SEATTLE--(BUSINESS WIRE)--Know Labs, Inc. (NYSE American: KNW), an emerging developer of non-invasive medical diagnostic technology, today announced that Ron Erickson, Founder and Chairman, has been unanimously named Chief Executive Officer by the Company’s Board of Directors, while continuing as Chairman of the Board. Former CEO Phil Bosua has stepped down as an executive officer of the Company and Board Member and will become a technology advisor and consultant to Know Labs, effective immediately.
Ron Erickson is the Founder of Know Labs and has been with the company and its predecessors for nearly 20 years. He brings 30 years of board, business development, financial and executive leadership experience from industries including therapeutics, mobile technologies and software.
“Thanks to Phil’s genius for invention, Know Labs’ intellectual property portfolio is second to none in the emerging field of non-invasive medical diagnostics,” Erickson said. “By evolving into a technology advisory and consulting role, Phil will have the freedom and flexibility to pursue his passion for new discoveries in science, software, and artificial intelligence, while participating in the value our team continues to create for shareholders.”
As part of his technology advisory and consulting role, Bosua will provide ad hoc technical guidance to the Know Labs product development team. Concurrently, Know Labs will transfer certain assets of its subsidiary AI Mind, Inc. to Bosua, who will focus on innovation and advancements in artificial intelligence.
“Having established our Bio-RFIDTM platform technology as a new standard for accuracy in glucose monitoring, as evidenced by our latest patent, our focus now is accelerating product development and testing while working toward the FDA clearance process for medical devices,” Erickson continued. “We anticipate our work toward this goal will accelerate in 2023, as a result of the progress made by our team, with support from our investors. We have recently expanded our team in product and clinical development functions, which are critical for our 2023 activities. I’m confident we have the right team to achieve our goals and believe Bio-RFID will transform the medical diagnostics industry and significantly improve the lives of millions of people worldwide.”
“When Ron and I met, back in 2018, I was intrigued by the opportunity to pursue the holy grail of the medical industry, a non-invasive blood glucose monitoring medical device,” Bosua said. “We have accomplished so much since then, and it has been an honor to lead such a great and capable team alongside Ron. The Know Labs’ foundational technology that I invented is unique and will change people’s lives, and I’m proud of that. My passion is to seek unique and challenging opportunities as I have done throughout my career. I trust that the Know Labs team has the capability to take the technology from here and deliver the first non-invasive blood glucose monitor into the market.”
Know Labs Board of Directors is fully supportive of this transition and remains confident in the company’s ability to move ahead. Bill Owens, Know Labs Board Member, stated, “We are enthusiastic about the path forward. It is aggressive and results-oriented, which comforts us and the shareholders we represent. I’m looking forward to the future and what they can accomplish as a team.”
Know Labs will continue to provide updates on progress toward clinical trials and FDA clearance of its non-invasive glucose monitoring devices. The company continues to test and refine Bio-RFID’s hardware and algorithms in preparation for the FDA clearance process. For more information on Know Labs, visit knowlabs.co.
About Know Labs, Inc.
Know Labs, Inc. is a public company whose shares trade on the NYSE American Exchange under the stock symbol “KNW.” The Company’s technology uses spectroscopy to direct electromagnetic energy through a substance or material to capture a unique molecular signature. The Company refers to its technology as Bio-RFID™. The Bio-RFID technology can be integrated into a variety of wearable, mobile or bench-top form factors. This patented and patent-pending technology makes it possible to effectively identify and monitor analytes that could only previously be performed by invasive and/or expensive and time-consuming lab-based tests. The first application of our Bio-RFID technology will be in a product marketed as a non-invasive glucose monitor. It will provide the user with real-time information on blood glucose levels. This product will require U.S. Food and Drug Administration clearance prior to its introduction to the market.
Safe Harbor Statement
This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Know Labs, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy; and (iv) performance of products. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Know Labs, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2022, Forms 10-Q and 8-K, and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Investor Relations section of our website at www.knowlabs.co. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.