LPTI Longport Inc (CE)

Company Announces Sale of Scanner to North Carolina Nursing Home Company Signs Distribution Deal with Traveling Medical Services Longport, Inc. (OTC BB: LPTI), a medical technology specialist in high resolution ultrasound imaging, today announced that at its annual shareholders meeting on June 30 that its shareholders had re-elected the existing five members of the Company's board of directors, and increased to 6 million from 3 million the number of shares available in the Company's stock option plan. In addition, management informed the assembled shareholders of the sale of an EPISCAN I-200 to a nursing home in North Carolina and of the signing of a distribution agreement with Traveling Medical Services of Southfield, Michigan. Michael Boyd, CEO of Longport, told shareholders, "The sale of the scanner to the North Carolina nursing home resulted from contact that began at the American Medical Directors' Association Symposium in March, and the deal closed with three months. The 122-bed facility is typical of the homes we are targeting." He also said, "We also recently signed a distribution agreement with Traveling Medical Services. Under that agreement, Traveling Medical will visit nursing homes using the EPISCAN I-200 as part of a pressure ulcer care program. In those cases where it makes medical and financial sense for the home to purchase its own scanner, Traveling Medical will arrange the sale. And for those where such a sale isn't appropriate, the patients will still be treated with Longport's technology in the hands of Traveling Medical's very capable nursing and technical staff." The five members of the board of directors re-elected to another one year term are: -- Dr. Michie Proctor, chairman of the board of directors, who has served in that capacity since June 2003. Over the past 40 years, he has held executive officer and director positions with a number of public and private companies in the medical device industry and the nutraceutical industry as well as other fields. -- Michael C. Boyd, chief executive officer of Longport, has served on the board of directors since 2001. His past employment includes founding TeleSpectrum Worldwide, Inc., President and a director of QVC Network, Inc., as well as senior positions at the Franklin Mint and Lillian Vernon Corporation. -- Paul D. Wilson has been a member of the board since 1999 and has also been Managing Director of Longport International, the Company's UK-based technology marketing subsidiary. -- Paul R. Quintavalle, DPM, was first elected to the board of directors in 2001, and has been engaged in the private practice of podiatric medicine for more than twenty-five years and is the Director of the West Jersey Podiatric Surgical Residency Program. Dr. Quintavalle is a past President of the American Board of Podiatric Surgery. -- Brian W. Clymer, board member since 2001, has been Vice President of External Affairs for Prudential Insurance Company of America since July 1997 and is a former New Jersey State Treasurer, appointed by Governor Whitman and confirmed by the New Jersey Senate. In addition, the shareholders approved a board proposal increasing the number of shares available in the 1999 Stock Option Plan to 6 million from 3 million. As of March 31, 2005, all of the 3 million original options had been awarded and consequently none were available for existing and future employees, directors and consultants. Shareholders agreed with the board that the issuance of stock options is an effective compensation tool both from a perspective of remuneration as well as retention, and voted to approve the proposal. About Longport, Inc. Longport, Inc. of Glen Mills, Pennsylvania, is a medical technology company that specializes in high resolution ultrasound imaging. After several years and a multi-million dollar investment in the technology, Longport has secured patents, copyrights, and FDA permission to market. The Company's technology has been used to engineer a unique high resolution ultrasound imaging system. For further information please contact Longport, Inc. at 1-800-289-6863 or visit our website at www.longportinc.com. About Christie Hospital The Christie Hospital NHS Trust is an internationally recognized comprehensive cancer centre offering high quality diagnosis, treatment and care for the people of Greater Manchester and Cheshire, world class research from the laboratory bench to the patient clinic, education in all aspects of cancer. It is the largest single-site cancer treatment centre in Europe - covering a population of 3.2 million. It has been engaged in cancer treatment for over 100 years and counts among its milestones the first use of Roentgen X-rays in cancer treatment in 1901, radium therapy in 1905, the first clinical trial of a breast cancer drug in 1944, world's first clinical use of tamoxifen for breast cancer in 1970, the world's first use of cultured bone marrow for leukemia treatment in 1986, and the world's first single harvest blood stem-cell transplant in 1991. Forward-looking Information and the Private Securities Litigation Reform Act of 1995 Certain statements in this press release, including statements concerning product development milestones and anticipated events, are "forward-looking statements" within the Private Litigation Reform Act of 1995. Forward Looking Statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect Longport's actual results include, among others, uncertainties as to the Company's ability to manage potential problems, delays or anticipated expenses, including problems, delays or expenses involving manufacturing. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only to the date of this release. Reference is made to Longport's 2004 annual report on Form 10-K filed with the Securities and Exchange Commission for a more definitive description of such factors. Longport, Inc. undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.