Medical Technology & Innovations Inc., OTC Bulletin
Board: MTEN, Announces Significant Increase in MTI
PhotoScreener Sales which Drives Record Sales for 2nd
Quarter Fiscal 1998
LANCASTER, Pa.--(BUSINESS WIRE)--Dec. 19, 1997--Medical Technology & Innovations
Inc. (OTC Bulletin Board: MTEN - news) announced Friday that it expects record second quarter
sales of its MTI PhotoScreener(TM) and Steridyne products.
President and C.O.O. Robert D. Brennan said, ''Our first significant orders from retail optical
organizations such as LensCrafters and National Vision Associates, combined with the largest order
in our history from School Health and the start of the Tennessee Lions/Vanderbilt screening efforts
program are the primary reasons for the sales increase.
''This sales increase also provides further evidence that our marketing strategy is working and the
company is making excellent progress. We are looking forward to revenues in excess of $1.4 MM
in the second quarter ending December 1997.
''This would be a significant increase over any other prior quarter and would bring YTD revenues to
over $2.4 MM as compared to first half of fiscal '97 revenues of $1.8 MM, a major achievement
for our company. This will translate into record results for this quarter as we continue our plan
toward profitability by the end of FY 1998.''
Jeremy P. Feakins, chairman and CEO said: ''MTEN has consistently stated the MTI
PhotoScreener(TM), the first-to-market instant, portable vision screener for preverbal and difficult
to screen children, fills an unmet need.
''With the MTI PhotoScreener(TM) it is possible to screen children for serious eye problems that
previously may have gone undetected because of a lack of adequate methodology. The MTI
PhotoScreener(TM) is being recognized as the effective answer to identifying eye problems in young
children, who are too young to read an eye chart, in plenty of time for corrective treatment to take
place.
''The MTI PhotoScreener(TM), through this early detection, could save the eyesight of millions of
children worldwide. Because of this we expect this trend of acceptance of the MTI
PhotoScreener(TM) to continue.''
Medical Technology & Innovations Inc. is the parent company of Medical Technology Inc., which
manufactures and distributes the MTI 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 Corp. acquired in August 1996, distributes digital and glass
thermometers, and manufactures and distributes probe covers, sheaths, 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.
Dennis Surovcik, CFO, 800/277-1710, Fax: 717/892-6788
Website: mten.com |
