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Emergency Filtration Products, Inc. (EFP) (OTC Bulletin Board: EMFP) today announced that it
will re-acquire a significant portion of the inventory sold to domestic and international distributors in 2006 due to delays associated with the resale of the products by distributors. International product marking regulationsand the company's decision to apply for Federal and Drug Administration (FDA) approval of its NanoMask(R) products - which dictated that the company suspend domestic sales pending approval of the application - were the major contributing factors to the resale delays and problems. The re-acquisition of inventory that resulted in unpaid accounts receivable totals approximately $2,550,000. As a result, accounts receivable as of December 31, 2006 will be decreased by a corresponding amount.
The company also recently learned that one international distributor,
to whom the company had recorded approximately $754,550 of product sales in
the first quarter ended March 31, 2006, would not confirm that a purchase
had ever been made. Since this transaction had been recorded as a sale in
its financial statements for the first three quarters of 2006, the company
has determined that its financial statements for those three quarters can
no longer be relied on and must be restated.
Separately, EFP announced that it accepted the resignation of Douglas
K. Beplate as an officer and director of the company. Mr. Beplate will be
available to the company on a consulting basis.
The company is continuing to make substantial progress in its efforts
to secure authority from the Federal Food and Drug Administration (FDA) to
market the company's NanoMask product in the U.S. and to export it from the
U.S. Following receipt of the company's initial premarket notification in
2006, FDA staff provided the company with a request for additional
information relative to the safety and efficacy of the NanoMask.
At present, the company has submitted seven related testing protocols
for advance review and comment by FDA staff. To date, FDA staff has
returned two of the protocols with favorable reviews. Two more are expected
to be returned this week, and the balance within two weeks. Following FDA
review of the protocols and adjustment if necessary, additional testing
will be conducted. The testing is expected to be completed within
approximately six weeks, after which the company promptly will submit its
response to the agency's request for additional information.
"We will work diligently to resolve all of the outstanding issues
related to 2006 sales transactions, inventory and financial statements,"
said Philip Dascher. "Concurrently, EFP is continuing to focus on obtaining
FDA approval for its NanoMask products, a necessary prerequisite towards
establishing these products in their market." Mr. Dascher went on to add,
"Management will also complete the process of instituting the necessary
systems and controls that will enable the company to succeed at becoming an
important provider of filtration products to governmental, institutional
and retail markets."
About About Emergency Filtration Products, Inc.
EFP is an air filtration products manufacturer whose patented 2H
Technology(TM) filter system has produced filtration efficiencies of
'greater than 99.99%' at a particulate size of 0.027 microns. EFP's initial
products were developed for the medical market: the Vapor Isolation
Valve(TM) and RespAide(R) CPR Isolation Mask used for resuscitation of
respiratory/cardiac arrest cases; and 2H Breathing Circuit Filter for
ventilators, respirators and anesthesia circuitry. Each has received FDA
approval. The Company also markets an Automated External Defibrillator Prep
Kit featuring RespAide; and the NanoMask(R), a nanotechnology enhanced
environmental mask. In addition to filtration products, the company
supplies Superstat(R), a modified hemostatic collagen, to the U.S. Military
for surgery and extreme wound care.
About NanoMask (R)
EFP's nanoparticle-enhanced environmental mask, the NanoMask relies on
the company's core 2H Technology (TM) filtration system, which utilizes a
combination of hydrophobic and hydrophilic filters able to capture, isolate
and or eradicate bacterial and viral microorganisms with efficiencies of
Safe Harbor Statement
This release may contain statements that are forward looking. Such
statements are made based upon current expectations that are subject to
risk and uncertainty. EFP does not undertake to update forward-looking
statements in this news release to reflect actual results of and changes in
assumptions or changes in other factors affecting such forward-looking
information. The actual future results of the company could differ
significantly from such forward-looking statements. Specifically, approval
from the FDA, if attained, may not translate into significant sales of
EFP's products. Sales may be dependent on the success of future marketing
campaigns, and both the perceived need for EFP's products and the
competitive performance of such products in the marketplace.
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