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Business Description Electromed, Inc. was founded by Mr. Robert Hansen and Mr. Craig Hansen and incorporated in Minnesota in 1992. We hold numerous patents, which cover our innovative means of administering High Frequency Chest Wall Oscillation, or HFCWO, airway clearance therapy. We believe our system provides improved ease of use, comfort and control at a cost that is comparable to current alternatives. Electromed has established itself as a leader in developing innovative airway clearance therapy products for use by patients with compromised pulmonary function. Our goal has been to make the HFCWO airway clearance treatments as comfortable and convenient as possible so our patients can more easily tolerate their regimen and be able to perform their treatments as readily as possible. We created and introduced a portable, programmable, and multi-positional airway clearance machine which employs HFCWO. For the past ten years, our primary product, the SmartVest R Airway Clearance System (“SmartVest System”), along with its predecessor product, the MedPulse Respiratory Vest System R, have been providing daily respiratory therapy to patients in the U.S. In order to maintain and expand our position in the market for airway clearance therapy products, we have assembled an experienced team of employees with expertise in health care, product development, manufacturing, marketing, sales, and financial management. For example, more than 30% of our employees are respiratory therapists. In addition, we engage over 300 respiratory therapists and health professionals on a non-exclusive independent contractor basis to educate and train customers on the SmartVest System. Our team also includes several consultants who advise us on quality assurance, product development, and financing, and who keep us apprised of industry developments and opportunities in Europe. We manufacture and sell products for use by chronically-ill patients who face health risks due to pneumonia and mucus accumulation in the lungs, particularly patients with cystic fibrosis, chronic obstructive pulmonary disease (“COPD”), bronchiectasis, and neuro-muscular disorders. The purpose of our primary product, the SmartVest System, is to loosen, mobilize, and release respiratory secretions from the lungs. Our products are primarily used in the home health care market, and we have recently begun to sell our products for use in hospitals, which we refer to as “institutional sales.” The SmartVest System features a programmable electro-mechanical pulse generator and a pneumatic therapy garment, which together provide safe, comfortable, and effective airway clearance therapy. We believe that the lightweight, portable design allows patients greater freedom to travel and enjoy activities of daily living, resulting in enhanced quality of life for patients using our SmartVest System. A broad range of vest sizes for children and adults allow for tailored fit and function. User-friendly controls allow children to administer their own daily therapy under adult supervision. For approximately ten years, we have marketed the SmartVest System and predecessor models to patients suffering with cystic fibrosis (“CF”). CF is a genetic disease in which normal mucus becomes thick and sticky, eventually restricting the function of the lungs, pancreas, and liver. Cystic fibrosis patients require daily respiratory therapy. This was traditionally provided by a respiratory therapist, parent or family member who must “clap” or pound on a patient’s chest and back to loosen secretions that build up in the respiratory tract. Severe build-up can result in lung infections, scarring and ultimately death due to the patient’s inability to absorb oxygen. ------ Electromed, Inc. was incorporated in Minnesota in 1992. Our corporate headquarters are located at 500 Sixth Avenue NW, New Prague, Minnesota 56071. Our telephone number is (952) 758-9299. Our websites can be found at www.electromed.com and www.smartvest.com.