TAMPA, Fla., May 18, 2004 (PRIMEZONE) -- Southwestern Medical Solutions, Inc. (Pink Sheets:SWML) is pleased to announce that it has acquired exclusive rights to manufacture, market, and otherwise exploit Labguard Accucheck (tm), cutting-edge technology targeted at the explosive on-site diagnostics and testing market. Through final-prototype development and clinical evaluation, the Company is currently advancing Labguard Accucheck toward commercialization. Company Vice-President of New Product Development, Richard Powell, commented, "Labguard Accucheck (tm) is an important advancement in on-site specimen collection & analysis which we believe offers the potential to catapult Southwestern Medical Solutions into the role of a key supplier to the multibillion-dollar on-site testing industry."
On-Site Testing - A Huge New Market
The prevalence of on-site testing of employees, job applicants, military personnel, public service workers, prison inmates and parolees, students & athletes, to detect the use of illicit substances has exploded across North America during the past decade. In addition to mandatory testing of all military personnel, and all employees of the Federal Government, the Transportation Industry and the Nuclear Regulatory Agencies, screening/testing is now also carried out by a majority of large corporations, and by athletic bodies and other organizations throughout the United States.
Problems With Current On-Site Testing Procedures
The handling of test subjects' bodily fluids poses great risks to medical personnel and diagnostic test administrators. The risk of exposure to HIV, hepatitis B and C, and a host of other fluid-borne pathogens is unacceptably high given the safety limitations of current methods of specimen collection, handling, and analysis. There are currently too many unnecessary steps in the collection/analysis procedures, each of which represents additional risks of spill and/or contact with a potentially hazardous specimen.
About Southwestern Medical Solution
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. While preparing to launch its promising Labguard Accucheck (tm), Southwestern Medical Solutions, Inc. intends, longer term, to develop and/or acquire other proprietary medical devices and technology that represent significant advancement in the medical technology field, and to continue developing strategic distribution alliances that will enhance its presence in the medical technology fields worldwide.
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.