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Posted: OCT 30, 2007
CSMG
Technologies Announces Live Tissue Connect Progress
Corpus Christi, TX, October 30, 2007 -- CSMG Technologies,
Inc., (OTCBB: CTUM
- News),
President and CEO Donald S. Robbins today issued an
update on the most recent developments with subsidiary
Live Tissue Connect (LTC).
“We are extremely pleased to issue this update
and report on several important milestones we have achieved
over the last few months regarding the surgical human
tissue welding technology, being developed by our Live
Tissue Connect subsidiary,” stated Mr. Robbins.
“Our LTC subsidiary has continued to make great
progress over the past three months. The company has
supplied the FDA with information required to support
our recently filed 510k, our products have passed critical
tests and we continue to advance our sales, marketing
options. Presently we are evaluating multiple distribution
options both in the U.S. and internationally,”
continued Mr. Robbins.
LTC’s Frank D’Amelio said, “The LTC
VAD.400 generator has just passed all applicable IEC601
standards and can soon be CE marked by TUV. We are commencing
along a similar path with our disposable instruments.
The group is presently gearing up to start our first
production build of both the LTC generator and the two
LTC disposable instruments during the first quarter
of 2008. We are also making important progress with
respect to tissue-material science research and clinical
veterinary product evaluation options.”
Mr. D’Amelio added, “I have been quite pleased
with the caliber of expertise we are attracting for
all aspects of the company and its pending product launch.”
LTC’s strategy to maximize revenues was to form
six wholly-owned LTC medical procedure-specific subsidiaries,
announced in May, is proving opportune and timely. In
essence, management is certain that by creating these
separate subsidiaries, it will maximize LTC's ability
to enter into more lucrative and focused marketing agreements,
partnerships, joint ventures, or other types of arrangements.
The targeted surgical specialty and the related newly-established
subsidiaries are:
- Gynecology and General Surgery (GSG Medical Group)
- Orthopedics & Arthroscopy (Orthopedic Tissue Sciences)
- Colon Rectal Surgeries (Colorectal Connection Management)
- Pulmonary/lung (Pulmonary Sealing Sciences)
- Urology (Urological Tissue Welding)
- Cosmetic Surgery (Aesthetic Tissue Welding, ATW)
Management is pleased to report that LTC is attracting
interest from many significant medical device companies
and distributors interested in representing, licensing,
and/or marketing some aspect of the LTC technology.
Each LTC wholly-owned subsidiary represents a distinct
manufacturing, marketing, or licensing opportunity,
and represents a major commercial opportunity for our
company. We are confident this approach adds considerable
value to the company.
Looking forward, we have identified 12 procedure-specific
divisions, but only established subsidiaries for the
first six we regard as closest to product and market
completion. This subsidiary structure should enable
us to leverage LTC's R&D across multiple medical
disciplines. As an example, the R&D effort that
went into developing a sealing device for gynecological
arteries and veins might be leveraged into a similar
device for urological procedures though would likely
be different in shape and/or size. This structure also
lets potential marketing partner's select surgical specialties
where they have strong physician relationships and/or
pre-existing distribution channels.
About CSMG Technologies, Inc
LTC's surgical tissue bonding / welding device is a
patented platform technology that bonds and reconnects
human soft tissue through fusion, in contrast with conventional
wound closing devices such as sutures, staples, sealant,
or glues. LTC currently holds a total of approximately
40 patents in the U.S., Australia, Canada, European
Union, Ukraine and other countries.
For information please visit its web site, www.csmgtechinternational.com,
for international operations, and U.S. site for its
U.S. medical device subsidiary Live Tissue Connect,
www.livetissueconnect.com.
This press release may contain forward-looking
information within the meaning of Section 21E of the
Securities Exchange Act of 1934 as amended (the Exchange
Act), including all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of the company, its directors or its officers
with respect to, among other things: (i) the company's
financing plans; (ii) trends affecting the company's
financial condition or results of operations; (iii)
the company's growth strategy and operating strategy;
and (iv) the declaration and payment of dividends. The
words "may," "would," "will,"
"expect," "estimate," "anticipate,"
"believe," "intend" and similar
expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned
that any such forward-looking statements are not guarantees
of future performance and involve risks and uncertainties,
many of which are beyond the company's ability to control,
and that actual results may differ materially from those
projected in the forward-looking statements as a result
of various factors.
CONTACT:
CSMG Technologies, Inc.
Donald S. Robbins, President and CEO
361-887-7546
or
K. Bruce Jones, 770-955-0409
or
ROI Group Associates, Inc.
Michael Dodge, 212-495-0744
mdodge@roiny.com
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