This is virtually the same PR that QBID put out, but incase you aren't watching QBID and hadn't checked the news wires...Monday May 10, 9:01 am ET
RENO, Nev.--(BUSINESS WIRE)--May 10, 2004--Jim Holmes, CEO of Lifeline Biotechnologies, Inc., (OTC:LBTT - News) responding to inquiries by shareholders, advised today that management of the Company knows of no valid business or economic reason for the recent decline in the per share price of the Company's common stock.
ADVERTISEMENT
Holmes went on to say, "All markets suffer from volatility, and this is especially true on the Pink Sheets. Our stock has had a long steady climb over the past year with a number of peaks and valleys in between. As most of our investors are aware, Lifeline has been a long time target of short sellers, including large volumes of illegal naked short selling, which over the long haul has been a major contributor as a depressant on the price of our shares. However, also over this period, we have announced some of the most significant achievements in our history, and we believe these bear, to a great degree, in the growth of our share value.
"It was our expectation that our problems with the short sellers would be reduced, and eventually eliminated, when the SEC and NASD issued new rules and regulations to block illegal activities within short selling. It would appear, however, that as of yet these rules have not been effective, because the short abuses have not stopped. As a matter of fact, it appears in some respect they have only gotten worse. For the past three weeks market makers who appear to be most exposed by the short positions in Lifeline stock have extended their illegal activities to selectively excluding the processing of large purchase orders for our stock. We are currently reviewing with legal counsel the steps we can take to deal with these latest activities."
Holmes continued, "By way of review, I would like to reiterate some the major accomplishments that we have communicated to the financial community over the past six months. These include:
1. Our recent R&D accomplishments for our First Warning System(TM) which assists in the early detection of breast cancer. Specifically, Dr. Reeves' discovery that different breast lesions appear to have their own specific chaotic wave forms which have never been seen before. These findings will be the subject of a lecture Dr. Reeves has been asked to give at the upcoming International Conference on Cancer and Rhythm this fall.
"Dr. Louis Keith, the company's medical director, is also an invited speaker to the conference.
"Dr. Reeves has had several clinical papers accepted for publication concerning various critical phases of cancer development that raise several questions about present day detection of breast cancer. The company has prepared several patent applications to protect these new discoveries.
2. Our sales and marketing efforts are reality. We have had two major sales training seminars and now have sales representation in most major medical markets in the US. US product sales orders have been received and shipments have begun.
"As a result of our recent introduction of our MastaScope(TM) at the European Breast Cancer Conference in Hamburg, our International Director of Marketing and Sales, Carlo Micheleti, is attending a special meeting of the Egyptian National Cancer Institute this week to present Lifeline's MastaScope(TM) technology and products. In June he will attend a conference in Croatia and expects several orders. In July, Carlo will attend the InterAmerican Breast Conference in Cancun.
"Further, as a result of attending the Breast Surgeon's Conference in Las Vegas last month, US shipments of MastaScopes(TM) have begun.
"We expect to meet our sales goals and be running at an annual rate of $5 million by the end of this year. This rate of sales could be at a profitable level.
3. Funding - Regarding additional funding, the Company has one firm offer and several pending offers. Senior management will be in New York this week to explore several additional alternative sources.
4. The financial audit is underway and should conclude in June. Following the completion of the audit, management anticipates a filing with the SEC. Once the filing is cleared by the SEC, management expects to apply for a listing on the OTC-BB.
"Though all of the risks are not behind us, our Company is stronger right now than we have ever been. We believe what you are seeing in our share price is a last ditch and desperate attempt by the short sellers to convince our investors that they will win and the company will lose.
"Believe me, they are wrong. We are winning: The signs are all around us. We have struggled for a long time and the results of our efforts are coming to fruition. We will win and the shorts will lose."
Lifeline's website address: www.lbti.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believe," "expects," "projects," "forecasts," "intends," "will," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and subject to the safe harbor created by the Act. All statements contained in the foregoing are forward-looking statements that may involve risks and uncertainties.
--------------------------------------------------------------------------------
Contact:
Lifeline Biotechnologies
Jim Holmes, 775-324-1933
jholmes@lbti.com
or
Stock Enterprises (Investor Relations)
Jim Stock, 866-242-2405
stockenter@aol.com
--------------------------------------------------------------------------------
Source: Lifeline Biotechnologies, Inc.
Source: http://biz.yahoo.com/bw/040510/105440_1.html
------------------
FurrySound
-DD-GLTA-Unless I've quoted a source, I know not what I speak of.