SOURCE: LyfeTec, Inc.

May 05, 2009 09:45 ET

LyfeTec, Inc. Announces Re-Designation of Medical Test Kit Distribution Rights

FT. LAUDERDALE, FL--(Marketwire - May 5, 2009) - LyfeTec, Inc. (PINKSHEETS: TSHL) announced the company has rescinded its deal with Intellect Laboratories for a breach in that company's warranties and representations to Tristar, Inc. Under the contract, certain documents supporting the arrangement's recitals, including proof of patients, were supposed to be delivered. The failure of their conveyance resulted in the material breach of the agreement. In the interest of LyfeTec shareholders, a direct reseller and manufactures agreement with the manufacturer in china was executed by LyfeTec, eliminating the need and suppositions of the Intellect/LyfeTec arrangement, and consequently, Mr. Matteis resigned from the office of President and from the Board of Directors.

As a licensed reseller and FDA registered medical distribution company, LyfeTec has the direct distribution rights to CE and FDA approved medial test kits including various home test kits for diseases including HIV and various sexually transmitted diseases, Strep Throat, Mono, etc. The company's licensed distribution agreement covers the marketing, sales and distribution rights to over 155 new medical test kits.

"We are satisfied that upon the breach of our agreement with Intellect, we were immediately able to secure our distribution rights to the same medical test kit product line with a direct agreement with the manufacturer. We could not be happier with our current arrangement. Upon hearing the news, representatives flew from China to meet with us and negotiate our distribution agreement. LyfeTec is poised for the direct-to-consumer and retailer buyer markets in the home test medical industry, a burgeoning sector that will ultimately yield billions of dollars of savings to individuals, hospitals, insurers and Medicare," said LyfeTec COO Steven Cohen.

Mr. Anthony Mellone has been temporarily re-appointed to the Board of Directors to fill the vacancy of Mr. Matteis until such time as a successor is appointed.

Safe Harbor Provision

This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Tri-Star Holdings, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, the availability of technical personnel, changes in technology and competition.

Contact Information