Message #17 From:
Stock News Bot Date: December 22, 2005 04:07:00 AM
MCDG News CORRECTING and REPLACING Molecular Changes Its Name to CytoCorp
CHICAGO--(BUSINESS WIRE)--Dec. 22, 2005--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
MOLECULAR CHANGES ITS NAME TO CYTOCORP
Molecular Diagnostics, Inc. (OTCBB: MCDG) announced today that it is changing its name to CytoCorp, Inc. The Company's Board approved the name change during the recent December Board meeting. The Company will be "doing business as" CytoCorp, Inc. until the name is officially ratified by a vote of the shareholders at the annual shareholders meeting in 2006.
CEO David Weissberg stated: "We wanted to change the Company name for several important reasons. First, we wanted to demonstrate that this is a new beginning for the Company, free of stigma of mistakes and issues with past management. A tremendous amount of progress has been made in a very short period in each of the key areas with the new team, and we want the sector and investment community to look at us like a new company. Second, we are not a diagnostics company, we are a screening company, and from time to time there has been confusion with the previous name and our product's mission. In addition to our InPath System which screens for cervical cancer, we believe with our AIPS platform, we can become a leading screening company supporting a broad range of bio-markers. As the Company is moving forward, we are attracting substantial new partnering possibilities. We believe that this new name better represents our technology and developing opportunities."
The Company will continue to operate with the same stock symbol, MCDG.OB, until the Shareholders meeting at which time a new symbol will be acquired.
About CytoCorp, Inc.
CytoCorp develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, gastrointestinal, and other cancers. The InPath(TM) System is being developed to provide medical practitioners with a highly accurate, low-cost, cervical cancer screening system that can be integrated into existing medical models or at the point-of-care.
Certain statements in this release are forward-looking. These statements are based on CytoCorp's current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate CytoCorp's expectations with respect to the InPath(TM) System, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Actual results may differ materially from CytoCorp's current expectations depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2004 and its Quarterly Reports on Form 10-QSB for the quarters ended March 31, 2005 and June 30, 2005. Except as expressly required by law, CytoCorp undertakes no obligation to publicly update or revise any forward-looking statements contained herein.
