$1 Million Summary Judgment Deposit Returned to Global Med Technologies(R), Inc.
May 21 2007 - 2:10PM
PR Newswire (US)
Return of Deposit Further Strengthens Company's Financial Position
DENVER, May 21 /PRNewswire-FirstCall/ -- Global Med
Technologies(R), Inc. ("Global Med" or the "Company") (OTC:GLOB)
(BULLETIN BOARD: GLOB) , today announced that the Superior Court in
the State of California has returned Global Med's $1.004 million
summary judgment deposit. The return of the deposit, plus
additional accrued interest of $80,000, increases Global Med's cash
balance by $1.084 million. The deposit to the Superior Court was
made on September 1, 2005 and was required in order for Global Med
to proceed with its appeal in the lawsuit against Donnie L. Jackson
(Global Med Technologies, Inc. et al. v. Jackson). The case has now
been remanded for trial as directed in the Appellate Court's
opinion. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO) Global
Med is pleased with the Appellate Court's ruling that the deposit
be returned with interest. The Appellate Court's directive to
remand the case for trial, along with the court's directions, has
increased Global Med's level of confidence in a positive outcome.
The Company is eager to proceed to trial and present the facts. The
Company's Chairman and CEO, Michael I. Ruxin, M.D., stated, "We are
very satisfied with the outcome of this ruling. The return of
$1.084 million from the Superior Court further strengthens the
Company's financial position. The Company now has over $4.5 million
in cash. This represents a significant increase from the $2.554
million in cash as of December 31, 2006 and the $3.013 million in
cash as of March 31, 2007." About Global Med Technologies, Inc.
Global Med Technologies, Inc. is an international e-Health medical
information technology company providing information management
software products and services to the healthcare industry. Its
Wyndgate Technologies division is a leading supplier of information
management systems to U.S. and International blood centers and
hospital transfusion centers. Each year, Wyndgate's products and
services manage more than eight million blood components,
representing over 27% of the U.S. blood supply. Wyndgate's products
are being used in Canada and sub-Saharan Africa, and are being
implemented in the Caribbean. Together, the SafeTrace Tx*(R)
advanced transfusion management system and the SafeTrace(R) donor
management system provide Vein-to-Vein(R) tracking from donor
collection to patient transfusion. For more information about
Global Med's products and services, please call 800-WYNDGATE or
visit http://www.globalmedtech.com/, http://www.peoplemed.com/ and
http://www.wyndgate.com/. This news release may include statements
that constitute forward-looking statements, usually containing the
words "believe," "estimate," "project," "expects" or similar
expressions. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. By making these
forward-looking statements, the Company undertakes no obligation to
update these statements for revisions or changes after the date of
this news release.
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: Global Med Technologies,
Inc. CONTACT: Michael I. Ruxin, M.D., of Global Med Technologies,
Inc., +1-303-238-2000; or Investors, Paul Holm of H.L. Lanzet,
+1-212-888-4570, , for Global Med Technologies, Inc. Web site:
http://www.globalmedtech.com/
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