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AmbiCom Holdings, Inc. Signs Distribution Agreement With Gruve Technologies for Personal Weight Management Products(January 10, 2012)
MILPITAS, CA -- (Marketwire) -- 01/10/12 -- AmbiCom Holdings, Inc. (OTCQB: ABHI) (PINKSHEETS: ABHI), a leading designer and developer of wireless products for the medical industry, today announced that its wholly-owned subsidiary, E-Care USA, has signed a distribution agreement with Gruve Technologies, Inc. to distribute The Gruve, a personal weight management device.
The agreement is for three years. According to management, E-Care USA intends to distribute the product through major retail drug chains, Internet drug sites, catalogs, and direct marketers.
"This is an exciting new addition to our product line up which will also include personal healthcare products for oral and other measurement devices," said John Hwang, Chairman and CEO of AmbiCom. "We believe that because of the current concerns over obesity in the United States, more and more Americans are concerned and taking steps to lose weight and maintain healthy, active lifestyles. The Gruve is a complete system that will enable these individuals to truly structure specific individual programs that take into account their own lifestyles, habits and metabolism." He noted that the weight loss market in the U.S. was estimated to be $60.9 billion in 2010. The relatively new activity monitoring market is expected to increase to $250 million by 2015, as more and more Americans discover monitoring devices and apps that will assist them in losing and maintaining weight.
The Gruve is a new, completely revolutionary approach to weight management. The device combines a highly accurate activity monitor, an easy-to-use website and professional support. AmbiCom/E-Care USA plans to market The Gruve as a total weight management solution backed by strong clinical support from the Mayo Clinic, which has proved The Gruve's effectiveness for healthy, sustainable weight loss/management in the growing weight monitoring marketplace.
The Gruve is an attractive, personalized, wearable device that precisely tracks calorie burn whether the user is walking, relaxing, or exercising. Furthermore there is a communicator built into the device that prompts the user to get active as well. The Gruve website integrates The Gruve device to the user's daily activity intensity levels and provides the individual's accurate and personalized calorie burn progress. Easy to use, the website is intuitive and provides education, motivation and support to the user. The Gruve enables an individual to develop a truly personalized weight management plan for optimum results.
Hwang said that the product is expected to be available in retail locations and online soon.
About AmbiCom Holdings, Inc.
AmbiCom is headquartered in Milpitas, California, and is a leading designer and developer of wireless products focusing on the wireless medical industry. The Company's wireless modules and devices are based on the Company's innovative application software for both Wi-Fi and Bluetooth technologies. AmbiCom is committed to wireless design and development of software and hardware, and to bringing new and innovative products to the wireless medical markets and other sectors. The Company plans to grow organically, and to augment that growth by selectively acquiring complementary products and technologies via acquisition opportunities deemed to be of strategic value. For more information, visit www.ambicom.com.
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 18934. Although forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements, including but not limited to, our ability to maintain our website and associated computer systems, our ability to generate sufficient market acceptance for our products and services, our ability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission from time to time which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Martin E. Janis & Company, Inc.
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