Here is add'l info on SCEP...
Medisys Technologies, Inc. and Phillips Pharmatec
Labs, Inc. Shareholders Approve Acquisition/Merger
BATON ROUGE, La. and LARGO, Fla.--(BUSINESS WIRE)--Jan. 5, 1999-- Medisys® Technologies, Inc., (Medisys®)
(OTCBB:SCEP - news) announced today the overwhelming approval of its shareholders to the acquisition of Phillips
Pharmatec Labs, Inc. (PPL) a private company based in Largo, Florida.
The voting shareholders of both companies voted over 90% approval of the agreement for Medisys® to acquire Phillips and
merge the complimentary assets of the two companies. The complimentary combination of Phillips assembly and manufacturing
capabilities and Medisys® broad-based patented products, results in a merged company that expects substantial growth from
the current profitable base of approximately $3.5 million sales in 1998 by the Phillips division.
''While the original agreement called for $3 to $5 million capital raised for the transaction, both boards agreed to reduce this
amount to only $750,000 to break escrow based on the positive outlook for the merged businesses.'' Noted Ed Sutherland
Medisys® CEO, ''The Company will ultimately seek additional capital for further expansion but should be able to generate
substantial growth with this initial investment. At a later date the Company would expect to announce a secondary funding offer
based on expected growth projections.''
In addition to the expansion plans of PPL, Medisys® has patented products such as the VetCeps(tm) Animal Birth Assistance
Device, the DiskLip(tm) Medical Tubing Management System, and the RETY(tm) Adjustable Reusable Cable Tie Systems
available for immediate sales.
The CoverTip(tm) Safety Syringe has received FDA 510K clearance to be marketed into the U.S. one billion-dollar syringe
marketplace. Each of these products are at the threshold of market introduction with anticipated revenue in 1999.
Medisys® Technologies, Inc. has thirteen U.S. patents covering these safety devices and other products. The Company also
has over 20 patent applications pending for protection of medical devices both in the United States and overseas in the areas of
women's health, lifeline management, medical safety and other specialty revenue markets. The PPL business unit currently
produces nutritional, health and dietary products as well as pharmaceuticals with consistent profitability and 1997 sales of
approximately $3.6 Million.
Phillips manufactures over 350 products for a customer base of over 100 nutriceutical and pharmaceutical companies that
market to major drug, food, health and wellness chains throughout the U.S. PPL is a contract manufacturer business unit owned
and operated under the name and public umbrella of Medisys® Technologies, Inc. PPL provides Medisys® with general
revenue and cash flow during the development phase of its over 20 patented medical devices.
Statements in this release may be construed to be forward looking and are made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward looking statements involve risks and
uncertainties, including, but not limited to, risks associated with regulatory approvals, lack of adequate capitalization and/or
other risks inherent in medical device and other product development.
Contact:
Ed Sutherland/Kerry Frey |
