TULSA, Okla., July 28, 2005 (PRIMEZONE) -- Maxxon, Inc. (Pink Sheets:MXON) ("Maxxon") today announced that it has expanded its Joint Venture with Globe Med Tech ("Globe") of Houston, Texas to include a third new safety medical product.
Globe will contribute its safety IV catheter, including patent rights, to the 50/50 Maxxon/Globe Joint Venture. Maxxon will take over the marketing of the product from Globe, who is currently marketing the Safety IV Catheter.
The Auto Retractable Safety IV Catheter is designed to be compatible with the Reverse Vacuum Safety Syringe, the first product covered by the Joint Venture, and will be marketed individually and as a package. The Auto Retractable Safety IV catheter is the only safety catheter with vacuum force operated automatic retractable technology that meets all critical OSHA safety device guidelines.
The domestic (U.S.) market for catheter and catheter related products are $6 billion annually. We estimate the overseas market is approximately the same size. It is estimated that the market is growing at a 10% annual rate.
"We are very pleased to be able to market the Globe Med Tech Auto Retractable Safety IV Catheter. It is a product of the highest quality that also has cost advantages over the spring loaded catheter products on the market," stated Ronald Wheet, CEO of Maxxon.
About Maxxon
Maxxon is a development stage company committed to reducing the risk of accidental needlestick injuries and deaths to healthcare workers. Maxxon's 3cc. safety syringe, presently in development, is designed as a single-handed, vacuum-operated safety syringe that retracts the used needle into the syringe after use. For more information on Maxxon please go to www.maxxoninc.com or call Brian Heckathorne at 713-297-8886.
About Globe Med Tech
Globe Med Tech, Inc. is a high-tech medical safety and drug delivery products developer and manufacturer based in Houston, Texas, with a clean-room manufacturing presence in China. Globe has marketed its products in the U.S. and around the world, providing the medical industry with innovative low-cost, high-quality medical products. Globe's team has accumulated valuable integration experience for medical devices, while establishing itself as a cost effective operator in the medical device industry. Whether under the company's brand name, or under a private label, Globe has a history of effectively integrating patent development, research, and engineering design capabilities.
For more information on Globe please go to www.globemedtech.com .
This press release contains some forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our business. Those uncertainties are discussed in Maxxon's SEC filings.