ProCyte Named a ``Fast Fifty'' Washington State Technology Company for Second Consecutive Year
August 20, 2002 08:30:00 AM ET
REDMOND, Wash.--(BUSINESS WIRE)--Aug. 20, 2002--ProCyte Corporation (OTCBB:PRCY.OB), a company whose patented Copper Peptide technology is being used in a broadening array of products for skin care, hair care and tissue repair, today announced that it has been included in the Deloitte & Touche 2002 Washington State Technology Fast 50.
The Washington State Fast 50 is an annual listing compiled by Deloitte & Touche that highlights the 50 fastest growing technology companies in Washington State. Criteria include owning proprietary technology that contributes a significant portion of the company's operating revenues, being headquartered in Washington State, and having at least a five-year operating history. Companies named to the 2002 Fast 50 have generated the highest revenue growth rates for the period from 1997 through 2001.
ProCyte Chairman and Chief Executive Officer Jack Clifford stated, "We are proud to have generated the growth necessary to be recognized on this prestigious list for the second year in a row. Our compound annual revenue growth rate for the 1997 to 2001 period was 79 percent, which places us in an enviable class of companies that we respect greatly."
ProCyte recently announced dramatically improved financial results for the second quarter and first half of 2002. Net earnings for the first six months surged, eclipsing the $1 million mark, compared with a net loss of $866,000 for the first half of 2001.
"Our success is the result of increasing consumer awareness regarding the distinct benefits delivered by our patented Copper Peptide technology, and the tireless efforts of our employees and partners," continued Clifford. "Moreover, our recent transition to sustainable profitability after nearly 17 years of research and development bolsters our outlook for rapid growth in shareholder value going forward."
The annual awards celebration recognizing the 2002 Washington State Technology Fast 50 is scheduled for Thursday, September 26, 2002, at the new Seahawk Stadium.
ProCyte Corporation develops and markets products based on its patented, clinically proven Copper Peptide technology for skin health, hair care and wound care. The Company sells directly to Dermatologists and Plastic Surgeons and through licenses with strategic partners into the consumer market, including its long-term worldwide license agreement with Neutrogena(R), a Johnson & Johnson company. ProCyte's products include Neova(R) Anti-Aging Skin Care, Complex Cu3(R) Post-Procedure Skin Care, GraftCyte(R) Hair Transplant Care and Tricomin(R) Advanced Care for Thinning Hair. Additional information is available by visiting our website at www.procyte.com.
This release may contain forward-looking statements relating to the research, development, commercialization, production, marketing and distribution of the Company's products and future operating results that are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include its ability to develop, commercialize and produce new products, the market acceptance of existing and potential future products, the availability, cost and timely delivery of materials and services from and performance of third party suppliers, manufacturers, distributors, licensees and other collaborative partners, the satisfaction of regulatory requirements, and the receipt, timing, terms and conditions of required regulatory approvals. Reference is made to the Company's latest Quarterly Report on Form 10Q or Form 10K filed with the Securities and Exchange Commission for a more detailed description of such factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Contact Information:
For ProCyte Corporation
SM Berger & Company
Stan Berger, 216/464-6400
stan@smberger.com
ir@procyte.com
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