SOURCE: XTend Medical Corporation

October 04, 2010 09:00 ET

Xtend Medical Corporation (XMDC) Confirms Acquisition of the BioHarp Assets

SUN VALLEY, CA--(Marketwire - October 4, 2010) -  XTend Medical Corporation (PINKSHEETS: XMDC), a company that specializes in delivering life-changing medical technology to healthcare organizations globally, has successfully acquired the BioHarp Assets from Mr. Sang M. Lee and U&I Bio-Tech, Inc., as provided in the Asset Purchase Agreement that the parties signed on December 9, 2009. XTend's representatives and Mr. Lee completed the acquisition last Thursday, September 30, 2010, through a mediation proceeding in the Delaware Chancery Court.

The company released the following statement, "We are delighted that the mediation last Thursday was successful. Through the assistance of our litigation counsel, Mr. John Holcomb of Knobbe, Martens, Olson & Bear, LLP and Mr. David Teklits of Morris, Nichols, Arsht & Tunnell LLP, along with the wisdom and guidance of the mediator, Master Sam Glasscock III of the Delaware Chancery Court, XTend has finally secured the BioHarp assets, including the BioHarp patents and other intellectual property. XTend now can move forward with its plans to manufacture and commercialize the BioHarp technology so that the company can capitalize on the healthcare, veterinary, and horticulture industries. The company is eager to make sales in Korea, Japan, China, and the U.S. as quickly as possible. Additionally, XTend will work to complete audited financials expeditiously in order to become a fully reporting company. The company anticipates being listed on a higher exchange within the first quarter of 2011. Finally, the company would like to thank its loyal shareholders for their patience while this BioHarp acquisition process has progressed. The company is confident in its future as a leader in the medical technology sector."

About XTend Medical

XTend Medical Corporation is a company that specializes in the sale, manufacturing, and distribution of the latest in medical devices and telemedicine solutions for the healthcare industry. The company is dedicated to insuring that the products and services that it offers to healthcare organizations, third-world countries, and physician groups are at the forefront of medical technology. XTend's recent acquisition of the BioHarp medical device will assist the company in becoming known as a leader in the healthcare sector globally. For further information, please contact the company at or visit its website at

Forward-Looking Statements

This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.

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