Exhibit 99.1
FOR IMMEDIATE RELEASE
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CONTACT:
Investor Relations
Gerri Vance
208-457-9409 ext. 1221
LIFESTREAM TECHNOLOGIES SIGNS AGREEMENT TO SELL
INTELLECTUAL PROPERTY TO LIFENEXUS
LIFESTREAM SEES A BRIGHT FUTURE FOR PERSONAL HEALTH CARD.
POST FALLS, IDAHO--FEBRUARY 8, 2005-- Lifestream Technologies, Inc.
(OTCBB:LFTC), a leading supplier of cholesterol monitors, announced today that
it has assigned the intellectual property of its subsidiary, Secured Interactive
Technologies, to LifeNexus, Inc.
"We are pleased to have this opportunity to receive a benefit from the transfer
of our smart card technology since our current resources are being focused on
our core business," stated Christopher Maus, Lifestream's CEO. "This technology,
which has no material value to the Company, has not been commercialized as
market conditions were not conducive to support the costs related to an
effective rollout. With national attention focused on revamping the healthcare
information system, we believe this sale provides the most favorable opportunity
for Lifestream and its shareholders. LifeNexus has proposed an innovative
approach, a portable medical record in concert with powerful healthcare
financial services, to create a viable opportunity for commercializing this
technology. We look forward to profiting from its success."
"I look forward to working directly with LifeNexus to make this proposition
successful. It brings considerable value to consumers as it is a universal
solution for the portability of medical records," said Maus.
LifeNexus, Inc., is a recently organized, privately-held company focused on the
development and marketing of personal healthcare on a smart card platform
incorporating emergency medical information, emergency medical insurance,
accidental life and other financial products.
Lifestream has entered into an agreement whereby, upon completion of LifeNexus'
financing, Lifestream will receive a 49% equity position in LifeNexus and rights
to the technology will transfer to LifeNexus. Maus is required by LifeNexus to
facilitate the early phase of product development and it has, therefore, entered
into an independent agreement wherein Maus will receive compensation as a member
of the board of directors of LifeNexus. No changes are foreseen in his
responsibilities at Lifestream.
ABOUT LIFESTREAM TECHNOLOGIES
The Company developed and currently markets a line of cholesterol monitors to
consumers and healthcare professionals that provide test results in three
minutes.
The Company's product line aids the health conscious consumer in monitoring
their risk of heart disease. By regularly testing cholesterol at home,
individuals can monitor the benefits of their diet, exercise and/or drug therapy
programs. Monitoring these benefits can support the physician and the
individual's efforts to improve compliance. Lifestream's products also integrate
a smart card reader further supporting compliance by storing test results on an
individual's personal health card for future retrieval, trend analysis and
assessment.
Lifestream's monitors are affordable, hand-held devices that provide users with
accurate results in less than three minutes. The product line has been designed
to accommodate The Data Concern(TM) Personal Health Card(R) allowing multiple
users the ability to store their personal results. Lifestream's products are now
available in pharmacy and retail outlets nationwide. To find retailers that
carry Lifestream's products, go to "Store Locator" on www.knowitforlife.com or
contact Customer Care at 888-954-LIFE. For Company information, visit
www.lifestreamtech.com.
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This news release includes certain forward-looking statements within the meaning
of the safe harbor protections of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, but are not limited to, statements
regarding our current business plans, strategies and objectives that involve
risks and uncertainties, and in particular statements referring to our
expectations for increased market penetration and improved gross margins from
our recently introduced second generation consumer monitors and statements
regarding our expectations that we can obtain necessary additional financing and
investment. These forward-looking statements involve risks and uncertainties
that could cause actual results to differ from anticipated results. The
forward-looking statements are based on our current expectations and what we
believe are reasonable assumptions given our knowledge of the relevant markets;
however, our actual performance, results and achievements could differ
materially from those expressed in, or implied by, these forward-looking
statements. Factors, within and beyond our control, that could cause or
contribute to such differences include, among others, the following: the success
of our capital-raising and cost-cutting efforts, developing and marketing
relatively new medical diagnostic devices, including technological advancements
and innovations; consumer receptivity and preferences; availability,
affordability and coverage terms of private and public medical insurance;
political and regulatory environments and general economic and business
conditions; the effects of our competition; the success of our operating,
marketing and growth initiatives; development and operating costs; the amount
and effectiveness of our advertising and promotional efforts; brand awareness;
the existence of adverse publicity; changes in business strategies or
development plans; quality and experience of our management; availability, terms
and deployment of capital; labor and employee benefit costs; as well as those
factors discussed in our most recent Registration Statement on Form SB-2 filed
January 12, 2005, and in "Item 1 - Business," "Item 6 - Management's Discussion
and Analysis or Plan of Operation," particularly the discussion under "Risk
Factors - Substantial Doubt regarding our Ability to Continue as a Going
Concern" and elsewhere in our most recent Annual Report on Form 10-KSB for our
fiscal year ended June 30, 2004, both filed with the United States Securities
and Exchange Commission. Readers are urged to carefully review and consider the
various disclosures made by us in this report, in the aforementioned Form SB-2
and Form 10-KSB, and those detailed from time to time in our other reports and
filings with the United States Securities and Exchange Commission that attempt
to advise interested parties of the risks and factors that are likely to affect
our business.