TAMPA, Fla., Dec. 16, 2004 (PRIMEZONE) -- Southwestern Medical Solutions, Inc. (Pink Sheets:SWNM) is pleased to announce that continued communication has revealed exciting opportunities for both the Company and a major U.S. and International clinical laboratory corporation. The Company's Labguard system is an important advancement in on-site specimen collection and analysis that we believe offers the potential to catapult Southwestern Medical Solutions into the role of key supplier to the multibillion-dollar on-site testing industry. Southwestern Medical Solutions, Inc. announced today that it has furthered talks with this major clinical market presence for the possibility of custom manufacturing a specifically designed version of the Labguard system to be sold under an OEM agreement.
Mr. Richard Powell, Vice President of New Product Development and Markets stated today: "From the information we have gathered to date, including our most recent discussions with key market corporations, the ability to save millions of dollars per year is a driving force behind the excitement. Upon our announcements of redesigning and eliminating unnecessary steps and costs for routine health screenings, we have been literally flooded with calls and emails by rather large organizations asking how they could benefit. The possibility of now designing our product in an OEM fashion is viewed by management as a breakthrough on a grand scale for Southwestern Medical."
Southwestern Medical will continue to explore these exciting avenues and will determine which organizations will play essential roles in expanding our market presence.
Southwestern Medical Has The Solution -- The Company's proprietary Labguard system for on-site collection and diagnostic testing technology represents a revolutionary approach that ensures greater safety and convenience for diagnostic testing administrators at an attractive, market-competitive price. Currently in the final prototype stage, the Labguard system has already attracted expressions of strong interest from several major medical-device distribution companies, both in the U.S. and abroad. Numerous applications of the Labguard system to address specific market needs, such as non-invasive drug screening, HIV testing, etc. are currently in the design, prototype and/or testing stages.
The statements made in this press release, which are not historical facts, contain forward-looking statements concerning potential developments affecting the business, prospects, financial conditions and other aspects of the company to which this release pertains. The actual results of the specific items described in the release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.