SUN VALLEY, CA--(Marketwire - August 20, 2010) -
XTend Medical Corporation (PINKSHEETS: XMDC
), a company that specializes in delivering life-changing medical technology to healthcare organizations globally, received confirmation that the Delaware Chancery Court has scheduled a mediation of the lawsuit that XTend commenced 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. The mediation proceeding is scheduled for September 30, 2010 at 9:30 am ET before the Honorable Sam Glasscock, III, Master in Chancery.
Mr. Paul D. Lisenby, the CEO of XTend, stated, "XTend Medical has secured a date from the Delaware Chancery Court for mediation between XTend and Sam Lee and the other defendants. It is our intention to present the facts of this case to Master Glasscock and to rely on his wisdom and expertise in complex business matters to assist the parties in resolving the case. The delays and disruption that the defendants have imposed on the company and its shareholders will hopefully finally come to an end through the mediation process. XTend feels very confident in the merits of its case against the defendants. Nevertheless, we look forward to putting this dispute behind us and moving forward with the development of the BioHarp."
About XTend Medical
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 firstname.lastname@example.org or visit its website at www.bioharpunius.com.
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