SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )
Filed by the Registrant x
Filed by a Party other than the Registrant ¨
Check the appropriate box:
| ¨ | Preliminary Proxy Statement |
| ¨ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ¨ | Definitive Proxy Statement |
| x | Definitive Additional Materials |
| ¨ | Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 |
MedPro Safety Products, Inc.
(Name of Registrant as Specified in Its Charter)
Not applicable
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of filing fee (Check the appropriate box):
| x | No fee required. |
| ¨ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
| (1) | Title of each class of securities to which transactions applies: |
| (2) | Aggregate number of securities to which transaction applies: |
(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
| (4) | Proposed maximum aggregate value of transaction: |
| (5) | Total fee paid: |
¨ Fee paid previously with preliminary materials.
¨ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.
| (1) | Amount previously paid: |
| (2) | Form, Schedule or Registration Statement no.: |
| (3) | Filing Party: |
| (4) | Date Filed: |
Shareholder Letter
July 2010
To our shareholders:
Challenging economic times continued to be the reality for many businesses during 2009. However, this past year was a year of persistent determination on MedPro’s part to solidify our place in the medical device market. I would like to take this opportunity to update you on the Company’s progress and provide you with some insight on our plan for the future.
Most importantly for our shareholders, MedPro is continuing to explore strategies to improve the liquidity and value of MedPro’s common stock. One in seven healthcare workers is accidentally stuck by a contaminated needle each year in the US. This high level of incidence can translate into thousands of dollars or more per case in expenditures for testing follow-up, lost time and disability payments. We are making significant progress to address these problems with the development of our proprietary and patented passive needlestick technology and are well on our way to being a revenue generating company in 2010. Given the structure of our minimum guarantee contracts, our revenue stream is expected to generate substantial margins and will position us to achieve profitability at a relatively low cost to market.
We are also continuing to develop our Winged Safety Blood Collection Set (featured on this year’s annual report cover), and have delivered high quality pre-market prototypes to our customer for evaluation. The Winged Safety Blood Collection Set is a small venous access device used for blood collection. This device will be manufactured, marketed and distributed by Greiner Bio-One.
Our product development team is continuing final product testing of the Tube-Touch blood collection device. This will be the final step required for the market release of this product for human use and the initiation of high volume production for market distribution in 2010. We have entered into additional agreements to acquire supplementary sharps safety products and patents.
We have also signed a component development agreement with Helvoet Pharma. This agreement is an initial step toward the launch of what we believe to be a unique and transformational prefilled safety drug delivery device. Coupled with the fillable safety syringe and IV catheter device, our prefilled device will broaden our product penetration into all segments of the sharps safety market. The market for prefilled drug delivery represents the fast growing global segment in our total market space. We believe the combination of strong product intellectual property, unique and fully passive technology, and world class development partners will offer MedPro the opportunity to be a widely recognized player in this market segment.
Staying with our business model, we continue to expand our patent portfolio as we push the development of our current products. Our Board has provided us with a wealth of experience and knowledge in guiding us towards the achievement of our goals. The team here works daily to fulfill our commitment to provide shareholders with a profitable investment opportunity. Your commitment to MedPro is more important today than ever, and we thank you for your continued support.
Best Regards,
 |
| Craig Turner |
| Chairman and CEO |
| MedPro Safety Products, Inc. |