HUNTINGTON BEACH, Calif., May 8 /PRNewswire-FirstCall/ -- WayPoint Biomedical, Inc., a subsidiary of WayPoint Biomedical Holdings, Inc. is announcing the following corporate restructuring directives, along with updates regarding previously announced operating plans and initiatives.
Over the past year the Company has been involved in on-going litigation to prosecute several previous consultants and market makers who allegedly defrauded both the Company and its legitimate investors through an alleged illegal "Pump and Dump" scheme. This will be the first of several announcements to be posted over the next several weeks, whereby the Company will explain the nature of the litigation, the parties involved, and the current status/outcomes, as determined by the courts. In addition, WayPoint will also share the strategic focus and direction that the Company is now pursuing, which has not yet been announced to the public due to the nature of the litigation.
Management Structure Announcements
In the fourth quarter of last year the following actions took place. Mr. Dennis Shepherd resigned from his position as CEO, Director and Corporate Secretary for WayPoint Biomedical, Inc. and WayPoint Biomedical Holdings, Inc. Mr. Steven Fox accepted the position as the new CEO and Director of both entities. Mr. Phill Richer was promoted to the position of Vice President of Sales and Marketing and Director. In addition, Corporate Controller, Richard Schonfeld, took over the duties as corporate Secretary and Treasurer.
Updates on Previous Announcements
* The partially completed auditing and registration process that would
enable WayPoint Biomedical Holdings, Inc. to trade on the OTC:BB
exchange was temporarily halted, due to share count discrepancies
related to the litigation.
* The WayPoint and Global Informatics smart card based electronic
medical records joint venture, World Wide Medical Systems, LLC is no
longer in-force due to the initially secured WayPoint funding being
withdrawn. Although the JV no longer exists, a WayPoint agent is
still actively seeking new sources of funding for this venture.
* Distributor or Broker agreements with Martin Schwanz in Canada, LJP
Marketing in Las Vegas, NV, Women's Safety Education Group in Olympia,
WA, and Euro-American Marketing in Scottsdale, AZ, were cancelled due
to nonperformance and/or payment issues.
* After a second LOI extension allowing WayPoint to further investigate
the opportunity, the decision was made to not enter into a
distribution/licensing agreement with System Two for their
Frontline(R) Explosive Detection Kits for the Homeland Security market
sector.
* After signing an LOI with Arben Biosciences and investigating the
opportunity, it was decided that WayPoint would not market and
distribute Arben's Simplicity(TM) "No-Step" Pregnancy Test(TM).
* Due to capability limitations caused by the Company's current
litigation, the introduction of WayPoint's Clinical and
Over-the-Counter Drugs of Abuse Tests has been temporarily been put on
hold until further notice.
About WayPoint Biomedical Holdings, Inc.:
WayPoint Biomedical Holdings, Inc. (Other OTC: WYPH.PK), is a pioneering biomedical technology firm, specializing in tests and devices for screening, monitoring and enhancing human health, wellness and fitness. The Company develops and markets a unique array of cutting-edge products, which includes their Health Essist(R) Hangover-Free Topical Patch for the Convenience Store market and their Drink Detective date-rape drug detection kit product range. WayPoint's tests offer both a preliminary diagnostic screen to specific conditions, along with a future path for consumers, and medical providers to follow regarding their health status and wellness. WayPoint's unique and affordable home-based tests and wellness products are focused on detecting the cause of a disease or pathogen, as opposed to determining the symptom, as well as providing all-natural wellness enhancement solutions and relief. The Company's primary target sector is the Over the Counter (OTC) Wellness & Self- Testing Market one of the fastest growing areas in all of diagnostic medicine and science. For more information on WayPoint Biomedical and their product range visit http://www.waypointbiomedical.com/, http://www.healthessist.com/, http://www.drinkdetectiveusa.com/.
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding WayPoint's performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, the success of enhancements to WayPoint's brand image, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. WayPoint Biomedical does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Investor Relations:
Steven Fox, 714-848-3200
E-mail:
