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WayPoint Biomedical, Inc. (WYPB) Extends And Expands LOI With System Two Pty, Ltd. For Frontline(R) Explosives Test Kit And Alcohol Testing Device



7/26/2006 11:51:52 AM

HUNTINGTON BEACH, Calif., July 26 /PRNewswire-FirstCall/ -- WayPoint Biomedical, Inc. has expanded the criteria and timeline of their Letter of Intent (LOI) with Australian based System Two Pty, Ltd. The purpose of the extension is to formalize the mutual intent to complete a comprehensive "exclusive" licensing and distribution agreement, where WayPoint will introduce and commercialize the System Two Frontline(R) Explosive Detection Test Kits & Rapid Alcohol Testing Device in North America.

"This expansion and extension to the LOI provides WayPoint with the ability to better assess the market potential and secure early business possibilities for the System Two product range," said WayPoint's Director of Sales and Marketing, Phill Richer. "Contacts have been made and early discussions are taking place with various interested parties, such as, the FBI, TSA and the Canadian Security Forces. The Frontline Explosive Test Kit was recently demonstrated at a national security conference in Miami, Florida where it quickly became the hit of the show. Interest was expressed by several government agencies, including, the Lawrence Livermore National Laboratory, the Department of Defense, the Air Force Research Laboratory, and the Miami-Dade Police Bomb Squad Division. We are actively following up every lead and sending samples for testing and analysis."

System Two's Commercial Director, Diranne Lee-Renwick, states, "We are delighted with the extension of the LOI. Our visit to Miami for the conference and subsequent visit to WayPoint's corporate offices provides us with a great sense of excitement about our relationship with WayPoint and the opportunities that lay ahead for both companies".

About WayPoint Biomedical, Inc.

WayPoint Biomedical, Inc., a wholly owned subsidiary of WayPoint Biomedical Holdings, Inc. , is an innovative biomedical technology firm, specializing in diagnostic tests and devices for screening and monitoring human health, fitness and environment. The Company develops and markets cutting-edge disposable rapid tests that offer both a preliminary diagnostic screen to specific conditions, along with a future path for consumers, medical providers, and first responders to follow regarding their health status or environmental condition. For more information on WayPoint Biomedical visit www.waypointbiomedical.com .

Forward-Looking Statements

This press release contains forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially.

Contact WayPoint Biomedical, Inc. Dennis Shepherd 714-848-3200 E-mail: dshepherd@waypointbiomedical.com

WayPoint Biomedical, Inc.

CONTACT: Dennis Shepherd of WayPoint Biomedical, Inc., +1-714-848-3200,dshepherd@waypointbiomedical.com


Read at BioSpace.com


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