American Scientific Resources Signs Letter of Intent to Acquire Intellectual Property
August 26 2009 - 2:46PM
PR Newswire (US)
WESTON, Fla., Aug. 26 /PRNewswire-FirstCall/ -- American Scientific
Resources, Inc. (Pink Sheets: ASFX) (the Company), today confirmed
that it has signed a letter of intent to acquire the intellectual
property to the Disintegrator home needle destruction device (NDD)
(U.S. Patent No. 6,384,362 Patent Application No.: 09/500,504).
American Scientific Resources will, upon closing, hold the rights
to the patent, a property of Safeguard Medical Technologies. The
Company is seeking the rights to the patent as part of ASR's plan
to introduce the product commercially in the fall of 2009. Specific
terms have not been disclosed pending successful negotiation of the
agreement. Currently the only FDA approved NDD for home use, the
Disintegrator enables patients who give themselves injections,
including those suffering from multiple sclerosis or diabetes, to
properly and safely dispose of needles at home. The device is
approved by the EPA and the American Diabetes Association.
Safeguard has already delivered a purchase order for 5000 units to
one of the world's leading healthcare enterprises in March of 2009;
since then, the global enterprise has placed an additional order
for 2000 units which American Scientific Resources will fill.
Safeguard practices a form of just-in-time productivity, matching
production to its needs based on order size. In order to achieve
fulfillment, production is planned to ramp up by year's end with
full production capability exceeding 20,000 units per month. A
congressional bill (S, 1312) is pending which would amend Title
XVIII of the Social Security Act to provide for coverage, as
supplies associated with the injection of insulin, of containment,
removal, decontamination, and disposal of home-generated needles,
syringes, and other sharps through a sharps
decontamination/destruction device or similar program under part D
of the Medicare program. About American Scientific Resources, Inc.
American Scientific Resources, Inc. is a holding company for two
wholly owned subsidiaries, Kidz-Med, Inc. and Heart Smart System.
The Company's objective is to locate and acquire innovative health
and safety products that are successfully sold abroad, and to
introduce and promote them to the North American market. More
information about the Company, including financial information, can
be found on the ASFX web site at http://www.americansci.com/. For
product information, visit the Company's subsidiary, Kidz-Med, Inc.
at http://www.kidzmed.com/. Safe Harbor This release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements contained in
this release that are not historical facts may be deemed to be
forward-looking statements. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, ability to obtain financing and
regulatory and shareholder approvals for anticipated actions.
Contact AudioStocks.com Ronald Garner Investor Hotline:
619-293-0621 DATASOURCE: American Scientific Resources, Inc.
CONTACT: Ronald Garner, AudioStocks.com, Investor Hotline:
+1-619-293-0621, Web Site: http://www.americansci.com/
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