SOURCE: CLX Medical, Inc.

June 24, 2008 09:19 ET

CLX Medical, Inc. Updates Shareholders on Status of Proposed Acquisition of Additional Medical Diagnostic Testing Product

Continued Due Diligence Is Expected to Lead to Definitive Agreement for Acquisition

MURRIETA, CA--(Marketwire - June 24, 2008) - CLX Medical, Inc. (OTCBB: CLXN), which is focused on the launch and distribution of unique medical diagnostic testing products, today issued an update on the anticipated acquisition of an additional rapid diagnostic device for the medical market.

CLX Medical announced that it had entered into a letter of intent to acquire the product on April 30, 2008 and stated that the due diligence process would continue as the company pursued a definitive agreement and the close of the acquisition of the device. The announcement also stated that once CLX had reached a mutually agreed upon point in its due diligence process, it will announce the name of the device and the market that it serves.

"We continue in the due diligence process regarding this product, and we do expect that this process will result in a definitive agreement for the acquisition," commented Vera Leonard, chief executive officer of Zonda and CLX Medical. "We take the due diligence period very seriously and believe that for the protection of CLX shareholders and the benefit of both parties involved, there should not be a rush to close a transaction until all of the appropriate preliminary work has been completed."

"We remain committed to keeping our shareholders informed as this process moves forward, and will provide updates whenever possible," she added.

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.

To sign up to receive information by email directly from CLX Medical, Inc. 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 Information

  • Contact:
    Gemini Financial Communications, Inc.
    A. Beyer
    951-677-8073
    Email Contact