Retractable Technologies, Inc. Declares Dividends to Series I and II Class B Shareholders
May 11 2010 - 4:52PM
Business Wire
Retractable Technologies, Inc. (NYSE AMEX: RVP) announced today
that its Board of Directors has declared dividends to holders of
Series I Class B and Series II Class B Convertible Preferred Stock
in the amount of $216,000 and $660,555, respectively. Dividends
have accrued at 10% per annum and cover amounts in arrears from
June 30, 2007 through date of conversion or June 30, 2010,
whichever is applicable. The dividends will be paid on July 15,
2010 to shareholders of record as of the close of business on June
30, 2010.
Retractable manufactures and markets safety medical products,
principally VanishPoint® automated retraction safety syringes,
automated retraction blood collection devices, and automated
retraction IV catheters, that virtually eliminate healthcare worker
exposure to accidental needlestick injuries. These revolutionary
devices use patented technology that causes the contaminated needle
to retract automatically, a feature that is designed to prevent
both accidental needlestick injury and device reuse. Retractable
also manufactures and markets Patient Safe® syringes that are
uniquely designed to reduce the risk of bloodstream infections
resulting from catheter hub contamination. Patient Safe®'s unique
luer guard reduces the risk of luer tip contact contamination and
the risk of contamination of intravenous fluid. Retractable's
products are distributed by various specialty and general line
distributors. For more information on Retractable, visit our
website at www.vanishpoint.com.
Forward-looking statements in this press release are made
pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995 and reflect our current views with
respect to future events. We believe that the expectations
reflected in such forward-looking statements are accurate. However,
we cannot assure you that such expectations will materialize. Our
actual future performance could differ materially from such
statements.
Factors that could cause or contribute to such differences
include, but are not limited to: our ability to maintain liquidity;
our maintenance of patent protection; the impact of current
litigation (as it affects our costs as well as market access); our
ability to maintain favorable supplier arrangements and
relationships; our ability to receive royalties from Baiyin Tonsun
Medical Device Co., Ltd.; our ability to quickly increase capacity
in response to an increase in demand; our ability to access the
market; our ability to maintain or lower production costs; our
ability to continue to finance research and development as well as
operations and expansion of production; the increased interest of
larger market players, specifically Becton Dickinson and Company,
in providing devices to the safety market; and other risks and
uncertainties that are detailed from time to time in Retractable's
periodic reports filed with the U.S. Securities and Exchange
Commission.
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