CLX Medical, Inc. Announces Completion of Due Diligence and Sets Expected Timeline for Acquisition of Additional
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MURRIETA, CA, Jul 31 (MARKET WIRE) --
CLX Medical, Inc. (OTCBB: CLXN), which is focused on the launch and
distribution of unique medical diagnostic testing products, today
announced that the company has completed the major elements of its due
diligence on an additional rapid diagnostic device for the medical market
that has been targeted by CLX for acquisition and that it expects to
announce the name of the product within the next week.
The due diligence process that was initiated with the signing of a letter
of intent for the acquisition included a detailed analysis of the product
and extensive research into the current and potential future market for
the product. The last phase of the process will include an in-depth
analysis of competitive strengths and is part of an ongoing study of the
product by a clinical laboratory affiliated with a major U.S. university.
This last phase will culminate in a meeting with the contracted
manufacturer of the device. Subsequent to that meeting, CLX expects to
proceed to a definitive agreement and release the name of the product to
be acquired.
The acquisition target presents considerable synergies with the product
line of Zonda, Incorporated, a majority owned subsidiary of CLX that has
developed a rapid point of care test for chlamydia. CLX is currently
preparing to initiate clinical trials for the Zonda chlamydia test as part
of the effort to achieve FDA clearance for the product. A validation study
is underway to perfect the testing protocol in preparation for the
clinical trials.
"The due diligence that has been completed has only strengthened our
belief that the targeted product is an ideal fit for CLX and its strategy
to achieve widespread distribution for unique medical diagnostic testing
products," stated Vera Leonard, chief executive officer of CLX Medical.
"The analysis we have conducted has identified an impressive market
opportunity -- one that rivals the potential of the chlamydia testing
market. Equally significant is that this market has not been addressed in
any appreciable way by competitors. We look forward to completing the
remaining steps that will allow us to release the name of the product and
to address the significant market potential that we see for the
acquisition.
"The fact that the targeted product already has the necessary clearances
to be sold to CLIA waived laboratories and doctor offices in the United
States further enhances its importance to CLX as the company considers
additional products for development, licensing or as new acquisition
targets," Ms. Leonard added.
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when new press releases, investor newsletters, SEC filings, or other
information is disclosed, please visit
http://www.clxinvestments.com/email.php.
About CLX Medical, Inc.
CLX Medical, Inc. (www.clxinvestments.com) holds a 51% equity interest in
Zonda, Inc., which has developed rapid point of care tests for medical and
non-medical markets, and CLX recently announced a letter of intent to
acquire another rapid diagnostic device for the medical market. CLX has
also invested, and holds a common stock position, in ActionView
International, Inc. (www.actionviewinternational.com), a publicly traded
global manufacturer and marketer of "smart" scrolling advertising
billboards.
All statements included in this release, including statements regarding
potential future plans and objectives of CLX Medical, Inc. are
forward-looking statements. Such statements are necessarily subject to
risks and uncertainties, some of which are significant in scope and nature
beyond CLX Medical's control. There can be no assurance that such
statements will prove accurate. Actual results and future events could
differ materially from those anticipated in such statements depending on
many factors. Historical results are not necessarily indicative of future
performance.
Contact:
Gemini Financial Communications, Inc.
A. Beyer
951-677-8073
Email Contact
Copyright 2008, Market Wire, All rights reserved.
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