NEWS RELEASE
MEDICAL TECHNOLOGY TO REPORT FIRST $1 MILLION QUARTER
AS PHOTOSCREENER(tm) SALES DOUBLE YEAR-TO-YEAR
Lancaster, PA ...January 6, 1997... Medical Technology & Innovations, Inc. (OTC Bulletin Board: MTEN) will report the first million dollar sales quarter in its history for the three months ended December 31, 1996, CEO Jeremy P. Feakins said today.
With the books just closed on its second quarter, Medical Technology sales were approximately $1,018,000, up 13.7% from sales of $895,699 reported for the December quarter in 1995. For comparative purposes, pro forma both 1995 and 1996 figures include operations of the company's Steridyne division, which was acquired on August 1, 1996. On an historic basis, without including Steridyne results for the period before it was acquired, Medical Technology sales would show a 755% rise from $118,991 in the December 1995 quarter to approximately $1,018,000 in the December 1996 quarter.
Feakins noted that sales of the company's leading product, the MTI PhotoScreener(tm), doubled year-to-year from $118,991 in the 1995 quarter to $247,788 in the 1996 quarter. "We are particularly pleased that despite a price increase of one thousand dollars per unit, net sales of the MTI PhotoScreener(tm) doubled in the December quarter from the 1995 period. With demand for this unique product rising in the face of a 33% price hike, we are confident that Medical Technology will achieve record sales and possibly its first earnings in the fiscal year ending June 30, 1997," he stated.
Medical Technology & Innovations, Inc. is the parent company of Medical Technology, Inc., which manufactures and distributes the MTI PhotoScreener(tm), an FDA cleared instant film camera designed to detect conditions that can lead to amblyopia ("lazy-eye") and other eye disorders in infants and young children. Its Steridyne division, acquired in August 1996, manufactures digital and glass thermometers and medical products for doctors, hospitals and nursing homes.
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Note: Any forward-looking statements in this press release are necessarily subject to risks and uncertainties which may affect the accuracy of such statements. For a full discussion of such risks, please refer to the company's Form 10-KSB for the fiscal year ended June 30, 1996 and subsequent filings.
Company contact: Jeremy P. Feakins, President & CEO, 800-277-1710
Agency contact: Cavior Organization, IR counsel to MTEN, 212-687-6070 (caviorg@aol.com) |
