WMED <-just bought NEWS OUT (enclosed) revenues up over 580% up 58% at 2.37 high of 11.50 for the year.should take off.
Worldwide Medical Corporation Announces Record Revenues and Record Profits
for First Quarter 1999
PR Newswire - May 24, 1999 09:40
IRVINE, Calif., May 24 /PRNewswire/ -- Worldwide Medical Corporation (OTC Bulletin Board: WMED) today reported record revenues of
$1.2 million, a 580% increase over the same period ending March 31, 1998, and 110% of the previously reported revenue of $1,096,594 for all
of 1998. The Company also reported record profits of $325,000 in the first quarter of 1999, a 280% increase when compared to a loss of
($115,943) in the same period ending March 31, 1998.
In making the announcement, H. Thad Morris, Worldwide Medical's President and Chief Executive Officer, attributed the exponential growth
to the increase in sales and acceptance of the First Check(C) Family of Educational Home Drug Tests and First Check(C) Breath Alcohol
Tests to the consumer, over-the-counter market. The Company reported its base business of professional products sold to hospitals, physician's
offices, employers and criminal justice programs is also growing. "We are the first Company to achieve national distribution of our educational
products since their first launch in December of 1997. The addition of the First Check(C) Breath Alcohol Test and the First Check(C) Home
Screening Test for colorectal disease, clearly positions Worldwide Medical with a growing presence in the retail market. We expect to have six
different products in various combinations, in more than 16,000 retail outlets by the end of the third quarter. Our focus in those areas of
consumer concerns about healthcare issues such as drugs of abuse, responsible drinking and early detection of cancer provide us with a
platform to build our brand, First Check(C), as THE first check. 'When the Need to Know...Is NOW!'"
Mr. Morris further elaborated on the Company's growth by the favorable publicity achieved in regional advertising programs and news stories in
print, radio and television. In addition to recent coverage in the greater Los Angeles markets by ABC, NBC, the Los Angeles Times and
Orange County Register, the Company has had television and print stories in San Antonio, TX, Palm Springs, CA and a recent mention on the
nationally syndicated, Dr. Laura Schlessinger Radio Show. Earlier the ABC news magazine show, 48 Hours with Dan Rather, showed the
professional First Check(C) Methamphetamine tests being used by the Riverside County Sheriff's Department in combating the growing use of
the home-cooked and highly addictive drug.
Worldwide Medical Corporation is a provider of rapid, diagnostic and educational tests in the fields of fertility, drug and alcohol testing, cancer
screening tests and infectious diseases.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that such forward looking statements involve risk and uncertainties, including, but not limited to, the results of
research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of
competitive products, access to capital, market demand for the Company's products, changes in trade practices and the risk of trade practice
litigation, technological changes, intellectual property rights and other risks detailed from time to time in the Company's reports.
Contact: H. Thad Morris, President, CEO, of Worldwide Medical, 949-727-0711; Media Requests: Carol Hightower of Tower Marketing
International, 949-855-0269, towermkt@flash.net; Investor Relations: Mathew Marcus of Interactive Business Channel, 949-833-5655, |
