SOURCE: AcuMedSpa Holdings, Inc.

June 21, 2010 00:01 ET

AcuMedSpa Holdings, Inc. Provides Status Updates on Current Initiatives

TAMARAC, FL--(Marketwire - June 21, 2010) -  AcuMedSpa Holdings, Inc. (PINKSHEETS: AMSZ), a provider of Medical Aesthetic, Spa and Acupuncture services, announces status updates on several fronts and current initiatives.

The company has taken several steps to improve the share structure with the objective of increasing shareholder value and creating transparency. The Authorized Shares have been reduced over 14% from 175 million to 150 million. AcuMed has worked to construct a favorable share structure that will yield the greatest possible benefit to shareholders.

Recently, Pink OTC Markets Inc. has changed AcuMedSpa Holdings status on the OTC Market tiers on from Current Information to Limited Information. The reason for the sudden change was due to a modification in Pink OTC Markets' verification methods and not because of any change on the part of AcuMed. AcuMed is currently in the process of making the necessary adjustments on how it reports the information and expects to remedy the situation immediately and to return to Current Information status no later than by the end of the month.

Late last month AcuMed finalized the sale of its "Spa within a Practice" subsidiary. As a result the company was able to eliminate over $450,000 in debt and significantly reduce its monthly operating expenses, improving the overall bottom line and financial strength of AcuMedSpa Holdings. The company has now enhanced its financial position and reallocated assets in order to better pursue other, more profitable interests to expand its business.

AcuMed is continuing to pursue its acquisition strategy and is currently evaluating some opportunities that have presented themselves to the company. Upon completion of the due diligence process the company will provide further updates on its conclusions and any decisions it makes on whether to proceed with negotiations.

AcuMedSpa Holdings President Gregory Antoine, commented, "Since taking over day to day operations last month my focus has remained on keeping AcuMed on the successful course it has been on in recent months. It is important to me that I communicate regularly with our valued shareholders and provide frequent updates on our progress as we move the company forward. I expect to be providing some further updates in the very near future as we finalize some of the initiatives that are currently in various levels of development."

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This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and AcuMedSpa Holdings, Inc. takes no obligation to update such statements.

Contact Information

  • Contacts:

    Gregory Antoine