SOURCE: Tulip BioMed, Inc.

May 16, 2007 08:28 ET

Tulip BioMed Announces Recent Appointments to Board of Directors

Ernest J. Dronenburg, Jr. and Leonard W. Glass, MD Join CEO John Johnson, John Baldwin and Barry Soper as Members of the Board, Bringing to Four the Total Number of Independent, Outside Directors

SAN DIEGO, CA -- (MARKET WIRE) -- May 16, 2007 -- Tulip BioMed™, Inc. (PINKSHEETS: TPBD), a developer of medical devices and patented technologies for the living tissue markets, including plastic, cosmetic, and orthopedic surgeries, today announced that Ernest J. Dronenburg, Jr. and Leonard W. Glass, MD have accepted appointment to the board of directors. These appointments follow the March 14 announcement of John Johnson as CEO and chairman, and John Baldwin and Barry Soper as members of the board of directors. With these appointments, the board of directors comprises four independent, outside directors, and one officer-director.

Johnson noted, "With the addition of Mr. Dronenburg and Dr. Glass to our board, my firm belief is that we have a well-rounded, independent and focused board that can help guide Tulip BioMed in enhancing shareholder value. With the recent addition of Rick Burgoon as president and COO, and the expansion of Ken Yonika's role to CFO, treasurer and secretary, I am confident that we have the right team in place to further develop, enhance and expand the markets for our disposable cannula system. We collectively believe that our company is poised to capitalize on the industry's interest in our revolutionary product line."

Ernest J. Dronenburg

Mr. Dronenburg retired as partner with Deloitte & Touche LLP in June of 2006 and currently practices with that organization as a full-time multistate tax consultant. He is certified by the California State Board of Equalization as a certified property appraiser. A graduate of San Diego State University with a degree in Business Administration, Finance, he worked for eight years with the California State Board of Equalization as a tax auditor. In 1978, Dronenburg won his first of five consecutive four-year terms as an Equalization Board member. He served as chairman of the Board of Equalization, as well as a member and the chairman of the Franchise Tax Board, on five different occasions. Dronenburg has held the position of president and/or board member on almost every major state tax association in the United States, including, in 1997, being a commissioner on the IRS Restructuring Commission, president of the Federation of Tax Administrators and Western States Association of Tax Administrators. During his last year in office, he was given two significant tributes that have never been given to any other state tax administrator. The first was the 1998 Distinguished Public Service Award by the National Tax Executives Institute (TEI), and then the State Board of Equalization named its only major conference room, in its Sacramento headquarters building, the Ernest J. Dronenburg, Jr. Conference Room. He left the State Board of Equalization in 1998 due to the new term limits initiative passed in 1992. In July 1999, Dronenburg was appointed to the San Diego County Board of Education, elected as president of the board in January 2000, re-elected to this position in January 2001 and currently serves as vice president. Since 2003, he has also served as a member of the Regional Board of Directors of the Southern California division of the Salvation Army. He resides in San Diego County, California.

Leonard W. Glass, MD

Dr. Glass received his medical degree from the University of Maryland in 1961, completed his general surgery residency at the University of Maryland from 1962 through 1966, and completed his plastic surgery residency at the University of Michigan from 1968 through 1970. Dr. Glass served as a captain in the Army during the Vietnam War as a surgeon and as chief of surgery in MASH hospitals. Glass, who retired from the practice of medicine in 2005, was licensed to practice medicine by the State of California, and received board certifications from the American Board of Surgery and American Board of Plastic Surgery. He was a professor of plastic surgery at the University of California, San Diego, a consultant to the California Medical Board and DexCom, Inc., and a member of the San Diego County Medical Society, California Society of Plastic Surgeons, American Society of Plastic Surgeons and American Society for Aesthetic Plastic Surgery. He resides in San Diego, California.

Doctors and industry professionals who would like to discuss the advantages of Tulip BioMed's products are encouraged to call the company at 800-978-8547.

About Tulip BioMed, Inc.

Tulip BioMed, Inc. (PINKSHEETS: TPBD), a Nevada corporation, has its operations based in San Diego, California. Founded in 2004, Tulip BioMed, Inc. is a medical devices company that manufactures and distributes patented technologies for the living tissue markets, including plastic and cosmetic surgery, biopsy, orthopedic surgery, and stem cell therapy. Tulip BioMed, Inc. is the exclusive licensee of patented syringe connection devices that use the worldwide recognized "Tulip" brand name. Tulip BioMed, Inc. manufactures, markets, and distributes medical devices, adapted with these and other patented technologies, to physicians, clinics, military, health organizations, hospitals and other distribution outlets. For more information please visit our website at: www.tulipbiomed.com. Products are available for sale at www.tulipdisposable.com.

Safe Harbor: This press release contains certain forward-looking information about Tulip BioMed, Inc., which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tulip BioMed, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy. We are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission. We trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities. Readers are cautioned not to place undue reliance on these forward-looking statements. Tulip BioMed, Inc. does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact Information

  • CONTACT:

    Premier Funding Service
    Kelly Black
    President
    Email Contact

    Heather Kerwin
    Investor Relations
    Email Contact

    (480) 649-8224 Office
    (480) 898-0406 Fax

    For legal matters, please contact:

    THE KRUEGER GROUP, LLP
    Attention: Blair Krueger, Esq.
    Managing Partner
    La Jolla Law Building
    5771 La Jolla Boulevard
    La Jolla, California 92037
    Telephone: (858) 729-9997
    Facsimile: (858) 729-9995