CHARLESTON, S.C., Sept. 26, 2012 (GLOBE NEWSWIRE) -- Revolutions Medical Corporation ("Revolutions Medical" or the "Company") (RMCP) announced today that it has filed suit in South Carolina against Strategic Product Development ("SPD"); Richard H. Theriault: Vita S. Theriault; Darius R. Theriault; Raminta Theriault; Goddard Technologies, Inc. ("GTI") and others. The suit alleges that the defendants did purposely and materially mislead and misrepresent capabilities and progress on a variety of initiatives related to the development and manufacture of the Company's RevVac(TM) Auto-Retractable Vacuum safety syringe which caused a delay of approximately one year in its production. The suit further alleges that Rich H. Theriault and other defendants defrauded the Company and misappropriated funds in violation of the United States' Racketeer Influenced and Corrupt Organizations ("RICO") Act and that GTI improperly assigned certain rights to the Company's new provisional patents to SPD without authorization. A full copy of the complaint is available on the Company's website at http://www.revolutionsmedical.com/rmcp-v-spd.
Ron Wheet, Chief Executive Officer and Chairman of Revolutions Medical, stated, "This action is the first of several designed to hold those believed to have harmed Revolutions Medical and its shareholders responsible for their actions. We believe we have enough evidence to prove in court that Rich Theriault and his family, along with his associates and numerous closely-held companies, have defrauded the Company by grossly misrepresenting the state of work they were contracted to perform and misappropriating over $1 million of the Company's capital, most of which was raised through its equity line financing between August 2010 and February 2011." Wheet continued by saying, "because Rich Theriault asserted his constitutional right against criminal self-incrimination and refused to answer questions in his deposition held in connection with a pending arbitration between the Company and MIG, MIG was compelled to dismiss all of its arbitration claims with prejudice, including any imagined rights to our proprietary technology. Our counterclaims will be heard by the Arbitration Panel on November 8 & 9 in Charleston, SC. Among other claims, we will pursue all monies paid to MIG plus legal expenses. The Company continues to cooperate with the Department of Justice in South Carolina and Federal Trustees in Massachusetts as they look into Rich Theriault's activities."
About Revolutions Medical Corporation
Revolutions Medical is a safety medical device and software application company. Its products include the RevVac(TM) Safety Syringe (FDA cleared), safety blood drawing device, the RevColor(TM), RevDisplay(TM), and Rev3D(TM) software tools that are compatible with standard MRIs and standard Picture Archiving Computer Systems (PACS).
For additional information, please visit Revolutions Medical corporate website: http://www.revolutionsmedical.com
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Revolutions Medical Corporation