Longport (CE) (USOTC:LPTI)
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From Dec 2019 to Dec 2024
Company Announces Sale of Scanner to North Carolina Nursing Home
Company Signs Distribution Deal with Traveling Medical Services
Longport, Inc. (OTC BB: LPTI), a medical technology specialist in
high resolution ultrasound imaging, today announced that at its annual
shareholders meeting on June 30 that its shareholders had re-elected
the existing five members of the Company's board of directors, and
increased to 6 million from 3 million the number of shares available
in the Company's stock option plan. In addition, management informed
the assembled shareholders of the sale of an EPISCAN I-200 to a
nursing home in North Carolina and of the signing of a distribution
agreement with Traveling Medical Services of Southfield, Michigan.
Michael Boyd, CEO of Longport, told shareholders, "The sale of the
scanner to the North Carolina nursing home resulted from contact that
began at the American Medical Directors' Association Symposium in
March, and the deal closed with three months. The 122-bed facility is
typical of the homes we are targeting."
He also said, "We also recently signed a distribution agreement
with Traveling Medical Services. Under that agreement, Traveling
Medical will visit nursing homes using the EPISCAN I-200 as part of a
pressure ulcer care program. In those cases where it makes medical and
financial sense for the home to purchase its own scanner, Traveling
Medical will arrange the sale. And for those where such a sale isn't
appropriate, the patients will still be treated with Longport's
technology in the hands of Traveling Medical's very capable nursing
and technical staff."
The five members of the board of directors re-elected to another
one year term are:
-- Dr. Michie Proctor, chairman of the board of directors, who
has served in that capacity since June 2003. Over the past 40
years, he has held executive officer and director positions
with a number of public and private companies in the medical
device industry and the nutraceutical industry as well as
other fields.
-- Michael C. Boyd, chief executive officer of Longport, has
served on the board of directors since 2001. His past
employment includes founding TeleSpectrum Worldwide, Inc.,
President and a director of QVC Network, Inc., as well as
senior positions at the Franklin Mint and Lillian Vernon
Corporation.
-- Paul D. Wilson has been a member of the board since 1999 and
has also been Managing Director of Longport International, the
Company's UK-based technology marketing subsidiary.
-- Paul R. Quintavalle, DPM, was first elected to the board of
directors in 2001, and has been engaged in the private
practice of podiatric medicine for more than twenty-five years
and is the Director of the West Jersey Podiatric Surgical
Residency Program. Dr. Quintavalle is a past President of the
American Board of Podiatric Surgery.
-- Brian W. Clymer, board member since 2001, has been Vice
President of External Affairs for Prudential Insurance Company
of America since July 1997 and is a former New Jersey State
Treasurer, appointed by Governor Whitman and confirmed by the
New Jersey Senate.
In addition, the shareholders approved a board proposal increasing
the number of shares available in the 1999 Stock Option Plan to 6
million from 3 million. As of March 31, 2005, all of the 3 million
original options had been awarded and consequently none were available
for existing and future employees, directors and consultants.
Shareholders agreed with the board that the issuance of stock options
is an effective compensation tool both from a perspective of
remuneration as well as retention, and voted to approve the proposal.
About Longport, Inc.
Longport, Inc. of Glen Mills, Pennsylvania, is a medical
technology company that specializes in high resolution ultrasound
imaging. After several years and a multi-million dollar investment in
the technology, Longport has secured patents, copyrights, and FDA
permission to market. The Company's technology has been used to
engineer a unique high resolution ultrasound imaging system. For
further information please contact Longport, Inc. at 1-800-289-6863 or
visit our website at www.longportinc.com.
About Christie Hospital
The Christie Hospital NHS Trust is an internationally recognized
comprehensive cancer centre offering high quality diagnosis, treatment
and care for the people of Greater Manchester and Cheshire, world
class research from the laboratory bench to the patient clinic,
education in all aspects of cancer. It is the largest single-site
cancer treatment centre in Europe - covering a population of 3.2
million. It has been engaged in cancer treatment for over 100 years
and counts among its milestones the first use of Roentgen X-rays in
cancer treatment in 1901, radium therapy in 1905, the first clinical
trial of a breast cancer drug in 1944, world's first clinical use of
tamoxifen for breast cancer in 1970, the world's first use of cultured
bone marrow for leukemia treatment in 1986, and the world's first
single harvest blood stem-cell transplant in 1991.
Forward-looking Information and the Private Securities Litigation
Reform Act of 1995
Certain statements in this press release, including statements
concerning product development milestones and anticipated events, are
"forward-looking statements" within the Private Litigation Reform Act
of 1995. Forward Looking Statements are based on the opinions and
estimates of management at the time the statements are made and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those anticipated in the
forward-looking statements. The words "believe," "expect," "intend,"
"anticipate," variations of such words, and similar expressions
identify forward-looking statements, but their absence does not mean
that the statement is not forward-looking. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Factors
that could affect Longport's actual results include, among others,
uncertainties as to the Company's ability to manage potential
problems, delays or anticipated expenses, including problems, delays
or expenses involving manufacturing. Readers are cautioned not to
place undue reliance upon these forward-looking statements that speak
only to the date of this release. Reference is made to Longport's 2004
annual report on Form 10-K filed with the Securities and Exchange
Commission for a more definitive description of such factors.
Longport, Inc. undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events or
circumstances after the date of this release or to reflect the
occurrence of unanticipated events.