BioElectronics Corporation Announces Substantial Increase in 4th Quarter 2020 Revenue; Major Convertible Debt Holders Agree to Forego Interest in 2021

Frederick, Maryland, Jan. 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioElectronics Corporation (OTC PINK:BIEL) is pleased to report that Q4 revenue for 2020 exceeded $519,000, representing an increase of 241% when compared to Q3 revenue in 2020 ($151,956). Correspondingly, Q4 2020 revenue represents an increase of 233% when compared to the cumulative revenue of Q1 and Q2 in 2020 ($155,818). 

As of today, the Company has $554,074 in deferred revenue remaining on the books, at least half of which is scheduled to ship in Q1 of 2021.

Richard Staelin, Ph.D., Chairman of the Board, said, “We believe this increase in both revenue and deferred revenue is a strong signal that the firm is moving in the right direction.”  He attributes this robust growth to the firm’s unique portfolio of products and the management’s decision to prioritize partnerships with entities that have a strong brand recognition and significant retail presence.

Keith Nalepka, VP of Sales, commented: “We are pleased with the increase in revenue and look forward to the national retail rollout of KT Recovery+Wave and the DonJoy Advantage products, Powered by ActiPatch.  We are simultaneously bringing on more international distribution channels and ramping up our efforts to market and sell the RecoveryRx brand domestically.”

The managers of the firm’s two largest lenders, which are both controlled by Whelan family members, Ibex LLC and St. John’s LLC, have agreed to extend foregoing of interest due on their convertible debt notes through the end of 2021.  Kelly Whelan, President & CEO of BioElectronics, stated: “It is the goal of both BioElectronics’ management team and the Whelan family to bring the Company to profitability as swiftly as possible, for the benefit of all shareholders. The Whelan family has collectively foregone interest in excess of $750,000 in 2020, and will extend this hiatus on interest collection through at least 2021.”

Dr. Staelin noted that “the Board is deeply appreciative of the Whelan family foregoing any interest in 2020 and 2021.  This decrease in interest expenses coupled with a steady increase in sales will bring the firm much closer to its goal of posting profits in the near future.”

About BioElectronics Corporation

Headquartered in Frederick, Maryland, and founded in 2000, BioElectronics Corporation is the leading company in the field on non-invasive electroceutical medical devices. BioElectronics is the maker of disposable, drug-free, pain therapy devices: ActiPatch Therapy, over-the-counter treatment for back pain and other musculoskeletal complaints; RecoveryRx Therapy for postoperative pain and chronic wound care.