NEWPORT BEACH, Calif., March 5, 2008 (PRIME NEWSWIRE) -- Senz-It, Inc., a wholly owned subsidiary of World Am, Inc. (OTCBB:WDAM), today reported that it is partnering with BioMedix, a biotech product management and distribution company, to develop a new testing system to more accurately determine levels of decay in fish -- one of the world's most perishable foods.
The companies' mutual goal in creating the system -- expected to be compact and portable -- is to measure not only levels of decomposition, but also determine if specific byproducts associated with decay are present, and in what quantities. Unlike today's reliance on subjective human sensory evaluation, or "sniff tests," the new system is expected to be deployed at multiple points in the supply chain -- including, but not limited to, food processors, distributors, retailers -- such as seafood specialty stores and major grocery chains -- as well as restaurants of all sizes.
"We are proud to be partnering with BioMedix," said World Am Chairman and CEO Robert A. Hovee. "Its knowledge of the food safety industry perfectly complements Senz-It's detection capabilities. We look forward to working in partnership with the company to develop this advanced technology so critically needed in the global food safety marketplace.
"BioMedix currently is distributing a histamine detection test for fish that is a market leader among the estimated 2,000 fish monitoring labs in the United States," Mr. Hovee continued. "For Senz-It, this represents an established customer base that BioMedix can then sell this new product into in virtually razorblade-like commodity fashion."
"We are estimating some 60 tests will be used per day for each laboratory with this new application, and are expecting to attract 180 customers -- some from our existing customer base and some new," said Claver Bundac, Ph.D., CEO of Pomona, Calif.-based BioMedix. "Using a measurement of 260 working days in a 52-week year, we believe that will approximate more than 9,600 tests a day, or approximately 2.5 million tests on an annualized basis.
"Assuming an initial price point of just $10 per test, reflective of current pricing levels for the company's histamine test products, the envisioned product could establish a new standard in measuring decomposition in fish and seafood on a worldwide basis," Dr. Bundac said.
"Removing subjectivity from the testing process will ensure a safer food supply for consumers, and save distributors and retailers tens of millions of dollars annually in lost sales and damaged brand reputations.
"Domestically, that could approximate more than $1 million in sales revenue per month for our two companies combined," Dr. Bundac noted.
"Worldwide," Dr. Bundac continued, "there are more than 30,000 fish monitoring laboratories. If we extend our customer base by capturing just a small fraction of that targeted group, over the next several years, this could conceivably double or triple our potential marketplace.
"Again," Dr. Bundac pointed out, "this presumes our capturing just a fraction of the worldwide market, which both BioMedix and World Am believe is realistic.
"In fact, this direct impact on the $1.8 billion food testing industry could also spawn other applications for food safety monitoring of such products as meat, poultry, cheese and wine. We're pleased to be working with Senz-It in mutual pursuit of these important and very exciting goals," Dr. Bundac said.
"Alpha and beta testing of the new product should be completed later this year, with first revenue-generating shipments anticipated by year's end," Mr. Hovee concluded.
About BioMedix:
BioMedix is a fast-growing company devoted to the creation of biosensors. The BioMedix core technology provides a platform for multiple products in the biomedical, environmental and industrial testing areas. This technology offers very diverse analytical applications, and provides many opportunities for product licensing in multiple markets worldwide. BioMedix currently specializes in developing and marketing rapid testing systems for food pathogens to enhance food safety. Using modified versions of traditional food testing protocols, and introducing next generation testing systems, BioMedix aims to revolutionize the process of food quality and safety assessment.
About World Am:
World Am has two operating subsidiaries, Senz-It and Isotec. Senz-It represents an innovative advancement in the field of micro-sensors based on technology developed at the State University of New York at Buffalo, which has applications in Homeland Security, indoor air quality monitoring, food safety, and health care. Its potential products are intended to compete in the developing field of real-time detection and notification devices, and are being designed to identify patterns of molecules present in liquid, and gas environments for significantly less cost than current approaches.
Senz-It's sister subsidiary is Isotec, whose solutions provide "Protection, not just Detection." It develops, integrates and supplies Automated Security Portals, broadly categorized as access control, weapons control, or materials control systems that rigorously control entry or exit of people and materials into and/or out of a facility, while reducing the need for security personnel. Applications of the technology have been delivered to the commercial, retail and government sectors. Isotec's experience in this field allows it to provide high quality, code compliant, application-optimized solutions at the lowest cost in the shortest timeframe.
Additional information on the company is available at http://www.world-am.com .
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to those, set forth in the World Am, Inc. Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.