Wasatch Pharmaceutical Initiates AMEX application...
Company Press Release:
Wasatch Pharmaceutical Initiates Application Procedure for Listing on the American Stock Exchange
Recent $10 Million Financing Enables Company to Meet Financial Requirements for Listing
MIDVALE, Utah--(BW HealthWire)--May 2, 2000-- Wasatch Pharmaceutical, Inc. (OTC BB: WASP - news), a leader in the research, development and distribution of dermatological treatments for skin disorders including acne and psoriasis, today announced that it has initiated the filing procedure required for listing on the American Stock Exchange.
The Company believes it can meet all the prerequisites for listing. A recent financing agreement, valued at over $10 million with the potential for an additional $7 million, helped Wasatch achieve compliance with AMEX financial requirements.
Wasatch chief executive officer, Gary V. Heesch, commented, ``Listing on the American Stock Exchange is a natural next step for Wasatch. Seven of our products are under prescription, and we are ready to bring them and our nationwide chain of skin care clinics to full commercialization. By listing on the AMEX, Wasatch can offer a broader opportunity for growth and profitability to our loyal shareholders, many of whom have been with us since we became a fully reporting company four years ago.''
Heesch continued, ``This is an exciting time of tremendous growth and opportunity for our Company and our investors. Our recent successful financing, a unique line of products and therapies, new additions to our extraordinary team of officers and dermatologists, and now, our anticipated transfer to a national exchange, are all validation of the decade and a half of dedicated research and development that brought us to this point. We are delighted to be in a position to invite our shareholders to share in our great good fortune.''
Wasatch Pharmaceutical, Inc. is a leading research and development entity in the field of dermatology. The Company plans to establish a chain of 350 treatment clinics nationwide over the next 60 months. The Company anticipates the treatment clinics, coupled with an innovative Internet Marketing Plan, should generate revenues of more than $525 million by fiscal year 2005, the target date for completion of the centers.
Forward-looking statements in this release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products introduced by competitors, changes in the rates of subscriber acquisition and retention, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
