HUNTINGTON BEACH, Calif., Sept. 16, 2005 (PRIMEZONE) -- WayPoint Biomedical Inc. (Pink Sheets:WYPB) has signed a Letter of Intent with Schwanz and Associates to enter into negotiations with WayPoint to exclusively represent WayPoint's Drink Detective(tm) product range in Canada. Under the general guidelines of the agreement, the deal could potentially result in up to two million dollars (US) in WayPoint revenue over the first year. The two companies intend to consummate the agreement and begin production of the bi-lingual test kits within the next four weeks.
Phill Richer, WayPoint's Global Director of Sales and Marketing, comments, "Schwanz and Associates could provide WayPoint with an ideal platform to enter into the multi-billion dollar Canadian OTC retail market. With a significant potential retail broker network of 136 distribution companies, employing over 1,000 sales reps in all ten Canadian Provinces, the Drink Detective(tm) has the potential for rapid distribution and placement throughout Canada's numerous retail outlets."
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, 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.