ORANGEBURG, N.Y., April 6, 2011 (GLOBE NEWSWIRE) -- Vision-Sciences, Inc. (Nasdaq:VSCI) today clarified that recent beneficial ownership reports filed yesterday with the SEC on Form 4 on behalf of certain members of its management team did not reflect any actual sales of company shares held by management. These reports were timely filed to reflect the forfeiture of restricted shares with vesting was tied to certain unmet company performance milestones, as specifically noted in the Form 4 filings. The restricted shares and milestones are described in the company's 2010 Annual Meeting Proxy Statement.
The company commented that it had finished fiscal 2011 on a strong note. Warren Bielke, our interim Chief Executive Officer, stated, "Despite not achieving all of our goals, we continue to increase traction in all of our markets. We recently launched our domestic product program under the supply agreement with Stryker and are continuing to focus on our airway-related products and our spine video endoscopes." Mr. Bielke added, "I am pleased with the company's operational and financial progress, and look forward to positive developments in fiscal 2012, which began on April 1."
Except for the historical information provided, the matters discussed in this release include forward-looking statements for the purposes of the safe harbor protections under The Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Vision-Sciences or its management "believes," "expects," "allows," "anticipates," or other words or phrases of similar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, plans, intentions, or goals are also forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those in forward-looking statements. Other risk factors are detailed in our most recent annual report and other filings with the Securities and Exchange Commission. We do not assume any obligation to update any forward-looking statements as a result of new information or future events or developments.
Vision-Sciences, Inc. designs, develops, manufactures and markets unique flexible endoscopic products utilizing sterile disposable sheaths, the Slide-On® EndoSheath® Technology, which provide the users quick, efficient product turnover while ensuring the patient a contaminant-free product.
Vision‑Sciences owns the registered trademarks Vision Sciences®, Slide-On®, EndoSheath® and The Vision System®. Information about Vision-Sciences' products is available at .
The Vision-Sciences, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3876.
CONTACT: Vision-Sciences, Inc. Katherine Wolf, CFO and EVP, Corporate Development (845) 365-0600