FORT WORTH, Texas, Sept. 26, 2012 /PRNewswire/ -- First Call. Wound Management Technologies, Inc., (OTCQB: WNDM | WNDM.PK) announced today that it has reached an agreement-in-principle with the staff of the Miami Regional Office of the Securities and Exchange Commission (SEC) to resolve the claims against it in the SEC's civil enforcement action against the Company and its former CEO, Scott Haire, based upon alleged actions undertaken in 2009. That action was filed in federal court in Miami, Florida.
To resolve the claims against it, the Company has consented to the entry of a permanent injunction against violations of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act involving the payment of undisclosed compensation to investment advisors, managers, and trustees or the manipulation of the price or volume of any security and agreed to pay a $20,000 civil money penalty. The proposed settlement is subject to approval by the Commissioners of the SEC and the court in the enforcement action. Proceedings against Wound Management in the enforcement action have been stayed to allow time for the approval process to proceed.
Wound Management Technologies CEO, Robert H. Lutz, Jr., stated "We are pleased to have reached an agreement-in-principle with the SEC staff on this matter, which, if approved, will allow us to fully focus our attention and efforts on the business opportunities before us".
About Wound Management Technologies, Inc.
Wound Management Technologies, Inc. is an emerging commercial stage company with its primary products in the $5B worldwide advanced wound care market. Wound Management's primary focus is the distribution of its unique, patented collagen product, CellerateRX®, which is FDA cleared and reimbursable under Medicare Part B. Wound Management has other advanced biotech products in development including a patented resorbable bone wax line that is in late stages of development, as well as a subsidiary focused on technology for secure healthcare data collaboration and storage. More information can be found on the company's web sites: http://www.wmgtech.com and http://www.celleraterx.com.
Safe Harbor Statement:
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
For Wound Management Technologies Shareholder Information please call (800) 205-7719 or visit http://www.wmgtech.com
SOURCE Wound Management Technologies, Inc.
