American Scientific Resources Acquires Intellectual Property to World's Only FDA Approved Home Needle Destruction Device
15 September 2009 - 4:36AM
PR Newswire (US)
WESTON, Fla., Sept. 14 /PRNewswire-FirstCall/ -- American
Scientific Resources, Inc. (Pink Sheets: ASFX) (the Company), is
excited to announce that it has acquired the intellectual property
to the world's only FDA approved home needle destruction device
(NDD), the Disintegrator(TM) and Disintegrator Plus(TM) (U.S.
Patent No. 6,384,362 Patent Application No.: 09/500,504) (the
"Device Technology"). A formerly owned property of Safeguard
Medical Technologies, American Scientific Resources now holds the
rights to the patent, which includes the Device Technology Patent
and all present and future developed information, knowledge,
experience and results. As part of the agreement, all current
contracts and future sales and contracts pertaining to the Device
Technology are the sole property of ASR. Rights to such sales are
worldwide with the exception of a single licensing agreement
covering the European Union region where Safeguard pays a
consulting royalty on sales. Safeguard will receive stock,
warrants, a convertible note and cash payments based on sales
performance. They will also provide ongoing production engineering
and quality control services to ASR for a fee. ASR's plan is to
introduce the product commercially in the fall/winter of 2009. 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 EPA and the
American Diabetes Association approve the device. Dr. Christopher
F. Tirotta, CEO of American Scientific Resources, states, "We are
overjoyed to have acquired the property rights to a product that we
think has enormous potential to be a worldwide leader in home
needle destruction. The product has already received a warm
reception in the market." Safeguard 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. Production is
planned to ramp up by year's end with full production capability
exceeding 25,000 units per month. California State Senator Joe
Simitian announced recently that his bill, SB 486, is headed to the
Governor for review. The bill is designed to facilitate the safe
disposal of syringes and needles (also known as "sharps") by
requiring pharmaceutical manufacturers who sell specialty drug
medications for home use to provide information on their websites
on safe needle collection and disposal programs for their drugs.
Over one million Californians who use specialty injection drugs
don't have a safe, legal way to dispose of their sharps. Hence,
approximately 386-million sharps are generated each year in
California that need to be disposed of. "Given the need in the US
for a safe way to dispose of sharps, we are hopeful that the
Disintegrator will eventually become a trusted household name,"
continues Dr. Tirotta. Additionally, 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 Americansci.com Erika Stanczak Phone:
847-386-1384 x.201 DATASOURCE: American Scientific Resources, Inc.
CONTACT: Erika Stanczak, American Scientific Resources,
+1-847-386-1384 x.201, Web Site: http://www.americansci.com/
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