MTEN, Lance, welcome aboard. I bought it yesterday. I have been tracking it since the big spike.
What intrigues most about the company; its technology.
It sounds like they need to get some serious marketing for their product and then they will be off to the races.
It looks like they were attempting to do something with Lenscrafters.
Company Press Release
Medical Technology & Innovations, Inc. - OTC BB: MTEN - Files Suit
Against LensCrafters, Inc. and Luxottica Group S.P.A.
LANCASTER, Pa.--(BUSINESS WIRE)--Feb. 15, 2000--Medical Technology & Innovations, Inc.'s (OTC Bulletin Board: MTEN - news) has today filed a lawsuit in the
Common Pleas Court of Dauphin County, Pennsylvania against LensCrafters, Inc. (LensCrafters) and its parent, Luxottica Group, S.P.A. (Luxottica Group).
In its lawsuit, MTEN seeks to recover damages for its loss of business opportunity with MTEN's device known as the PhotoScreener. The PhotoScreener detects conditions that
can lead to various eye disorders through a simple, uncomplicated, photographic screening process.
It is particularly helpful in the early detection of potential eye disorders in preverbal children, leading to further evaluation by appropriate professional specialists, and necessary
treatment.
According to its complaint, MTEN entered into a business relationship with LensCrafters to provide more than 600 of its PhotoScreener devices, for use in the retail facilities of
LensCrafters.
In a written agreement dated August 25, 1998, LensCrafters committed that it would conduct a national marketing campaign in excess of $5 million to promote vision screening
through the PhotoScreener.
As part of that transaction, LensCrafters insisted on obtaining the right to purchase up to 1.2 million shares of stock of MTEN, because both LensCrafters and MTEN believed that
the introduction of the PhotoScreener in LensCrafters' retail facilities would greatly benefit MTEN.
MTEN's complaint provides that MTEN has delivered the PhotoScreeners to LensCrafters, but LensCrafters has failed to meet its promotional and marketing commitments.
LensCrafters has not proceeded with the national promotional campaign, nor has it distributed the PhotoScreener units to its retail stores.
The complaint asserts that Luxottica Group, which owns LensCrafters, has directed LensCrafters to break its agreement with MTEN.
The complaint seeks substantial monetary damages from both Luxottica Group and LensCrafters. It asserts legal claims for breach of contract by LensCrafters, for misrepresentation
and fraud by LensCrafters, and for intentional interference with contract by Luxottica Group. A jury trial has been demanded.
Jeremy Feakins, Chairman and CEO of MTEN, which has its executive offices in Lancaster, said about the filing of this complaint: ``We deeply regret having to take this step
against LensCrafters. LensCrafters embraced the PhotoScreener; LensCrafters seemed to understand the tremendous potential of Photoscreening, both for the visual well being of
preverbal children, and the associated business opportunities. In taking this action, we simply want LensCrafters to meet its obligations to MTEN.'
Medical Technology & Innovations, Inc. is the parent company of Medical Technology, Inc., which manufactures and distributes the PhotoScreener(TM), an FDA cleared
vision-screening camera designed to detect conditions that can lead to amblyopia (``lazy eye') and other eye disorders in infants and young children.
Its other subsidiary, Steridyne Corporation and its Florida Medical division, distributes digital and glass thermometers. Steridyne also manufactures and distributes probe covers,
sheaths, hot and cold gel packs, wound management products and anti-decubitus devices for hospitals, medical offices, nursing homes and retail outlets.
Note: This News Release contains certain ``forward-looking statements as such term is defined in the Private Securities Litigation Reform Act of 1995 and information relating to the
Company and its subsidiaries that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's
management.
Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions,
customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, seasonality, distribution networks, product introductions and
acceptance, technological change, changes in industry practices, and one-time events.
Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described
herein. ####
Contact:
Medical Technology & Innovations, Inc.
Joe Del Vecchio, Executive Vice President and COO
800/277-1710
Fax: 561/844-8415
www.mten.com |
