TULSA, Okla., July 18, 2005 (PRIMEZONE) -- Maxxon, Inc. (Pink Sheets:MXON) ("Maxxon") today announced that it has signed a letter of intent with Globe Med Tech ("Globe") of Houston, Texas to form a Joint Venture to produce its new safety medical product.
The Letter of Intent calls for Globe to produce Maxxon's ReVac Safety Syringe Technology, for which Maxxon and Globe will file for a new patent. The Joint Venture with Globe will be owned 50/50 by the two groups.
During recent strategic meetings between Maxxon and Globe, Globe demonstrated for Maxxon CEO Ron Wheet the functioning prototype of the Maxxon ReVac Safety Syringe. Mr. Wheet remarked, "This is the accumulation of seven years of research, perseverance and hard work and an exciting day for Maxxon's dedicated shareholders."
The Joint Venture plans call for Globe to produce Maxxon's ReVac Safety Syringes within six weeks. This first run may produce up to ten thousand syringes. These syringes will be used for our 510k application and for samples to ramp up sales. Development, manufacturing, sales and distribution of this new product will be managed by the Joint Venture.
"The ReVac Safety Syringe is the only safety syringe with vacuum force operated automatic retractable technology which will be produced at a cost which is much less than spring loaded syringes, and with Globe Med Tech's manufacturing expertise we can be assured the product will exceed the highest standards," stated Ron Wheet, CEO of Maxxon. Wheet added, "We are looking at additional opportunities. Global has an impressive product mix and it's natural that we build upon our relationship."
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 Med Tech 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 Med Tech'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, the company 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.