SOURCE: Revolutions Medical Corporation

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January 03, 2013 15:52 ET

Revolutions Medical Wins $770,000 Arbitration Award for Fraud and Other Claims Against Former Manufacturer MIG and Former Consultant Richard Theriault

CHARLESTON, SC --(Marketwire - January 03, 2013) - Revolutions Medical Corporation ("Revolutions Medical" or the "Company") (OTCQB: RMCP) has prevailed in its case before the American Arbitration Association (AAA) against former manufacturer Medical Investment Group, Inc. (MIG) and former consultant Richard Theriault. AAA awarded the Company $770,000, in addition to interest, legal fees, and other arbitration costs, which will total close to $1 million dollars. MIG and its alter ego, Mr. Theriault, were found to have committed fraud in the inducement and breach of contract. Further, AAA found that neither MIG nor Mr. Theriault has any rights to any of the Company's intellectual property, proprietary information, trademarks, production equipment or designs related to the issues arbitrated in such proceeding.

Chief Executive Officer and Chairman of the Board of Revolutions Medical, Ron Wheet, stated, "Once again we have prevailed in the legal arena and we will continue to protect our valuable proprietary technology. Our legal team sees this ruling by the American Arbitration Association as having a domino effect on Mr. Theriault and his cohorts in our other South Carolina legal disputes. The actions of Mr. Theriault and his cohorts have delayed the Company's production regarding the RevVac™ safety syringe by at least one year, but we can now begin to put these legal battles behind us."

About Revolutions Medical Corporation

Revolutions Medical is a safety medical device and software application company. Its proprietary technologies and products include: the RevVac™ safety syringe, safety blood drawing device, the RevColor™, RevDisplay™, and Rev3D™ software tools that are compatible with standard MRIs and standard Picture Archiving Computer Systems (PACS) and prefilled auto-retraction vacuum safety syringes.

For additional information, please visit Revolutions Medical corporate website: http://www.revolutionsmedical.com/

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FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contact Information

  • CONTACT:
    Revolutions Medical Corporation
    Investor Relations
    Tel.: (843) 606-9461