WESTBOROUGH, Mass., Jan. 14, 2011 (GLOBE NEWSWIRE) -- Viking Systems, Inc. (OTCBB:VKNG) said that the launch of its new 3DHD visualization system is proceeding as planned and that initial market reaction has been very positive.
The Company reported that it shipped 21 3D systems in the fourth quarter of 2010. These shipments included eleven distributor 3DHD demonstration systems, four 3DHD customer systems and six previous generation 3Di customer systems. The Company noted that one of the four customer 3DHD systems shipped was a no-charge unit provided to Barnes Jewish Hospital in St. Louis, MO to support clinical development activities performed by Viking's Medical Advisor, Gerald Andriole, MD.
Viking indicated that it has production plans for 31 3DHD units in the first quarter of 2011 and believes that it will ship most, if not all, of the planned production during that quarter. At least half of the planned shipments in the first quarter are likely to be distributor demonstration units, which should strengthen the ability of the Company's distributors to close sales of the Company's 3DHD systems later in the year. The demonstration systems are not intended for immediate resale and are priced at a substantial discount to the distributors' agreed upon regular purchase price for resalable systems. As part of the Company's distribution strategy it requires distributors to demonstrate a financial commitment by purchasing one or more demonstration systems, depending, among other considerations, upon the size of the distributor's territory.
Jed Kennedy, President and CEO of Viking Systems commented, "While it is still early in the launch phase, now that we have delivered initial demonstration units our distributors are busy scheduling clinical demonstrations and presenting proposals to hospital administrators." Kennedy went on to say, "It is always difficult to predict the rate of adoption that any new technology will have in the early days, but the feedback so far from clinicians is that our 3DHD Vision System provides superior visualization when compared with current state-of-the-art 2D systems. Now we must execute our sales plan."
About Viking Systems, Inc.
Viking Systems, Inc. (OTCBB:VKNG) is a leading worldwide developer, manufacturer and marketer of 2D and 3D visualization solutions for complex minimally invasive surgery. The Company partners with medical device companies and healthcare facilities to provide surgeons with proprietary visualization systems enabling minimally invasive surgical procedures, which reduce patient trauma and recovery time. For more information visit the Company's website at: www.vikingsystems.com
This press release contains forward-looking statements. These forward-looking statements are estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors as described in our annual report on Form 10-K under the heading "Risk Factors" as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Statements concerning forecasts, revenue growth, profitability, production and shipment of units, future financial results, and statements using words such as "estimate", "project", "plan", "intend", "expect", "anticipate", "believe" and similar expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
CONTACT: Viking Systems, Inc. Robert Mathews, EVP & CFO (508) 366-3668 Ext. 8392