SUN VALLEY, CA--(Marketwire - May 19, 2010) - XTend Medical Corporation (PINKSHEETS: XMDC), a company that specializes in delivering life-changing medical technology to healthcare organizations globally, announced today that the company has filed a lawsuit in the Delaware Chancery Court against U&I Bio-Tech Korea, U&I Bio-Tech California, Mr. Sam Lee, and Mr. Eric Shin. Through the litigation, XTend seeks to compel the defendants to perform their obligations under an Asset Purchase Agreement that the parties signed last December, including assigning all of the intellectual property associated with the BioHarp technology to XTend.
XTend had originally filed a similar action in California, but the defendants insisted that the parties litigate their dispute in Delaware. Rather than face further procedural delays in obtaining a decision on the merits, XTend dismissed the California case and re-filed in Delaware. All defendants have been served with XTend's Complaint, and their response is due to the Delaware court in early June.
Paul D. Lisenby, CEO of XTend Medical Corporation, stated, "The Company has decided to file in the Delaware Chancery Court to defeat the defendants' efforts to delay this case and to move forward as expeditiously as possible in securing possession of the BioHarp assets, as provided in the Asset Purchase Agreement that the parties signed on December 8, 2009. This case will be heard by a Chancellor or Vice Chancellor who is an expert in corporate law and commercial disputes, and there will be no jury involved in the decision. XTend seeks all available legal and equitable remedies, including money damages and an order transferring all of the BioHarp Assets to the company, which the defendants were obligated to do under the Asset Purchase Agreement but which they have refused to do. The defendants' actions and positions have hampered XTend's progress toward commercializing the BioHarp technology. XTend Medical believes the defendants now must account to the Delaware Court for their behavior."
About XTend Medical Corporation
XTend Medical Corporation is a company that specializes in the sale, manufacturing, and distribution of the latest in medical devices and telemedicine solutions for the healthcare industry. The company is dedicated to insuring that the products and services that it offers to healthcare organizations, third-world countries, and physician groups are at the forefront of medical technology. For further information, please contact the company at email@example.com or visit its website at www.bioharpunius.com
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions, and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.