SOURCE: PDC Innovative Industries, Inc.

May 30, 2006 09:30 ET

PDC Innovative Industries Updates Shareholders Regarding Merger Agreement With Virtuoso MedSpa

TAMPA, FL -- (MARKET WIRE) -- May 30, 2006 -- PDC Innovative Industries, Inc. (OTC: PDCN) reports that its previously announced Merger Agreement with Virtuoso MedSpa is on track to meet the Company's expected closing date in early June. PDC plans to change its corporate name to Virtuoso MedSpa following the merger. Virtuoso MedSpa will contend for market share of what has become the fastest growing niche within the greater cosmetic surgery/anti-aging medical applications market and the fastest growing segment of the spa industry -- known to consumers as Medical Spas or "MedSpas" (see for more information).

"The merger is progressing well," states Paul R. Smith, CEO of the Company. "As we get closer to our expected closing, the Company would like to share some relevant information and important trends developing in the medspa industry, so we may better educate our existing shareholders and supporters on the tremendous value this shift in focus will bring to the Corporation."

The medical spa industry has grown from near obscurity to yearly revenues in excess of 10 billion dollars over the last seven years. This rapid growth has largely been driven by the personal image demands of both baby boomers and "generation X'rs," and their collective desire for a more youthful appearance. The new, publicly held Virtuoso MedSpas intends to become a leader in this emerging market. The Company's current model involves offering the very best in non-invasive anti-aging medical procedures and treatments, all performed by highly skilled aestheticians in a relaxing and soothing environment, with all the pampering and service one would expect from the finest day spa. Virtuoso MedSpa will also have a full-time medical doctor available on site.

In 2005, Americans spent just under $12 billion on cosmetic medical procedures and $44.6 billion on anti-aging products and services. According to Business Communications Co., a firm specializing in medical industry statistics, the total anti-aging market is projected to reach $72 billion by 2009. In addition, all market indicators point to the fact that consumers are much more comfortable with, and 9 times out of 10 would prefer, a non-surgical treatment to surgery, if that were an option.

The American Society for Aesthetic Plastic Surgery reported this year that demand for non-invasive anti-aging or aesthetic medical services has increased more than 450% since 2002. Yet only 10% to 15% of the actual demand for medical spa services is currently being met. There are approximately 700 medspas currently operating in the United States -- a small fraction of the 10,000 medspas needed to meet the current estimated consumer demand.

This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Such statements are subject to risks and uncertainties and other factors as may be discussed from time to time in the Company's public filings with the U.S. Securities and Exchange Commission ("Commission"), press releases and verbal statements that may be made by our officers, directors or employees acting on our behalf which could cause actual results to differ materially from those discussed in the forward looking statements and from historical results of operations. In addition to statements, which explicitly describe such risks and uncertainties, statements with the terms "believes," "belief," "expects," "plans," "anticipates" and similar statements should be considered uncertain and forward-looking. Factors that might cause such a difference include, without limitation: the uncertainty of the Company's ability to meet capital needs and as further set forth in our public filings filed with the Commission and our press releases.

Contact Information

  • Investor Contact Information:
    Equiti-trend Advisors LLC
    Larry W. Downs or Jason Horn
    (800) 585-6988 toll-free
    (858) 436-3350 local or intl.