TAMPA, Fla., Nov. 22, 2004 (PRIMEZONE) -- Southwestern Medical Solutions, Inc. (Pink Sheets:SWNM) is pleased to report that it has entered into an agreement whereby it has been granted the right to earn up to a 35% interest in Glacier Medical LLC, and certain exclusive marketing rights concerning that Company's Protect-A-Pal needle safety device and related technology. SWNM will earn its interest in stages, by funding development, testing, evaluation, patenting, FDA application and approval of Protect-A-Pal, as well as initial manufacturing costs and general corporate overhead as defined in the agreement.
Glacier Medical's proprietary technology appears to offer the best-known solution to the universal problem of needle-stick injuries among healthcare workers. Prototype testing of the device has established the device's excellent capabilities; i.e. a high level of safety combined with attractive ease-of-use. Nearly a million needle stick injuries are estimated to occur annually in the United States, a significant number of which result in tragic illnesses due to blood borne pathogens having been present on the needle involved in the incident. This acquisition represents an exciting entry into the multibillion-dollar medical needle/syringe market for Southwestern Medical with a revolutionary safety device that offers enormous sales potential for the Company.
Glacier Medical's Protect-A-Pal Technology
Protect-A-Pal is a unique, proprietary technology for safety devices to protect against all manner of accidental needle, or sharps 'sticks' by doctors, nurses and other healthcare workers. Having completed successful prototype testing, minor modifications to the Protect-A-Pal safety device are being carried out to adapt the technology to several distinct applications in the healthcare field. Millions of other, more elaborate safety needles are in use today, but at a much higher cost than traditional syringe/needle configurations. The Protect-A-Pal device is expected to provide maximum safety and convenience at a much lower price than those safety needles currently being used in the huge needle marketplace.
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. Numerous applications of the Labguard Accucheck(tm) to address specific market needs, such as non-invasive HIV testing, are currently in the design, prototype and/or testing stages. "The addition of the Protect-A-Pal technology and the numerous critical applications (safety devices) it will fulfill greatly strengthens Southwestern Medical's emerging profile as a technology-led company with a particular concern, and capability, for much-needed safety within the medical devices & healthcare community," said Richard Powell, SWMS Vice-President -- New Product Development.
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.