ONTARIO, Calif., July 17, 2003 (PRIMEZONE) -- LifePoint, Inc. (AMEX:LFP), a leader in non-invasive drug and alcohol diagnostic technologies and solutions, announced today that Mr. Donald W. Rutherford has joined the Company as Chief Financial Officer and Vice President of Finance. Michele Clark will continue in her role as Controller of LifePoint.
Mr. Rutherford has over 30 year of finance and accounting experience in a variety of public and private technology companies. He has worked with rapid growth companies as well as turnarounds, and has extensive experience in financial transactions, including financings, mergers and acquisitions, and international business.
Mr. Rutherford remains a partner with Tatum CFO Partners, LLP, (a national financial services firm that provides short and long term financial services). While with Tatum CFO Partners, Mr. Rutherford, among other positions, has served as Chief Financial Officer for a $100 million manufacturer and direct marketer of promotional products and as CFO for a $100 million public technology company. Prior to joining Tatum CFO Partners, Don served as CFO of both public and private technology companies, including General Automation Inc. He has also served in senior positions in venture capital, manufacturing, construction products and food products companies ranging from startups to multi-billions of dollars in size. Mr. Rutherford started his career with PricewaterhouseCoopers (formerly Coopers and Lybrand) in their audit practice before moving to their management consulting practice.
Mr. Rutherford is a Chartered Accountant and has a B.S. in Industrial Engineering from the University of Toronto.
Linda H. Masterson, President and CEO of LifePoint, stated "Having initially worked with Don as a consultant, we are confident that he adds significant value to LifePoint's management team with his depth of strategic and tactical financial and accounting experience, both in the United States and overseas."
About LifePoint, Inc
LifePoint, Inc., a leader in non-invasive drug diagnostic technologies and solutions, has developed, manufactures and markets the IMPACT Test System -- a rapid diagnostic testing, screening and drug monitoring device for use in law enforcement and the workplace, and in the future, pending FDA approval, ambulances, pharmacies, and home healthcare markets. LifePoint's patented and proprietary technologies for the use of saliva as a non-invasive, blood-comparable test specimen, used in conjunction with the flow immunosensor technology licensed from the United States Navy, have allowed LifePoint to develop a broadly applicable, rapid, on-site diagnostic test system. The first product simultaneously detects drugs of abuse and alcohol. The initial three target markets -- law enforcement, industrial workplace and medical emergency room -- are estimated to be over $1.6 billion in total opportunity.
This press release contains forward-looking statements regarding future events and the future performance of LifePoint, Inc. that involve risks and uncertainties that could cause actual results to differ materially. Although the Company believes that the expectations reflected in any forward-looking statements made herein are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. The Company undertakes no obligation to update any forward-looking statements made to conform to actual results or to changes to expectations. These risks include, but are not limited to, fund any potential repurchase of the Series D Preferred Stock; potential need for additional financing, FDA 510(k) clearance in medical markets, dependence on third parties for certain marketing efforts, and market acceptance. These risks and others are described in further detail in the Company's reports filed with the Securities and Exchange Commission.
LifePoint(r) and IMPACT(r) are trademarks of LifePoint, Inc.