NEWS
Wednesday June 28, 8:38 am Eastern Time
Company Press Release
Wasatch Pharmaceutical Issues Update On Recent Developments
-- Predicts Profitability Within 14 Months and Significant Growth Over Next 36 Months --
MIDVALE, Utah--(BUSINESS WIRE)--June 28, 2000-- Wasatch Pharmaceutical, Inc. (OTC BB: WSPH, formerly trading under the symbol WASP), a leader in the research, development and distribution of dermatological treatments for skin disorders, has issued an update in which the Company's management recaps significant recent developments and responds to shareholder inquiries.
In line with the Company's goal of strengthening and expanding its management team, it has recently entered into contractual agreements with several new key executives. The identities of these individuals, their previous experience, and their anticipated contributions to Wasatch will be detailed in a press release within the next two weeks.
The Company recently formed a joint venture with Jolley's Pharmacy, a Utah-based pharmacy chain, to fulfill all Wasatch prescription product orders generated through its Internet marketing program. This agreement gives Wasatch access to a well-established, state-wide distribution network that is familiar to and well-respected by consumers throughout the state. Both partners expect to expand upon their existing agreement in the future.
The results of a marketing and branding campaign, through which Wasatch product packaging was reevaluated and redesigned, has been completed. The new packaging can be reviewed at the Company's website, www.wasatchpharm.com.
Of the products receiving new packaging, five or more will be available through the Company's Internet marketing program by October 1, 2000. The products include acne, skin rejuvenation, folliculitis, athlete's foot, canker and cold sore treatments.
The American Institute of Skin Care, Inc., a wholly-owned subsidiary of Wasatch Pharmaceutical, currently owns and operates two dermatology clinics in Utah. Within the next ninety days, these clinics will be designated as preferred providers for a number of existing health care providers.
Wasatch continues to pursue approval of its over-the-counter line of products from the Food and Drug Administration (FDA). The first review by the FDA is expected later this summer.
The Company has signed an agreement with Advanced Strategies of Utah, for their training consultancy services. Dick Geertsen will head the Advanced Strategies Team, which will develop and implement a training program for all support personnel, including medical assistants, who will be employed by The American Institute of Skin Care, Inc. Geertsen recently left Dana Commercial Credit, winner of the prestigious Malcolm Baldridge National Quality Award in 1996.
Gary V. Heesch, Wasatch chief executive officer, stated, ``Wasatch Pharmaceutical is building a momentum through these and other achievements and developments that we believe will enable us to achieve profitability within the next 14 months. Beyond that, we expect the Company to experience significant growth over the next three years, through the further development of our Internet marketing program, and the establishment of our nationwide chain of skin care clinics. We appreciate the loyalty of our shareholders, and look forward to bringing them with us on our journey of growth, expansion and profitability.''
Wasatch Pharmaceutical, Inc. is a leading research and development company 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.
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Contact:
OTC Financial Network
Rick McCaffrey, Investor Relations
781/444-6100 ext. 14
877/498-9478
or
Wasatch Pharmaceutical, Inc.
Gary V. Heesch, CEO
801/272-1709 |
