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WOUNDTEK,INC ANNOUNCES
NEW DISTRIBUTION AGREEMENT WITH PRODUCTS FOR SURGERY, INC.
NEWPORT, RI, AUGUST 5, 2005
– WoundTEK, Inc., a privately-held medical device company,
announced today that has entered into an exclusive agreement with
Products for Surgery Inc. (PSI) to market and distribute its leading
wound closure device throughout Texas, Colorado, Arizona, Southern
Nevada, Wyoming, Utah, Oklahoma and Southern Idaho.
The Agreement allows PSI to exclusively market
and sell The S.T.A.R. device into this vast region. The S.T.A.R.,
(Suture Tension Adjustment Reel) is the first minimally invasive
tissue expansion device for the closure of large open wounds caused
by trauma and surgery.
"I am thrilled to see PSI represent our
company in this large and critical territory. They have been selling
specialty medical products to surgical hospitals in this market
for a very long time and have over 30 sales people that have relationships
with hundreds of hospitals. It represents a very large opportunity
for us to grow our awareness and our market share rapidly.”
Said Andrew Reilly, WoundTEK, Inc. Chief Executive.
“PSI accepts the challenges of helping
to create new markets. We are very excited about the opportunity
that The S.T.A.R. device represents and think that we can help WoundTEK
quickly become a dominant player in the wound closure space in a
short amount of time” Bryan Gregory PSI’s President
said. He continued, “Our continued success at meeting our
customers’ ever-changing demands is contingent upon our ability
to provide the latest technology in medical equipment and services
satisfactorily. The customers’ needs are our main concern.”
PSI is a regional medical device sales company,
covering ten states and is a charter member of ISDA, now called
American Surgical Specialties Companies (ASSC). PSI is also an active
member of IMDA (Independent Medical Dealers Association) and Specialty
Surgical Alliance, a network of seven United States distributors
specializing in sales of Products to the Surgical Marketplace. Founded
in 1979, the company is located in Forest Hill, Texas and maintains
additional sales management offices in Houston, San Antonio, Scottsdale,
and Denver. The philosophy of Products of Surgery, Inc. is to provide
specialized distribution for manufacturers through solidly established
access to surgeons and top-level surgical personnel who are interested
in new technology.
WoundTEK, Inc based in Newport, RI is a medical
device company focused on the closure of large wounds and skin deficits
caused by trauma or surgery. The company manufactures The S.T.A.R.
The first minimally invasive tissue expansion device, The S.T.A.R.
brings to closure large wounds that cannot be closed using standard
suture or staple methods. The S.T.A.R. is a simple, effective and
proven method of closing large wounds. Comprised of a winder reel
and an anchor mechanism joined by a simple mattress suture, The
S.T.A.R. is able to rapidly expand tissue across large skin deficits
with very little discomfort, closing large wounds faster and raising
the level of patient care.
Large wound closure is a major health care problem
worldwide and is one of the leading causes of deadly infections
in the United States. Approximately 1,540,000 trauma cases and surgical
procedures each year are faced with the challenge of closing large
wounds and skin deficits. Current procedures to close large wounds
can be technically demanding, increase the risk of infection, and
be very invasive, painful, and have deep scaring effects to the
tissue. The STAR System reduces many of the challenges that are
currently faced by surgeons today.
# # #
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are necessarily
estimates reflecting the best judgment of our management and involve
a number of risks and uncertainties that could cause actual results
to differ materially from those suggested by the forward-looking
statements. These forward-looking statements should, therefore,
be considered in light of various important factors, including the
following: timing and success of product development and market
acceptance of developed products; regulatory approvals, clearances
and restrictions; guidelines and recommendations in the health care
and patient communities; intellectual property positions and litigation;
competition in the medical device industry and in the specific markets
of surgery in which Intuitive Surgical operates; our ability to
achieve anticipated synergies and cost savings of our acquisition
of Computer Motion and the rate at which these anticipated synergies
and costs savings are achieved; our ability to integrate the operations
of Computer Motion with our operations, including the respective
research and development operations, personnel, product lines and
technology, and the rate at which the operations of the two companies
are integrated; and unanticipated manufacturing disruptions, delays
in regulatory approvals of new manufacturing facilities or the inability
to meet demand for products. Words such as "estimate,"
"project," "plan," "intend," "expect,"
"anticipate," "believe" and similar expressions
are intended to identify forward-looking statements. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. We undertake
no obligation to publicly update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of unanticipated
events.
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