SOURCE: XTend Medical Corporation

January 14, 2008 06:31 ET

XTend Medical (XMDC) to Issue Ten-Percent Stock Dividend to Shareholders

SUN VALLEY, CA--(Marketwire - January 14, 2008) - XTend Medical Corporation (PINKSHEETS: XMDC) announced today the Board of Directors has approved a 10% stock dividend payable to all shareholders on record as of February 20, 2008. For every Ten (10) shares of XMDC you own on the record date, you will receive one (1) additional share of XMDC common stock. The record date will be February 20, 2008, and the distribution date will be March 7, 2008. Additional information on how you will receive your shares will be forthcoming.

In other news, the company has decided to not move forward on the acquisition of the Castle Hill property.

"XTend Medical has made tremendous strides over the past few months and as we continue to close managed care contracts and add patients weekly, the Board of Directors felt we should reward our loyal shareholder base with a dividend as the outlook for 2008 continues to improve. As for the Castle Hill acquisition, the closing of the financing was dependent upon the facility maintaining at least a 90% occupancy rate. At the time when we entered into the agreement, the property was at 93%. Since then, this rate has fallen below 71% and management felt strongly that continuing with this acquisition would put an incredible strain on the company's finances. Simply put, I will not risk the future of the company on an acquisition that, over time, will do more harm than good to the company. We will move forward and focus our energies on closing contracts, adding patients, and securing technologies that will increase our revenues and subsequent profits for the company," stated Mr. Paul D. Lisenby, Chairman and CEO of XTend Medical.

About XTend Medical: XTend Medical Corporation markets and sells healthcare and wellness products to hospitals, managed care companies, nursing homes, physician groups and individual patients. Through their alliances, XTend offers pharmacy services, diabetic supplies, and telemedicine products that increase patient care yet reduce costs associated with servicing those patients. For more information, please visit their website at www.xtendmedical.com

Safe Harbor

This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.

Contact Information

  • Company Contact:
    FutureTechIR for XTend Medical Corporation
    Investor Relations
    (817) 812-2105