TAMPA, Fla., June 29, 2004 (PRIMEZONE) -- Southwestern Medical Solutions, Inc. (Pink Sheets:SWMD) is pleased to announce that, during prototype development and clinical evaluation of its Labguard Accucheck(tm), it has perfected technology that will dramatically improve the locking means for the diagnostic specimen collection cup market. As well, the revolutionary technology will cross over to the general consumables market with numerous high-potential applications. An offshoot of the Company's cutting-edge technology targeted at the explosive on-site diagnostics and testing market, the new locking system represents exciting consumer market potential as an innovative "soda-pop" type plastic container lid design which presents both a new marketing format for the bottling companies and an improvement upon design for consumers. This new closure device will allow the consumer to open the lid for access to, and consumption of, the contents without having to remove the cap itself.
Company Vice President of New Product Development, Richard Powell, commented, "In addition to significantly advancing on-site specimen collection & analysis technology, it appears that Labguard Accucheck(tm) technology also has exciting potential in a variety of other, non-medical areas that warrant investigation. Management intends to present its technology to these various consumer markets expeditiously."
On-Site Testing - The prevalence of on-site testing of employees, job applicants, military personnel, public service workers, prison inmates and parolees, students & athletes, to detect the use of illicit substances has exploded across North America during the past decade. Southwestern Medical's technology directly addresses inefficiencies and unwarranted risks with procedures and devices now in use, and promises to catapult the Company into the role of a key supplier in this large market.
Dangers With Current On-Site Testing Procedures - The handling of test subjects' bodily fluids poses great risks to medical personnel and diagnostic test administrators. There are currently too many (unnecessary!) steps in the collection/analysis procedures, each of which represents additional risks of spill and/or contact with a potentially hazardous specimen.
Southwestern Medical Has The Solution - The Company's proprietary Labguard Accucheck(tm) on-site collection & diagnostic testing technology represents a revolutionary approach that ensures greater safety and convenience for diagnostic testing administrators at an attractive, market-competitive price. Currently in the final prototype stage, Labguard Accucheck(tm) has already attracted expressions of strong interest from several major medical-device distribution companies, both in the U.S. and abroad. While preparing to launch its promising Labguard Accucheck(tm), Southwestern Medical Solutions, Inc. intends, longer term, to develop and/or acquire other proprietary medical devices and technology that represent significant advancement in the medical technology field, and to continue developing strategic distribution alliances that will enhance its presence in the medical technology fields worldwide.
The statements made in this press release, which are not historical facts, contain forward-looking statements concerning potential developments affecting the business, prospects, financial conditions and other aspects of the company to which this release pertains. The actual results of the specific items described in the release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward- looking statement.