MINNEAPOLIS, Sept. 16, 2016 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (NASDAQ:SKLN) (“Skyline” or “the Company”), developer of the innovative STREAMWAY® waste fluid disposal system for medical applications, announces that its stockholders have voted FOR all management proposals at a Special Meeting of Stockholders today. The first proposal is an amendment of the company’s certificate of incorporation to increase the number of authorized shares of common stock from 100 million to 200 million. The second proposal is for a reverse stock split to permit (but not require) the Board of Directors to effect a reverse stock split of the Company’s common stock by a ratio of not less than one-for-two (1:2) and not more than one-for-twenty-five (1:25). The third proposal is to adjourn the meeting to solicit additional proxies should there not be sufficient votes to approve Proposals 1 and 2.
“We are pleased that stockholders have chosen to give management a vote of confidence in the future of Skyline Medical by voting FOR the proposals put forth to them,” said Dr. Carl Schwartz, interim chief executive officer. “We believe Skyline Medical is now positioned to achieve the milestones we anticipate, including expanding sales of the STREAMWAY System to U.S. Federal Agencies via our contemplated joint venture with Electronic On-Ramp, and the nine-point sales plan Peter Alex, our newly appointed vice president of sales and marketing has put forth, as previously disclosed. We are looking forward to executing our business plan for the benefit of all our stakeholders. We also expect to discuss our plans for maintaining our listing on NASDAQ with the Exchange as soon as possible,” Dr. Schwartz concluded.
The final votes were as follows:
Proposal 1: Approval of amendment to the Certificate of Incorporation to increase authorized shares of common stock from 100 million to 200 million:
- A total of 57,466,175 common shares were voted with regards to Proposal 1, with 41,902,941 common shares (73%) voting FOR the resolution, 14,992,050 common shares (26%) voting AGAINST the resolution, and 571,184 common shares (1%) abstaining. There were no broker non-votes.
Proposal 2: Approval of reverse stock split to permit (but not require) the Board of Directors to effect a reverse stock split of the Company’s common stock by a ratio of not less than one-for-two (1:2) and not more than one-for-twenty-five (1:25):
- A total of 57,466,175 common shares were voted with regards to Proposal 2, with 43,248,274 common shares (75%) voting FOR the resolution, 13,811,359 common shares (24%) voting AGAINST the resolution, and 406,542 common shares (1%) abstaining. There were no broker non-votes.
Proposal 3: Approval of adjournment of special meeting, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the Special Meeting to approve both the proposal to increase the authorized shares of common stock (Proposal 1) and the proposal to effect a reverse stock split (Proposal 2):
- A total of 57,466,175 common shares were voted with regards to Proposal 3, with 41,673,190 common shares (73%) voting FOR the resolution, 14,579,044 common shares (25%) voting AGAINST the resolution, and 1,213,941 common shares (2%) abstaining. There were no broker non-votes.
About the STREAMWAY System
Skyline's revolutionary, FDA-cleared STREAMWAY system is the first true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. It connects directly to a facility's plumbing system to automate the collection, measurement and disposal of waste fluids. As of June 30, 2016, Skyline Medical customers have installed 94 STREAMWAY systems in 50 facilities across 19 states.
The STREAMWAY minimizes human intervention for better safety and improves compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. It also provides unlimited capacity for increased efficiency in the operating room, which leads to greater profitability. Furthermore, the STREAMWAY eliminates canisters to reduce overhead costs and provides greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the U.S. For a demonstration please visit www.skylinemedical.com or call 855-785-8855.
About Skyline Medical
Skyline Medical produces a fully automated, patented, FDA-cleared waste fluid disposal system that virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods that require hand carrying and emptying filled fluid canisters present an exposure risk and potential liability. Skyline Medical's STREAMWAY System fully automates the collection, measurement and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers; 2) improve compliance with OSHA and other regulatory agency safety guidelines; 3) improve efficiency in the operating room, and radiology and endoscopy departments, thereby leading to greater profitability; and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills each year in the U.S. For additional information, please visit www.skylinemedical.com.
Forward-looking Statements
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance; if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable, adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. See the Company's most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.