Sharps Technology Completes Acquisition of Safegard Medical Syringe Manufacturing Facility
July 14 2022 - 04:05PM
Sharps Technology, Inc. (the “Company”) (NASDAQ: “STSS” and
“STSSW”), an innovative medical device company offering patented,
best-in-class, single use smart safety syringe products, is pleased
to announce the Company completed its acquisition of Safegard
Medical’s syringe manufacturing facility in Hungary.
“The acquisition of our first manufacturing
facility is an important milestone in our transformation from an
R&D-focused enterprise to revenue-generating commercial
operations,” stated Robert Hayes, CEO of Sharps Technology. “With
the acquisition now complete, with the addition of further assembly
and manufacturing capacity, our team is confident we can deliver
world class products to meet the strong and growing demand for
smart safety syringes, a market forecasted to reach $14 billion
globally by 2026.”
Production of Sharps Technology’s patented
syringes, which comply with US regulatory and WHO guidelines, is
anticipated to commence the end of this quarter at the newly
acquired ISO-certified, CE-Mark approved, FDA-cleared facility.
Under the terms of the original purchase agreement, signed in June
2020, Sharps Technology was contractually provided exclusive use of
the facility for research and development prior to closing the
acquisition.
Sharps Technology’s smart safety syringes are
designed to eliminate accidental needlestick injuries, prevent
needle reuse, and significantly reduce wasted vaccines and medicine
while retaining the intuitive simplicity of traditional syringes.
The Company’s expanding line of syringe products, which includes
the Sharps Provensa Ultra-Low Waste™ syringes, are an attractive
solution for drug companies seeking to minimize vaccine or drug
waste.
Details of the transaction are available in the
related Form 8-K filed with the U.S. Securities and Exchange
Commission on July 14, 2022.
About Sharps Technology, Inc.
Sharps Technology, Inc. is a medical device
company addressing global issues while engineering a safer future
for healthcare providers and people everywhere through
compassionate innovation. Sharps Provensa™ is the Company’s premier
line of smart safety syringes that eliminate accidental needlestick
injuries, prevent improper needle reuse, and reduce wasted medicine
and vaccines—while retaining the intuitive simplicity of
traditional syringes. Please visit SharpsTechnology.com to learn
more.
Forward-looking Statements
This press release contains “forward-looking
statements” Forward-looking statements reflect our current view
about future events. When used in this press release, the words
“anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,”
“plan,” or the negative of these terms and similar expressions, as
they relate to us or our management, identify forward-looking
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statements contained in this press release relating to our business
strategy, our future operating results and liquidity and capital
resources outlook. Forward-looking statements are based on our
current expectations and assumptions regarding our business, the
economy and other future conditions. Because forward–looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. They are
neither statements of historical fact nor guarantees of assurance
of future performance. We caution you therefore against relying on
any of these forward-looking statements. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation, our ability
to raise capital to fund continuing operations; our ability to
protect our intellectual property rights; the impact of any
infringement actions or other litigation brought against us;
competition from other providers and products; our ability to
develop and commercialize products and services; changes in
government regulation; our ability to complete capital raising
transactions; and other factors relating to our industry, our
operations and results of operations. Actual results may differ
significantly from those anticipated, believed, estimated,
expected, intended or planned. Factors or events that could cause
our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. We cannot guarantee
future results, levels of activity, performance or achievements.
The Company assumes no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this release.
Investor Relations:
Dave GentryRedChip Companies Inc.1-800-RED-CHIP (733-2447)Or
407-491-4498STSS@redchip.com
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