BioElectronics Corp. (PINKSHEETS: BIEL), the maker of inexpensive, disposable drug-free anti-inflammatory devices, recently announced the Company would soon become a fully reporting company. The related filings will offer investors in BioElectronics full transparency into the Company's financials and financial operations.
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"As we indicated several months ago, BioElectronics has engaged a professional auditing firm to review our financials in order to provide our investors, distributors and other stakeholders an accurate and unbiased evaluation of our financial position. I am happy to announce today that the audit is now almost complete and that no major issues have been raised. We are expecting the auditing firm to issue its report over the very short term," commented Andrew Whelan, CEO of BioElectronics. The completion of the audit and the availability of the auditor's report will allow BioElectronics to soon file the required documentation in order to become a fully reporting company. Mr. Whelan continued, "Over the past few quarters we have made great strides in improving our financial condition. We have paid off all of our institutionally owned convertible debt, greatly improved our working capital position, and significantly improved our financial ratios. We are very proud of our current balance sheet and the progress we have made during this period. As a result, we believe we are very well positioned to manage the meaningful revenue growth we expect during 2010 and beyond."
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