SOUTH EASTON, Mass., Aug. 31, 2011 (GLOBE NEWSWIRE) -- Pressure BioSciences, Inc. (Nasdaq:PBIO) ("PBI" or the "Company") today reiterated its optimistic revenue and operational outlook for the third and fourth quarters of 2011, as discussed during the Company's recent Q2 2011 conference call. During the call, the Company stated its belief that:
- Total revenue for the second half of FY 2011 would be significantly greater than total revenue for the first half of FY 2011
- PCT Products revenue for Q3 2011 would exceed PCT Products revenue for any quarter over the past year
- PCT Sample Preparation System installations for Q3 2011 would exceed the number of PCT Sample Preparation System installations for the first or second quarter of 2011
- PBI was making significant progress towards signing at least one major, worldwide, PCT Products distribution agreement in 2011
- PBI remained on track to release its pressure-enhanced formalin-fixed, paraffin-embedded (FFPE) protein extraction service in late 2012
- PBI remained optimistic that it will raise the capital necessary to support its continued operations and growth plan during the second half of 2011 and beyond
Mr. Richard T. Schumacher, President and CEO of PBI, said: "The first half of 2011 was a very difficult and disappointing period for all of us at PBI. However, the hard work and dedication of our employees during this time resulted in the expansion of market awareness for our PCT Platform, the development of several important new applications for the PCT Sample Preparation System, and the release of two novel and exciting instruments: the Barocycler HUB440 and the Shredder SG3. We believe that momentum has begun to swing in our favor and that the second half of 2011 will be significantly better in revenue, instrument installations, and in the development of strategic partnerships, as compared to the first half of the year."
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (PBI) is a NASDAQ Capital Market listed company focused on the development and sale of instrumentation and consumables based on a novel, enabling technology platform called Pressure Cycling Technology (PCT). PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels (up to 35,000 psi and greater) to control bio-molecular interactions. PBI currently holds 24 issued patents covering multiple applications of PCT in the life sciences field, including genomic and proteomic sample preparation, pathogen inactivation, the control of chemical reactions, immunodiagnostics, and protein purification. PBI currently focuses its efforts on the development and sale of PCT-enhanced bio-molecule extraction and enzymatic digestion products designed specifically for the mass spectrometry marketplace, as well as sample preparation products for biomarker discovery, soil and plant biology, forensics, histology, and counter-bioterror applications.
Forward Looking Statements
Statements contained in this press release regarding the Company's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements include statements regarding total revenue and PCT Products revenue for Q3 and Q4 2011; PCT Sample Preparation System installations for Q3 2011; that the Company is making significant progress towards signing at least one major, worldwide, PCT Products distributor in 2011; that the Company remains on track to release its pressure-enhanced FFPE protein extraction service in late 2012; that the Company expected to raise the capital necessary to support its growth in 2011 and beyond; that a significant lack of financial resources adversely affected the Company's growth plan, manufacturing capabilities, sales and marketing activities, and product applications development during the first half of 2011; and that the Company believes that the second half of 2011 will be significantly better in revenue, instrument installations and in the development of strategic partnerships as compared to the first of 2011. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: possible difficulties or delays in the implementation of the Company's strategies that may adversely affect the Company's continued commercialization of its PCT-based product line; changes in customer's needs and technological innovations; the Company's sales force may not be successful in selling the Company's PCT product line because scientists may not perceive the advantages of PCT over other sample preparation methods; that the Company may not be successful in raising the additional capital necessary to fund the Company's operations beyond the middle of September; and if actual operating costs are higher than anticipated, or revenues from product sales are less than anticipated, the Company may need additional capital sooner than expected. Given the uncertainty in the capital markets and the current status of the Company's product development and commercialization activities, there can be no assurance that the Company will secure the additional capital necessary to fund its operations beyond the middle of September on acceptable terms, if at all. Additional risks and uncertainties that could cause actual results to differ materially from those indicated by these forward-looking statements are discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
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