SUN VALLEY, CA--(Marketwire - June 18, 2010) - XTend Medical Corporation (PINKSHEETS: XMDC), a company that specializes in delivering life-changing medical technology to healthcare organizations globally, has released the following update regarding its lawsuit pending in the Delaware Court of Chancery against U&I Bio-Tech Korea, U&I Bio-Tech California, Mr. Sam Lee, and Mr. Eric Shin.
Paul D. Lisenby, CEO of XTend Medical Corporation, stated, "XTend continues to work tirelessly with its attorneys in California, as well as its local counsel in Delaware, to have the case heard as soon as possible. The defendants are required to file an answer to XTend's complaint on or before June 22, 2010. As XTend awaits the defendants' answer, it would like to provide the following information relating to the ongoing litigation:
1. XTend was a party to the Asset Purchase Agreement, but XTend did not
draft the Agreement. Instead, Mr. Lee's counsel in Korea prepared an
initial version of the Agreement, and Mr. Lee's counsel also drafted
much of the specific language of the provisions contained in the final,
2. XTend has complied with its obligations under the Asset Purchase
3. On June 1, 2010, XTend filed a motion for a temporary restraining order
seeking a ruling from the Delaware Court requiring the defendants to
take all necessary actions to avoid the abandonment of a pending U.S.
patent application relating to the BioHarp technology. XTend filed its
motion after the defendants refused to confirm that they would pay to
the U.S. Patent Office certain required fees before a then-approaching
June 7, 2010 deadline. Defendants ultimately paid the necessary fees on
June 3, 2010, which accomplished the relief that XTend sought and
avoided the abandonment of the patent application.
4. On June 9, 2010, XTend filed a Notice of Interest in Patent Applications
with the U.S. Patent Office. XTend's Notice of Interest provides notice
to third parties of XTend's claim of ownership interest in three pending
United States patent applications relating to the BioHarp technology.
The U.S. Patent Office officially recorded XTend's Notice of Interest on
Mr. Lisenby continued, "XTend believes that its position is strong, and it remains confident that it will prevail. XTend seeks to have this case decided as soon as possible so that it may proceed with its commercial development of the BioHarp technology for global distribution. XTend's resolve remains the same -- to build a strong company, to increase shareholder value, and to take the company to the next level in the trading markets."
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 ensuring that the products and services that it offers to healthcare organizations, third-world countries, and physician groups are at the forefront of medical technology. The company's recent acquisition of the BioHarp medical device will assist the company in becoming known as a leader in the healthcare sector globally. 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.