Lexington, KY – November 23, 2009 – MedPro Safety Products, Inc. (OTCBB: MPSP), a pioneer in the development and marketing of passive needlestick injury prevention technology, today reported on the Company’s recent progress.
The recent highlights include:
• Executed a Letter of Intent regarding the commercial development of the fourth product in MedPro’s current patent portfolio. Negotiations are ongoing and the Company currently expects that it will execute a definitive agreement with its potential partner prior to year end. The product is outside of the phlebotomy marketplace.
• Entered into an exclusive agreement with Advanced MedTech (AMT). AMT is wholly owned by Hooman Asbgahi, the inventor of several of MedPro’s products. Under this agreement, AMT will provide MedPro with R&D, market research, product design and development, engineering and other product services as directed by MedPro. MedPro has the first right of refusal to all intellectual property in which Mr. Asbaghi has an interest and in all products that he develops. This includes several new passive medical device designs, including a passive catheter that the Company is currently negotiating to purchase from Mr. Asbaghi.
• MedPro continued to develop its Winged Safety Blood Collection Set, and has delivered high quality pre-market prototypes to its customer for evaluation. The Winged Safety Blood Collection Set is a small venous access device utilized in infusion and blood collection. The Winged Safety Blood Collection Set will be manufactured, marketed and distributed by a premier international manufacturer and supplier of medical products under an exclusive agreement that provides minimum volume guarantees.
• Continued final product testing of the Tube-Touch blood collection device. This will be the final step required for the release of this product for human use and the initiation of high volume production for market distribution. The Company has entered into an exclusive right to manufacture, market and distribute the two models of this passive blood collection system with a premier international manufacturer and supplier of phlebotomy and pre-analytic products who plans to begin marketing the Tube-Touch model in the first quarter of 2010. MedPro’s world-wide distribution and manufacutirng partner has agreed to minimum volumes for both models of the system over the next five years.
• Continued to explore strategies to improve the liquidity and value of MedPro’s common stock.
“One in seven healthcare workers is accidentally stuck by a contaminated needle each year in the US. This high level of incidence can translate into $1 million or more per case in expenditures for testing follow-up, lost time and disability payments. We are making significant progress to address these problems with the development of our proprietary and patented needlestick technology products and are well on our way to being a revenue generating company in 2010. Given the structure of our minimum guarantee contracts, our revenue stream is expected to generate high gross margins and will position us to achieve profitability at a relatively low cost to market,” said Craig Turner, MedPro Chief Executive Officer.
About MedPro Safety Products, Inc.
Headquartered in Lexington, Kentucky, MedPro Safety Products, Inc. (OTCBB: MPSP - News) has developed and acquired a portfolio of medical safety products incorporating proprietary needlestick prevention functionalities. For additional information, please refer to the ‘Investor Relations’ link on the Company’s website (http://www.medprosafety.com
Safe Harbor Statement
This release includes forward-looking statements based upon current expectations of the management of MedPro Safety Products, Inc. that involve risks and uncertainties, such as plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward- looking statements as a result of a number of factors, including our ability to identify and acquire medical safety device safety technologies with product development potential; our ability to successfully develop and bring products to market, including obtaining regulatory approvals; our ability to successfully increase sales of our products; our ability to obtain additional financing on satisfactory terms; our ability to attract and retain qualified employees; and governmental regulation associated with the medical safety products industry. Words such as "anticipate," "estimate," "plan," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions are used to identify forward-looking statements. We refer you to the more detailed discussion of risks and uncertainties under "Risk Factors" in our Annual Report on Form 10-K and our other reports on file with the Securities and Exchange Commission.
Doug Sherk/Stacey Fisher