BB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, announces income of $697,034 on the sale of the Hollister-Stier Laboratories securities it held for investment. The Hollister-Stier securities were held as an option to purchase shares in Hollister-Stier Laboratories LLC and were carried on Biomerica’s balance sheet at a zero value as Hollister-Stier Laboratories is a private company. The acquisition of Hollister-Stier Laboratories by Jubilant Organosys Ltd. closed on June 1, 2007.
"The timing of this gain is fortuitous as we gear up to introduce new products and broaden our distribution in the up coming fiscal year," said Zackary Irani, Biomerica’s Chief Executive Officer.
Biomerica also holds 683,562 shares of common stock of Lancer Orthodontics, its formerly consolidated subsidiary.
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global medical technology company, based in Newport Beach, CA. The Company manufactures and markets advanced diagnostic products used at home, in hospitals, and in physicians’ offices for the early detection of medical conditions and diseases.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended launch dates, sales potential, significant benefits, market size, growth of business, favorable positions, expansion, expected orders, leading market positions, anticipated future revenues or production volume of the Company, success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company’s operating results due to its business model and expansion plans, downturns in international and or national economies, the Company’s ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company’s dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.