CHARLESTON, S.C., April 18, 2012 (GLOBE NEWSWIRE) -- Revolutions Medical Corporation ("Revolutions Medical" or the "Company") (OTCQB:RMCP) announced today that former RMCP Consultant Richard Theriault asserted his Fifth Amendment right against self-incrimination during depositions being held in connection with the pending arbitration between Medical Investment Group, Inc. ("MIG") and Revolutions Medical. Mr. Theriault's closely held company, MIG, originally asserted in the arbitration that it had the contractual right to produce, manufacture, distribute and sell the RevVac™ syringes which are the intellectual property of Revolutions Medical, and further claimed damages of approximately $7.5 million. MIG unconditionally dismissed its claims in arbitration with prejudice. Revolutions Medical will continue the arbitration in pursuit of its counterclaim seeking approximately $800,000 in damages, as well as the reimbursement of costs and attorney's fees. A copy of the Arbitration Chairman's Order memorializing the dismissal is available at http://content.stockpr.com/rmcp/files/docs/MIG+Order+-+April+2012.pdf.
Ron Wheet, Chief Executive Officer and Chairman of Revolutions Medical, stated, "This is another legal victory as we continue to successfully defend our valuable intellectual property. We will continue to fight aggressively and take all necessary steps in order to do what is in the best interest of the Company and its shareholders. In light of the testimony under oath by Richard Theriault, the Company will also be taking legal action against other parties and individuals associated with this case."
About Revolutions Medical Corporation
Revolutions Medical is a safety medical device and software application company. Its products include the RevVac™ Safety Syringe (FDA cleared), safety blood drawing device, the RevColor™, RevDisplay™, and Rev3D™ software tools that are compatible with standard MRIs and standard Picture Archiving Computer Systems (PACS).
For additional information, please visit Revolutions Medical corporate website: http://www.revolutionsmedical.com
To be added to the Revolutions Medical investor email list, please email: investment@revolutionsmedical.com with RMCP in the subject line.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.