Healthcare Industry News: endoscopic
News Release - December 4, 2009
Viking Systems Provides Business Updates
WESTBOROUGH, Mass., Dec. 4, 2009 -- (Healthcare Sales & Marketing Network) -- Viking Systems, Inc. (OTCBB:VKNG ), a supplier of 2D and 3D visualization systems for the medical market, today provided the following business updates:* At the MEDICA tradeshow in Dusseldorf last month, Viking
Systems' "Next Generation" prototype 3DHD camera system was
demonstrated utilizing a prototype Sony 3DHD flat panel display.
Jed Kennedy, Viking's president and chief operating officer,
described the event saying, "The reactions confirmed what we
previously reported from the American College of Surgeon's 95th
annual Clinical Congress in Chicago. We were extremely pleased
with the level of interest shown in this new technology. The
interactive 3DHD demonstration was once again well received.
While 2D high definition cameras currently represent the vast
majority of camera placements in the approximately $1 billion
surgical video systems market, it remains clear that 3DHD is the
next advancement in endoscopic surgical vision." Viking Systems
anticipates having its Next Generation 3DHD camera system ready
for the market in approximately one year and is exploring
sources of financing in this connection.
* Also at MEDICA, conversations were initiated with several
potential distribution partners for Viking regarding sales of
its Next Generation product in the U.S. market. Viking currently
has a distributor network in place outside the U.S.
* Viking previously indicated it received a large order from the
U.S. Army for deployment of one of its complete 3Di systems at
each of seven regional Army Medical Centers throughout the
United States. These systems were shipped and installed in
October, and Viking has received the full invoiced amount of
approximately $900,000.
* As contemplated in Viking Systems' November 3, 2009 press
release, the Company has delivered a "designed to specification"
prototype high definition 3DHD visualization system to a
manufacturer of surgical robotic systems as part of a
development agreement. The system prototype was a key
deliverable in the completion of the development arrangement.
Viking believes that the prototype performed well and met or
exceeded expectations. There can be no assurance that any
further agreement for this product will ultimately be reached,
and the confidential nature of R&D programs makes it
inappropriate to comment on timing in this regard.
* On December 3, 2009, Viking Systems filed with the SEC an
amendment to its previously filed Form 10Q for the quarter ended
September 30, 2009. The amendment was made to correct the
statement of operations for the three months ended September 30,
2009 for a mathematical error made when deriving the three month
results from the reported nine month results. The correction
does not affect the Company's balance sheet at September 30,
2009 or its statements of operations or its statement of cash
flows for the nine months ended September 30, 2009. See the "As
Corrected" and "As Reported" financial tables below.
About Viking Systems, Inc.
Viking Systems, Inc. (OTCBB:VKNG ) is a leading worldwide developer, manufacturer and marketer of visualization solutions for complex minimally invasive surgery. The Company partners with medical device companies and healthcare facilities to provide surgeons with proprietary visualization systems enabling minimally invasive surgical procedures, which reduce patient trauma and recovery time. For more information visit the Company's website at: www.vikingsystems.com
This press release contains forward-looking statements. These forward-looking statements are estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors as described in our annual report on Form 10-K under the heading "Risk Factors" as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Statements concerning forecasts, revenue growth, procedure growth, future financial results, and statements using words such as "estimate", "project", "plan", "intend", "expect", "anticipate", "believe" and similar expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Source: Viking Systems
Issuer of this News Release is solely responsible for its
content.
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