Shifting Component of Manufacturing to Singapore
ELMSFORD, N.Y.--(BUSINESS WIRE)--NanoVibronix, Inc. (NASDAQ: NAOV), a medical device company utilizing the Company's proprietary and patented low intensity surface acoustic wave (SAW) technology, today announced it is shifting the majority of its manufacturing operations to Singapore in order to allow scalability increase efficiency and address potential supply chain delays.
�Plans are well underway to shift the majority of our third-party manufacturing to the industrial hub of Singapore,� stated Brian Murphy, CEO of NanoVibronix, Inc. �Building a resilient supply chain is a top priority for us given the backlog of orders that we have to fill and the demand we see for our products. The transition, which we expect to be completed in the next few months, should enable us to scale while maintaining an equivalent cost and reducing our exposure to persistent geopolitical instability. Shifting to Singapore regionalizes our manufacturing and should enable us to meet regulatory compliance requirements. By streamlining the overall management of our supply chain, we are effectively addressing the related challenges we faced in the first half of 2022.�
Murphy added, �We remain optimistic about the growth prospects for our devices and are taking advantage of opportunities to be innovative with our processes to deliver product in a more expedient and cost-effective manner. We expect the full effects of this move to gain traction as we approach the end of 2022 and head into 2023. This move will address certain operational bottlenecks which have affected our ability to satisfy demand in a timely manner and scale up production.�
About NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ: NAOV) is a medical device company headquartered in Elmsford, New York, with research and development in Nesher, Israel, focused on developing medical devices utilizing its patented low intensity surface acoustic wave (SAW) technology. The proprietary technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including for disruption of biofilms and bacterial colonization, as well as for pain relief. The devices can be administered at home without the assistance of medical professionals. The Company�s primary products include PainShield� and UroShield�, which are portable devices suitable for administration at home without assistance of medical professionals. Additional information about NanoVibronix is available at: www.nanovibronix.com.
Forward-looking Statements
This press release contains �forward-looking statements.� Such statements may be preceded by the words �intends,� �may,� �will,� �plans,� �expects,� �anticipates,� �projects,� �predicts,� �estimates,� �aims,� �believes,� �hopes,� �potential� or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company�s control, and cannot be predicted or quantified; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) the geographic, social and economic impact of COVID-19 on the Company�s ability to conduct its business and raise capital in the future when needed, (ii) market acceptance of our existing and new products or lengthy product delays in key markets; (iii) negative or unreliable clinical trial results; (iv) inability to secure regulatory approvals for the sale of our products; (v) intense competition in the medical device industry from much larger, multinational companies; (vi) product liability claims; (vii) product malfunctions; (viii) our limited manufacturing capabilities and reliance on subcontractor assistance; (ix) insufficient or inadequate reimbursements by governmental and/or other third party payers for our products; (x) our ability to successfully obtain and maintain intellectual property protection covering our products; (xi) legislative or regulatory reform impacting the healthcare system in the U.S. or in foreign jurisdictions; (xii) our reliance on single suppliers for certain product components, (xiii) the need to raise additional capital to meet our future business requirements and obligations, given the fact that such capital may not be available, or may be costly, dilutive or difficult to obtain; (xiv) our conducting business in foreign jurisdictions exposing us to additional challenges, such as foreign currency exchange rate fluctuations, logistical and communications challenges, the burden and cost of compliance with foreign laws, and political and/or economic instabilities in specific jurisdictions; and (xv) market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company�s filings with the Securities and Exchange Commission (SEC), including the Company�s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC�s web site at: http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events, or otherwise, except as required by law.
Contacts
Investor Contacts:
Brett Maas, Managing Principal, Hayden IR, LLC
[email protected]
(646) 536-7331
