<<<-- Med-Design Responds to Spurious Chat Room Rumors and Attacks --
/FROM PR NEWSWIRE PHILADELPHIA 800-523-4424/
TO BUSINESS EDITOR:
Med-Design Responds to Spurious Chat Room Rumors and Attacks
VENTURA, Calif., Aug. 21 /PRNewswire/ --
The Med-Design Corporation (Nasdaq: MEDC), a leader in the design and
development of safety-engineered needle products for medical use, today was
forced to respond to libelous and blatantly false statements posted on an
Internet chat room.
While it is not policy of the Company to respond to anonymous chat room
rumors, these inaccurate and libelous statements have resulted in various
investor inquires, which have distracted management. In addition, these
blatantly false statements may have negatively impacted the performance of
Med-Design stock. As a result, and to ensure compliance with SEC Fair
Disclosure regulations, management is compelled to issue a public statement
addressing these wholly inaccurate claims.
James Donegan, Chairman and CEO of The Med-Design Corporation, and the
Company's largest individual shareholder, is not, never has, nor will he in
the future collar or otherwise sell any derivative/hedged position on his
holdings in The Med-Design Corporation. None of Mr. Donegan's stock holdings
are or ever were hedged or collared by Bank of America or any other financial
institution. Furthermore, Mr. Donegan has not sold any Med-Design stock since
November 2000 when he exercised a warrant. The Company has authorized its
outside attorneys to attempt to identify the author of said libelous
statements and institute appropriate legal action.
Finally, given the current legislative environment and the overwhelming
support from health care practitioners, Med-Design believes that safety is
here to stay. The Company also believes that the marketplace for quality,
user-friendly safety-engineered needle devices is large enough to allow
healthy competition. Med-Design stands by its position that Retractable
Technologies' recent 8-K attack is inaccurate; however, the company does not
intend to engage in a public debate with any competitor who attacks Med-Design
in an attempt to distract the public from focusing on the competitor's
inadequacies.>> |
