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SOURCE LabStyle Innovations Corp.
Board will seek new directors as LabStyle progresses into its commercial stage
CAESAREA, Israel, May 29, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, announced today that Dr David Weintraub, a co-founder of LabStyle and co-inventor of the company's core technology, is retiring from LabStyle's board to focus his attention on newer medical start-up companies.
Dr. Oren Fuerst, LabStyle's Chairman of the Board, stated, "On behalf of our board, I would like to thank Dr. Weintraub for his important role in the creation of Dario and for his service on the board of directors from the company's founding day through the beginning of our commercial stage. We wish him the best of luck with his other endeavors."
Dr. Weintraub stated, "It has been one of my greatest professional honors to be associated with LabStyle. We have faced and overcome many challenges, and as the company now moves forward with its initial commercial launch of Dario, I am retiring from the board to help other companies who are in their start up stages. I look forward to being in touch with my board colleagues and management as LabStyle continues its progress."
About LabStyle Innovations
LabStyle Innovations Corp. (OTCQB:DRIO) develops and commercializes patent-pending technology providing consumers with laboratory-testing capabilities using smart mobile devices. LabStyle's flagship product is the Dario™ personalized smart meter. Dario™ received CE mark certification in September 2013 and began a world rollout in select countries in December 2013. LabStyle filed a Premarket Notification Application, also known as a 510(k), with the US Food and Drug Administration (FDA) for the Dario™ smart meter (Dario™ Blood Glucose Monitoring System) in December 2013. LabStyle is pursuing patent applications in multiple areas covering the specific processes related to blood glucose level measurement as well as more general methods of rapid tests of body fluids using mobile devices and cloud-based services and in April 2014 LabStyle received a Notice of Allowance for a U.S. patent covering core functions of the Dario™ Blood Glucose Monitoring System. For more information: www.mydario.com and http://mydario.investorroom.com.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of LabStyle Innovations Corp. (the "Company") related thereto contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the results of the Company's search for new directors) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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