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Zassi Medical Evolutions And ConvaTec Conclude License Transaction


10/19/2005 5:13:21 PM

FERNANDINA BEACH, Fla., Oct. 13 /PRNewswire/ -- Zassi Medical Evolutions, Inc. (Fernandina Beach, Fl) and ConvaTec (Skillman, NJ), a Division of E.R. Squibb & Sons, LLC, concluded a series of transactions resulting in ConvaTec acquiring a non-exclusive license from Zassi to make, use and sell products utilizing intellectual property regarding Zassi's Continent Ostomy Port (COP) technology. ConvaTec provided Zassi with a non-exclusive license to make, use and sell products utilizing intellectual property regarding ConvaTec's Controlled Evacuation Ostomy Device With Internal Seal technology. These transactions serve to terminate all previous agreements between the parties.

Both organizations, which are leaders in their respective fields, possess unique technologies that offer hope to individuals with an ostomy. The above transactions provide both organizations the opportunity to independently pursue advanced ostomy systems.

About Zassi Medical Evolutions

Founded in 1997, Zassi Medical Evolutions, Inc. is a privately held organization that designs, develops, manufactures, and commercializes high technology medical devices. The company is headquartered in Fernandina Beach, Florida. For further information about Zassi Medical Evolutions, Inc, please visit the company's website at www.zassimedical.com, via email at info@zassimedical.com or phone (904) 261-2169.

About ConvaTec:

ConvaTec is a world leader in ostomy care and wound and skin care with a 25-year heritage of caring about patients. ConvaTec is a division of the Bristol-Myers Squibb Company. Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.

Zassi Medical Evolutions - Forward Looking Statement

This press release contains or may contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements are based on the respective companies' current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the uncertainty of the success of research and development activities; decisions by regulatory authorities regarding whether and when to approve any medical device that may result from the research, as well as their decisions regarding labeling and other matters that could affect the commercial potential of such device; general economic and business conditions; work stoppages; industry trends; changes in business strategies, development plans or cost savings plans; the loss of one or more of major customers; competition; availability of qualified personnel; changes in, or the failure to comply with, government regulations; and terrorism and acts of war. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, expected or intended. Except as otherwise required by federal securities laws, the company does not undertake any obligation to update such forward-looking statements whether as a result of new information, future events or otherwise.

ConvaTec - Forward Looking Statement

This press release contains certain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 regarding a product in development and the potential efficacy of such product that involves substantial risks and uncertainties. Such risks and uncertainties include, among other things, the uncertainty of the success of the research and development activities; decisions by regulatory authorities regarding whether and when to approve any medical device that may result from the research, as well as their decisions regarding labeling and other matters that could affect the commercial potential of such device; and competitive developments. A further list and description of risks and uncertainties can be found in the Bristol-Myers Squibb's Annual Report on Form 10-K for the fiscal year ended December 31, 2004, and in its reports on Form 10-Q and Form 8-K. The company undertakes no obligation to publicly update any forward- looking statement, whether as a result of new information, future events or otherwise.

Zassi Medical Evolutions, Inc.

CONTACT: Zassi Medical Evolutions, Inc, +1-904-261-2169, orinfo@zassimedical.com


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