August 5, 2009 – Medizone Expects OTCBB Listing
Medizone Expects OTCBB Listing
SAN FRANCISCO, Aug 05, 2009 /PRNewswire-FirstCall via COMTEX/ -- Medizone International, Inc. (Pink Sheets: MZEI) announced that a market maker has filed the required documentation to list the company on the Over The Counter Bulletin Board (OTCBB). The company is currently listed as a full SEC reporting company on the Pink Sheets and expects to achieve a listing on the OTCBB before the end of August 2009.
Medizone will hold its annual meeting of shareholders on August 26, 2009 in Reno, Nevada. At the meeting, officials of the company will update shareholders on the company's business and shareholders will vote on matters presented by the proxy statement on file with the Securities and Exchange Commission and made available electronically to the company's shareholders. In addition to voting on the election of directors, for the first time since the company became a public company in 1986 the shareholders will vote to increase the number of shares the company is authorized to issue. As noted in the proxy statement, the company has historically relied on the sale of its common stock to finance its operations and research and development. A modest portion of the newly authorized shares would facilitate the financing of hospital beta testing and initial production of the company's AsepticSure hospital sterilization system. "Importantly," noted Edwin Marshall, CEO of the company, "the availability of increased authorized capital will also give management greater flexibility for strategic development and other transactions."
Marshall further clarified the business strategy, "Medizone is preparing a transition into the hospital beta testing stage. We now expect to begin hospital testing during October using production prototype equipment. We are targeting initial sales before the end of this year with deliveries during the first quarter of 2010 expected to bring the company to a break-even cash flow. Our initial production rates will be kept on the conservative side until the design proves very reliable in the field and a dramatic increase in production would not offer significant risk. At that point in time we will have optimized our strengths as a research and development company and expect to partner with a multinational corporation in the hospital sector for increased manufacturing capacity, sales and service. The target is to achieve profitability moving into mid-year 2010."
Medizone International, Inc., is a research and development company engaged in developing its AsepticSure(TM) technology to decontaminate and sterilize hospital surgical suites, emergency rooms, intensive care units, schools and other critical infrastructure. Current trials will now be expanded to include a hospital mock-up and then hospital beta testing of the production prototype. Initial sales are currently targeted to commence by the end of this year.
This Press Release contains certain forward looking statements that involve substantial risks and uncertainties, including, but not limited to, the results of ongoing clinical studies, economic conditions, product and technology development, production efficiencies, product demand, competitive products, competitive environment, successful testing and government regulatory issues. Additional risks are identified in the company's filings made with the Securities and Exchange Commission.