HOUSTON, Oct. 17, 2005 (PRIMEZONE) -- Labwire Inc. (Pink Sheets:LBWR), a leading Employee Screening Solutions Provider, today announced that the company ended the 3rd Quarter recording the highest number of monthly transactions since the company's inception. During September the Labwire Platform processed the most drug tests ever, positioning the company to achieve a run rate of $3,200,000.
Dexter Morris, President of Labwire, stated, "We have been making significant progress in securing new customers as well as establishing and advancing relationships. When we began our operations in 2004, we were one of more than 700 third-party administrators in the employee screening industry, and I am pleased to report that, based on our continued success, we have vaulted into the top ten."
Drug screening has become an institutionalized employment practice as more than 85% of companies with over 100 employees have established drug screening policies. Employment screening has experienced steady and rapid growth over the past decade becoming a $3.5 - $5 billion industry. Labwire plans to continue growth through acquisitions of third-party providers and is already one of the top revenue generating companies in the industry. Among its notable achievements, Labwire was awarded the largest contract in DOT (Department of Transportation) history in July 2004.
For corporate and product information, please visit www.labwire.com.
About Labwire
Labwire Inc., headquartered in Houston, TX, provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations via the Labwire(tm) Platform. Labwire(tm) is a proprietary, Web-based application that streamlines the complex regulatory and record management activities associated with employee screening, delivering accurate, timely results while eliminating service calls and paper trails. This comprehensive solution to managing employee screening services is the most efficient and cost-effective platform in the industry.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.