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CAMBRIDGE, Mass., June 11, 2013 /PRNewswire/ -- Endeavor Power Corporation (“Endeavor Power” or the “Company”) (OTCQB: EDVP) provides corrections to two separate press releases issued by the Company on January 9, 2013, with the headline “Endeavor Power Corporation Outlines Its New Target market, Its Size and Projected Growth,” and March 8, 2013, with the headline “Endeavor Power Corporation Introduces Its Proprietary FDA Cleared Target System Platform Technology”.
The January 9, 2013, Press Release referenced that the “point-of-care testing (“POCT”) market has been predicted to reach a total market value of $34.6 billion by 2021, according to a recent report published by Kalorama Information”. The correct source for the information was the not Kalorama Information but the “Point of Care Diagnostics: World Market Outlook, 2011-2021", published in December 2011 by Visiongain, a UK based business information provider. The market data in the January 9, 2013, Press Release following paragraph, “With the ability to help reduce healthcare costs while simultaneously improving patient care, POCT represent a significant and growing share of the global in vitro diagnostics (“IVD”) market, according to the marketing research firm Kalorama. In 2010 the value of the POCT market was $13.4 billion and grew to $13.8 billion in 2011. Over the five-year period to 2016 the market is expected to experience a compound annual growth rate (CAGR) of 3.7%, to further increase its value to $16.5 billion.” was sourced from August 31, 2010, The Worldwide Market for In Vitro Diagnostics 7th Edition published by Kalorama Information.
The March 8, 2013, Press Release contained multiple conflicting statements regarding the Company’s technology and intellectual property. The Release stated under the paragraph header “controlled Flow-Through Rapid Immunoassay Test” that “Endeavor’s US Patent Pending Target System Diagnostic Platform” and that the that the vacuum pump component of the system was “patented,” and then later referred to the vacuum pump as “the unique vacuum pump” and then later referred to the Platform as “Patented Platform” instead of “US Patent Pending Platform”.
The Company’s intellectual property and diagnostic testing platform was patented, but all issued patents have since expired or been abandoned. The Company has filed 3 USPTO Application’s, which are currently published and patent pending, and one US and International Patent Application currently pending.
The Company would like to formally correct the March 8, 2013 Press Release and eliminate the word “patented” and instead use the word “unique”. Additional information on the Company’s Patents and FDA 510(k) Cleared tests can be found in its public filings at EDGAR.com
ABOUT ENDEAVOR POWER CORPORATION
Endeavor Power Corp is a fully reporting Nevada corporation. The Company is headquartered in Cambridge, MA. Parallax Diagnostics, Ltd (“Endeavor”) is a bio-medical company focused on infectious diseases, which owns a line of FDA, approved Point of Care diagnostic tests on a single proprietary platform. Endeavor is developing a novel, handheld diagnostic testing system that is simple, rapid and elegant, offering the potential to transform the diagnostic landscape by transitioning critical tests from the centralized lab directly to the hands of the physician or clinicians. Our focus is on tests that detect and/or monitor infectious diseases. The Company’s tests combine innovative technologies that provide accessible, practical and rapid point of care in vitro diagnostics are based on the Company’s Target System, its FDA Approved Platform that centered on the Target System VT1000, an FDA Approved bench top fluorescence immunoassay spectrum analyzer and its innovative flow through Target System test cartridges. For more information: www.endeavorpowercorp.com
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Media:
Endeavor Power Corporation
Kyle W. Withrow
kylew@endeavorpower.com
or
Investors:
Capital Group Communications
Mark Bernhard, 415-332-7200
mark@capitalgc.com
SOURCE Endeavor Power Corporation
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