ONTARIO, Calif., Sept. 29, 2003 (PRIMEZONE) -- LifePoint, Inc. (AMEX:LFP), a leader in non-invasive drug diagnostic technologies and solutions, announced today the appointment of director Stan Yakatan as the new non-employee Chairman of the Board of Directors. Mr. Yakatan has served as a LifePoint director since June 2000. LifePoint also announced the addition of a new outside director Nuno Brandolini. Linda H. Masterson will remain the President and Chief Executive Officer of LifePoint. These changes bring the number of LifePoint's independent directors to six and total directors to seven.
Stan Yakatan has extensive experience in sales, marketing and business development and as a Chairman and CEO in a variety of diagnostic, biotechnology and pharmaceutical companies. From 1999, he has been serving as the Chairman, President and Chief Executive Officer of Katan Associates, which furnishes advisory services on strategic planning, marketing and business development primarily to biotechnology, medical products and healthcare companies as well as assisting its clients in obtaining financing. He is also Chairman of BioComm, an Australian-based venture capital group. Since 1994, he has served as a consultant to Medical Science Partners, an international healthcare venture fund and a member of the investment committee of BioCapital, also a healthcare venture fund. As a part of his duties, Mr. Yakatan has served as the interim CEO of various start-up companies, including Quantum Biotechnologies, which develops research products for the molecular biology market, and CryoSurge, a medical device company. From July 1969 to July 1994, Mr. Yakatan advanced to executive officer positions with Sandoz, Inc., New England Nuclear, E.I. du Pont de Nemours & Co., ICN Pharmaceuticals Inc., New Brunswick Scientific, Inc., Unisyn Technologies, Inc., Proteine Performance, and Cystar, Inc. Mr. Yakatan received his M.B.A. from the Wharton School of Business of the University of Pennsylvania.
Nuno Brandolini has served as Chairman and Chief Executive Officer of Scorpion Holdings, Inc. since 1995. Prior to forming Scorpion Holdings, Mr. Brandolini served as Managing Director of Rosecliff, Inc., a leveraged buyout fund co-founded by Mr. Brandolini in 1993. Before joining Rosecliff, Mr. Brandolini was a Vice President at Salomon Brothers, Inc. where he was an investment banker involved in mergers and acquisitions in the Financial Entrepreneurial Group. Mr. Brandolini has also worked for Lazard Freres in New York and was President of the Baltheus Group, a merchant banking firm, and Executive Vice President of Logic Capital Corp., a venture capital firm. Mr. Brandolini was awarded a law degree by the University of Paris and received a M.B.A. from the Wharton School of Business of the University of Pennsylvania. He currently serves on the Board of Cheniere Energy (AMEX).
"Now that we have completed our Series D Preferred Stock financing, it is incumbent upon the Company to quickly build our business," stated Linda H. Masterson, President and CEO of LifePoint, Inc. "Stan Yakatan's proven expertise in building successful businesses and his extensive global contacts should be beneficial in helping to quickly transition the significant international interest in the IMPACT(r) Test System into a profitable business. More importantly, I will now be able to relinquish the demands of the Chairman position, and have more time to focus on the execution of our business plan. Lastly, the addition of a non-executive Chairman is consistent with the current trend of companies to improve corporate governance. The Board of Directors also welcomes Nuno Brandolini as its newest outside director. We look forward to the significant financial and general business expertise that Mr. Brandolini brings to LifePoint as an outside director."
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.