RICHMOND, Calif., March 28, 2014 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (OTCQB:EKSO), a robotic exoskeleton company, announced today that co-founder Russ Angold was named president of the company's division focused on technology development and future applications, formally named Ekso Labs. Russ will oversee and build out the division that is responsible for developing intellectual property through engineering contracts and research grants from government organizations and industrial partners, including the Department of Defense (DOD). Ekso Bionics has a long history of engineering services work creating an important intellectual property portfolio dating back to the company's inception in 2005.
Most recently Ekso Labs was awarded an Other Transaction for Prototypes Agreement from U.S. Special Operations Command (SOCOM) to develop technologies for their Tactical Assault Light Operator Suit (TALOS) project. TALOS is a futuristic assault suit that promises to provide superhuman strength with superior mobility and protection, and is often referred to as the "Iron Man" suit. The exoskeleton chassis, which Ekso Labs is developing, will be designed to allow soldiers to carry out their mission with agility, while carrying hundreds of pounds of load. The TALOS project is integrating other functional elements, including armor and systems, to provide situational awareness and technology for vital signs monitoring. Ekso Labs is part of a group assembling three TALOS prototypes that will be delivered in the summer of 2014. The team includes Under Armor and Legacy Effects.
"The timing is right for TALOS from a technology perspective. With recent advances in engineering it is now possible to build this kind of suit, but that doesn't make it easy," said Ekso Labs President, Russ Angold. "No single industry can build it. SOCOM is assembling a team of exceptional players to ensure this project's ultimate success, and we are proud to be the first contractor and to be at the center of this system."
A 2007 grant from the National Institute of Standards and Technology led to the development of Ekso™, a robotic exoskeleton that enables wheelchair users to stand and walk again. Iterations of this technology resulted in today's Ekso GT™ with Variable Assist. This medical device is designed for use in the clinical setting and is optimized to treat a range of patients with stroke, spinal cord injury, and traumatic brain injuries. Other grants from the DOD led Ekso Bionics (previously Berkeley Bionics™) to unveil a load carriage exoskeleton, the Human Universal Load Carrier (HULC), in 2008. In 2009 the HULC technology was licensed to Lockheed Martin for further military development. Ekso Labs will continue development work on the HULC platform for Lockheed Martin.
"Our engineering services projects have been producing important intellectual property since our company began. This IP will be used to deploy wearable robotics in military, industrial, and consumer markets in the future," said Ekso Bionics' chief executive officer Nathan Harding. "Making Ekso Labs autonomous will ensure that this engine of intellectual property continues to run as our medical products business grows. In the months to come, Russ will be making key hires to expand this exciting team, and we welcome inquiries from outstanding individuals who would like to help us augment strength and endurance for the human endeavor."
About Ekso Bionics
Since 2005, Ekso Bionics has been pioneering the field of robotic exoskeletons, or wearable robots, to augment human strength, endurance and mobility. The company's first commercially available product called Ekso has helped thousands of people living with paralysis take millions of steps not otherwise possible. By designing and creating some of the most forward-thinking and innovative solutions for people looking to augment human capabilities, Ekso Bionics is helping people rethink current physical limitations and achieve the remarkable.
Ekso Bionics is headquartered in Richmond, CA and is listed on the OTC QB under the symbol EKSO. To learn more about Ekso Bionics please visit us at www.eksobionics.com .
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Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of human exoskeletons, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain adequate financing, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, the Company's Current Report on Form 8-K filed on January 23, 2014. The Company does not undertake to update these forward-looking statements.
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