HUNTINGTON BEACH, Calif., April 5 /PRNewswire-FirstCall/ -- WayPoint Biomedical Holdings, Inc. has received a subpoena from the Securities and Exchange Commission requesting documents concerning the company's business and financial affairs. The subpoena is almost identical to a subpoena that the company received in April of 2006 when, according to the Securities and Exchange Commission, it was investigating certain trading activities in the company's stock.
WayPoint Biomedical Holdings, Inc. intends to comply fully with the subpoena, just as it complied fully with the subpoena issued last year. The company has received no further communication from the Securities and Exchange Commission with respect to the earlier subpoena. The company is pleased that the Securities and Exchange Commission appears to be making inquiry into possible "spamming" activities involving the company's stock. The company denies that it has engaged in any such activities. In fact, the company has already initiated, and is vigorously prosecuting, litigation against persons and entities who the company suspects have engaged in such activities. The company's litigation efforts were commenced last year, long before trading in the company's share were temporarily suspended and before the issuance of the subpoena on March 8, 2007. After the ten day suspension, WayPoint Biomedical's stock commenced trading on March 21, 2007.
About WayPoint Biomedical Holdings, Inc.:
WayPoint Biomedical Holdings, Inc. , is a pioneering new biomedical technology firm, specializing in tests and devices for screening and monitoring human health, wellness and fitness. The Company's develops and markets a unique array of cutting-edge products, which includes their Health Essist(R) Hangover-Free Topical Patch for the Convenience Store market and their OTC approved Health Essist Drugs-of-Abuse product range. WayPoint's tests 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. WayPoint's unique and affordable home-based and on-site tests are focused on detecting the cause of a disease or pathogen, as opposed to determining the symptom; becoming a part of the solution to help reverse the escalating cost of Healthcare. The Company's primary target sectors are the Over the Counter (OTC) Wellness & Self-Testing Market and the Diagnostic Point of Care (POC) Testing Market, two of the fastest growing areas in all of diagnostic medicine and science. For more information on WayPoint Biomedical and their product range visit www.waypointbiomedical.com, www.healthessist.com, www.drinkdetectiveusa.com.
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding WayPoint's performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, the success of enhancements to WayPoint's brand image, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. WayPoint Biomedical does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Steven Fox, 714-848-3200
WayPoint Biomedical Holdings, Inc.