ONTARIO, Calif., April 19, 1999 (PRIMEZONE) -- LifePoint, Inc. (OTC BB: LFPT), a developer of rapid, non-invasive testing products using saliva, announced that Michele A. Clark has been elected as Controller and designated as Chief Accounting Officer effective April 16, 1999.
Ms. Clark has over twenty-five years of accounting and finance experience in manufacturing and high tech companies. Ms. Clark was most recently the Controller at Auto-Graphics, Inc., a software development company, where she managed all accounting, finance, human resource, and administrative functions within the company. Additionally, she was responsible for all SEC filings and shareholder relations. Prior to Auto-Graphics, Ms. Clark was Controller at Typecraft, Inc., a commercial lithographer, where she was responsible for all accounting, finance, and human resource functions. Prior to Typecraft, Ms. Clark served as accounting manager for three retail companies with multiple locations. Ms. Clark graduated Cum Laude with a B.S. in Accounting from University of La Verne.
Linda H. Masterson, President and CEO, stated, "We are very excited about the addition of Michele Clark to our senior management team. Since we gained our independence from Substance Abuse Technologies, we have had no financial officer. Her extensive experience in accounting, finance and other administrative functions brings additional management depth to LifePoint, and will help reduce the use of outside services in multiple areas that will now be managed internally. Additionally, her directly related cost accounting experience will contribute to the development of a reliable product that can be manufactured at low cost. Ms. Clark also has significant experience in corporate planning, which should prove to be a valuable asset to LifePoint's strategic partnering efforts."
Ms. Masterson added, "Since our $6 million financing closed, Ms. Clark is the latest of several professional staff we have recently hired to meet our timeline and expansion plans. LifePoint has been very fortunate to attract highly qualified, experienced and talented personnel. After validating the status of the science and product development, and assessing LifePoint's opportunity for growth, our new employees share management's excitement about our technology, products, and market potential. Some of these recent additions include: 1) a senior mechanical engineer with over 15 years' medical device experience, expertise in injection molding, computer board design, and holds multiple patents; 2) a senior organic chemist, Ph.D. with over 15 years' experience and expertise in synthesis of new molecules and tracers and has written multiple publications; 3) a senior immunochemist (scientist), MD, MS with over 9 years' experience in immunoassay development and multiple publications; and 4) an immunochemist with over 20 years' immunoassay development expertise. In the last six weeks, we have hired seven new employees and are planning on adding nine more over the next three months."
LifePoint, Inc. is a development stage company focused on the commercialization of the flow immunosensor technology licensed from the Naval Research Laboratories. This proprietary technology, when used in conjunction with saliva as a non-invasive test specimen using the Company's proprietary collection technology, will allow LifePoint to develop a broadly applicable non-invasive, rapid, on-site diagnostic test system. The product can be used for rapid diagnostic testing for screening (cardiovascular disease, osteoporosis, cancer), rapid testing (heart attack, drug overdose), and therapeutic drug monitoring in non-medical environments such as the workplace, home health care, ambulances, pharmacies, and even law enforcement. The first product under development is for the simultaneous detection of drugs of abuse and alcohol. The market potential for this product is estimated to be $750 million, with marketing beginning by the third quarter of 2000.
For more information on LifePoint, Inc. visit www.lifepointinc.com or call (909) 466-8047 x 400.
This press release contains forward-looking statements regarding future events and the future performance of LifePoint, Inc. that involve risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, the early stage of product development, the need for additional funding, the initiation and completion of clinical trials and dependence on third parties for clinical testing and marketing. These risks are described in further detail in the Company's reports filed with the Securities and Exchange Commission. -0-