Coronado Industries Receives Canadian Approval for Pneumatic Trabeculoplasty Jun 29, 2006 9:30:00 AM Copyright Business Wire 2006 FOUNTAIN HILLS, Ariz.--(BUSINESS WIRE)--June 29, 2006--
Approval allows for the immediate marketing of Coronado Industries' patented PNT device throughout Canada Ophthalmic International (www.ophthalmicinternational.com), the wholly owned subsidiary of Coronado Industries (OTCBB: CNDO) (www.coronadoindustries.com), announced today the company has been granted a Medical Device License for its Pneumatic Trabeculoplasty (PNT) device by Health Canada.
In making the announcement today, Dr. John W. Sharkey, president of Ophthalmic International, said the company was delighted with the positive decision by Health Canada. "A key component of our core strategy has been to utilize our European 2a CE mark to achieve accelerated approvals in additional markets. Today's announcement is, I believe, a positive reflection on the overall competence and strength of our organization. We anticipate that it will be the first of several upcoming approvals based on the successful execution of our core strategic plan."
Richard Smith, chairman and CEO of Coronado Industries, echoed Dr. Sharkey's sentiments and said that the Canadian approval now opened an attractive new business opportunity for the company and its technology. "With this approval and the successful completion of our ISO 13485 audit, we are now in a strong position to accelerate our negotiations with potential Canadian distributors. Without going into specific detail, I can say that we are evaluating more than one potential distribution model which would allow us to optimize sales in the Canadian market."
Richard Smith added that the company was also in a much better position to initiate strong Key Opinion Development with North American glaucoma experts. "As Dr. Sharkey outlined to investors, at his recent presentation to the Equities Magazine conference in New York City, we have learned from our European experience, that KOL development is an important component in our overall strategy to establish PNT as being essential in glaucoma therapy," he said.
Gary Smith, president of Coronado Industries, said that approval by Health Canada was a timely validation of the company's technology. "When added to our European approval, it should help the company in its efforts to gain access to additional markets, including those in Africa and South America. We are advancing strongly in moving the company toward profitability."
Ophthalmic International is focused on the development and commercialization of its patented procedure as a cost-effective alternative for the treatment of the most common types of glaucoma, which are open angle and pigmentary as well as for the treatment of ocular hypertension.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence on third-party supSpliers, and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
Source: Coronado Industries
---------------------------------------------- Coronado Industries Fountain Hills Bob Smith 480-837-6810 (Investor Relations) or Marston Webb International Victor Webb/Madlene Olson 212-684-6601 (Media)
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