CORPUS CHRISTI, Texas - (Business Wire) CSMG Technologies, Inc. (OTCBB:
CTGI) President and CEO, Donald S. Robbins issued the following letter to shareholders.
Dear Shareholders,
We are very pleased to report a number of extremely positive developments regarding subsidiary Live Tissue Connect (LTC), in response to a number of calls from shareholders regarding progress since beginning the U.S. LTC surgical device commercialization process two years ago.
In February 2007 we reported moving forward on developing the Live Tissue Connect commercial electrogenerator and instruments. We started to organize the LTC U.S. infrastructure, interview executive personnel and prepared to file for U.S. FDA 510(k) clearance and European CE Mark certification.
Since then we have achieved and completed a number of very key developments and implemented proactive strategies, including the following major milestones:
- Hired internationally recognized and highly experienced medical industry expert as president of LTC Technologies division.
- Hired an outstanding staff of dedicated key design and software engineers, regulatory staff, marketing executives and support staff.
- Opened LTC offices in Goleta, CA (Santa Barbara).
- Added a medical advisory board of internationally recognized surgeons.
- Developed a relationship with Stellartech one of the leading designers of electrosurgey generators to design and manufacture our VAD 400 electrosurgery generator for commercial distribution.
- Contracted with Ventrex to manufacture our LTC disposable instruments.
- Purchased assets and hired key design engineers and regulatory experts from ViR a well-known instrument design company; LTC now has its own in-house disposable instrumentation design capability.
- Added a technical advisory board of leading medical device engineers and experts.
- Presented papers at three international medical conferences.
- We have 31 issued or pending patents worldwide.
- We have identified and completed in Ukraine over 80 surgical procedures that the LTC technology can perform, and the Ukraine surgeons have performed over 10,000 human surgeries in Ukraine hospitals using the prototype technology.
- Developed our LTC electrosurgery generator and two instruments, and importantly, have a pipeline of several new instruments in development.
- LTC has received its ISO 13485:2003 certification for the design and manufacture of Bipolar Forceps Systems.
- In July received U.S. FDA 510(k) clearance for the LTC VAD 400 electrosurgery generator and two instruments.
- Last month, we received CE Mark certification for the VAD 400 and instruments.
- Established six divisions in LTC, each being positioned for license and distribution opportunities. These divisions are: General/GYN- Colon Rectal- Pulmonary- Arthroscopy- Urology- Aesthetics
- Currently building inventories and negotiating with distributors so LTC can enter the commercial markets in January 2009
On the environmentally friendly CleanTech side:
- CSMG recently purchased Carbon Capture Technologies, Inc. (CCTI) which included the worldwide rights to a new state-of-the-art CO2 removal technology developed at the University of Ottawa, Canada.
- We believe this technology uniquely positions CSMG to enter the CO2 removal business for coal fired utility plant’s stack gas emissions.
Since July 2006 we have received and invested over $7 million in Live Tissue Connect, raised by our investment banker, Jessup & Lamont Securities Corporation.
We believe the LTC tissue-welding technology has the ability to revolutionize the $3.5 billion a year surgical procedure market.
We believe, based upon the above milestones, CSMG International (OTCBB: CTGI) is at a major turning point in terms of revenue generation and corporate expansion.
Sincerely,
Donald S. Robbins
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
ROI Group LLC
Michael Dodge, 212-495-0744
mdodge@roiny.com
or
CSMG Technologies, Inc.
Donald S. Robbins, 361-887-7546
President and CEO
or
K. Bruce Jones, 770-955-0409
