ACTON, Mass., Jan. 31, 2017 /PRNewswire/ -- Psychemedics
Corporation (NASDAQ: PMD) today announced that recent volatility in
its stock price on January 31, 2017
appears to have been caused by a news report of a court ruling in
Brazil involving Psychemedics
Brasil.
Psychemedics Brasil is an independent distributor of
Psychemedics Corporation's hair testing services in Brazil, and Psychemedics Corporation has no
ownership interest in Psychemedics Brasil. Psychemedics
Corporation is not involved in the lawsuit, and was not made aware
of the court ruling until it was publicly released today.
Psychemedics Brasil has been a distributor of Psychemedics
Corporation's hair testing services for more than fifteen years,
and will be appealing the court's ruling. We expect that our
business in Brazil will continue
as usual.
Psychemedics Corporation is the world's largest provider of hair
testing for the detection of drugs of abuse. The Company's patented
process is used by thousands of U.S. and international clients,
including over 10% of the Fortune 500 companies, for pre-employment
and random drug testing. Major police departments, Federal Reserve
Banks, schools, and other public entities also rely on our unique
patented drug testing process. We strongly believe our drug testing
method to be superior to any other product currently in use,
including traditional urine testing and other hair testing
methods.
The Psychemedics web site is www.psychemedics.com
Cautionary Statement for purposes of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of
1995: From time to time, information provided by Psychemedics
may contain forward-looking information that involves risks and
uncertainties. In particular, statements contained in this
release that are not historical facts (including but not limited to
statements concerning earnings, earnings per share, revenues, cash
flows, dividends, future business, growth opportunities,
profitability, pricing, new accounts, customer base, market share,
test volume, sales and marketing strategies, U.S. and foreign drug
testing laws and regulations and the enforcement of such laws and
regulations, required investments in plant, equipment and people
and new test development) may be "forward looking"
statements. Actual results may differ from those stated in
any forward-looking statements. Factors that may cause such
differences include but are not limited to risks associated with
the development of markets for new products and services offered,
costs of capacity expansion, U.S. and foreign government
regulation, including but not limited to FDA regulations, Brazilian
laws and regulations, proposed laws and regulations, R&D
spending, competition (including, without limitation, competition
from other companies pursuing the same growth
opportunities) and general economic conditions and other
factors disclosed in the Company's filings with the Securities and
Exchange Commission. The forward-looking statements contained
herein speak only of the Company's expectations as of the date of
this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company's expectations or any change in events, conditions, or
circumstances on which any such statement is based.
Contact:
Neil Lerner
Vice President of Finance
(978) 206-8220
Neill@psychemedics.com
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SOURCE Psychemedics Corporation