HUNTINGTON BEACH, Calif., June 29, 2005 (PRIMEZONE) -- WayPoint Biomedical, Inc. (Pink Sheets:WYPB), a biomedical development company that develops and markets innovative diagnostic tests and devices for screening and monitoring human health, fitness and environment, announced today that it has completed its reverse merger with MiSecurity Plus, Inc. (MSCP). The merger with MiSecurity Plus provides WayPoint Biomedical with a secure publicly traded vehicle to assist in raising the working capital to finance the introduction of their robust product pipeline of diagnostic test kits and devices into the Over the Counter, Point of Care, and Homeland Security market sectors.
The merged company, headquartered in Huntington Beach, California, will operate under the name WayPoint Biomedical Holdings, Inc., adopting both WayPoint's business strategy and current management team led by Chief Executive Officer, Dennis Shepherd. The combined company will continue to be quoted on the Pink Sheets Board under the symbol WYPB.
"The completion of this merger enables WayPoint to broaden its investor base, create a liquid market for our stock, and financially support the accelerated introduction of our unique product range," commented Mr. Shepherd. "As a result of recently realized strategic initiatives, including new exclusive distribution licenses for very innovative tests, our seasoned management team will now have the working capital to drive the aggressive development and market introduction of our product portfolio candidates. We are currently introducing our first product, The Drink Detective(tm), which is a credit-card sized rapid test for consumers, and the first test in the world, that will detect a majority of the most common drugs used to spike drinks for the purpose of rape, robbery, or other crimes."
Following this transaction, the company will remain incorporated in the state of Wyoming under the name of WayPoint Biomedical Holdings, Inc., and adapt to a fiscal year ending December 31st.
About WayPoint Biomedical, Inc.
WayPoint Biomedical, Inc., a wholly owned subsidiary of WayPoint Biomedical Holdings, Inc. (Pink Sheets:WYPB), is an innovative biomedical technology firm, specializing in diagnostic tests and devices for screening and monitoring human health, fitness and environment. The Company develops and markets cutting-edge disposable rapid tests that offer both a preliminary diagnostic screen to specific conditions, along with a future path for consumers, medical providers, and first responders to follow regarding their health status or environmental condition. WayPoint's unique and affordable home-based and on-site tests are focused on detecting the cause of a disease or pathogen, as opposed to determining the symptom; becoming a part of the solution to help reverse the escalating cost of Healthcare. The Company's primary target sectors are the Over the Counter (OTC) Self-Testing Market, the Diagnostic Point of Care (POC) Testing Market, and the Homeland Security & Defense Market; three of the fastest growing areas in all of diagnostic medicine and science. For more information on WayPoint Biomedical visit www.waypointbiomedical.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.