ONTARIO, Calif., Dec. 10, 2003 (PRIMEZONE) -- LifePoint, Inc. (AMEX:LFP), a leader in non-invasive drug diagnostic technologies and solutions, announced today the addition of a new outside director, M. Richard Wadley.
M. Richard Wadley is a proven CEO with over 25 years of successful general management and P&L experience with world class Fortune 500 companies, as well as smaller entrepreneurial enterprises. He also has broadbased public and private company Board of Directors experience. Mr. Wadley is currently the CEO of the Bayshore Group, a management and marketing consulting group focusing on building businesses through effective strategic planning, marketing and operational improvements, merger, acquisition, divestiture, and equity capital generation. From 1993 to 1999, Mr. Wadley was the Chairman and Chief Executive Officer of T-Chem Products, Inc., a leading private label cleaning products company serving major retailers in the Western U.S., and from 1988 until 1991, President and CEO of Alta-Dena Certified Dairy Inc, a $150 million regional agricultural business. Prior to 1988, Mr. Wadley was General Manager of Tambrands, Inc., and held positions of increasing importance in marketing for Hallmark Cards and Proctor & Gamble Co. He currently serves on the boards of private companies Legacy Interactive Inc. and Funosophy Inc. Mr. Wadley has a BS in Business Management from Brigham Young University and a MBA from Northwestern University.
M. Richard Wadley replaces Roger Stoll, Ph.D., who informed LifePoint that he intended to resign from the Board effective upon the addition of a new director to replace him, as an independent director. The addition of Mr. Wadley will bring the number of LifePoint's independent directors to five and total number of directors to six.
"Now that we have re-initiated manufacturing, and have initiated field testing to validate the significant improvements made to the IMPACT Test System, it is incumbent upon the Company to quickly build our business," stated Linda H. Masterson, President and CEO of LifePoint, Inc. "Richard's proven expertise in building successful businesses and his consumer marketing experience should prove to be beneficial in helping to develop the strategies and tactics to rapidly transition the extensive interest and numerous sales leads in our unique product into solid sales growth, especially in the consumer-like industrial workplace."
About LifePoint, Inc
LifePoint, Inc., a leader in non-invasive drug diagnostic technologies and solutions, has developed, manufactures and markets the IMPACT(r) Test System -- a rapid diagnostic testing, screening and drug monitoring device for use in law enforcement and the workplace, and in the future, 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 the need to hire personnel, dependence on third parties for certain marketing efforts, FDA 510(k) clearance in medical markets, market acceptance and potential need for additional financing. 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.