SPO Medical Inc. (SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, today announced it has signed a Memorandum of Understanding (MOU) with SporTracker Ltd, a private Israeli company that specializes in the integration of heart-rate monitoring with consumer audio and leisure devices. The MOU contemplates bundling SPO Medical monitoring technology in new SporTracker recreational products. The terms include advance payments for development work to be performed by SPO on behalf of SporTracker and subsequent royalty payments once the developed products are commercially available. This arrangement follows the recent restructuring of SPO Medical Inc. enabling SPO to focus on various new commercial opportunities relating to the implementation of reflectance pulse oximetry for non-medical market applications.
Michael Braunold, President and Chief Executive Officer of SPO Medical commented: "The commercial arrangement with SporTracker demonstrates the portability of our proven technology into markets and applications which can benefit from our experience to date. The sports and wellness sector is a mass-market opportunity for our technology enabling monitoring of certain vital sign information in conjunction with leisure related configurations."
Dani Ne'eman, President of SporTracker Ltd commented: "We selected SPO as our technology provider due to their commercial track-record and proven experience in low-power measurements of heart rate and the ease to integrate this technology in to popular consumer audio and leisure devices. We envisage initial commercial sales of our products incorporating the SPO technology to commence during 2011 followed by a wider worldwide product launch via our strategic marketing partners. The SPO technology enables us to deliver a potentially superior product offering which could have a major impact on the general sports market that incorporates audio and leisure related devices."
SPO Medical Inc. recently announced that it plans to embark on business development activities that focus on various commercial applications relating to the implementation of reflectance pulse oximetry for non-medical markets. Braunold continued; "Commercially, we believe that our unique technology can attract interest from various non-medical entities who are seeking commercial solutions based on our deliverable for mass-market consumer markets."
SOURCE SPO Medical Inc.