UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES ACT OF 1934
For the quarterly period ended NOVEMBER 30, 2004
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Commission File Number 0-12305
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REPRO-MED SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
NEW YORK 13-3044880
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
24 CARPENTER ROAD, CHESTER, NY 10918
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (845) 469-2042
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Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act during the
past 12 months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the
past 90 days.
Yes ( X ) No ( )
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at November 30, 2004
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Common stock, $.01 par value 24,931,000 shares
REPRO-MED SYSTEMS, INC.
TABLE OF CONTENTS
PART I PAGE
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ITEM 1. Financial Statements
Balance Sheet (Unaudited) - November 30, 2004 and
February 29, 2004 (Audited) ....................................... 3
Statements of Operations (Unaudited) - for the three-months and
nine months ending November 30, 2004 and November 30, 2003 ........ 4
Statements of Cash Flow (Unaudited) - for the nine months
ending November 30, 2004 and 2003 ................................. 5
Notes to Unaudited Financial Statements ........................... 6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations ..................... 6
PART II
ITEM 1. Legal Proceedings ................................................. 11
ITEM 2. Changes in Securities ............................................. 11
ITEM 3. Defaults Upon Senior Securities ................................... 11
ITEM 4. Submission of Matters to a Vote of Security Holders ............... 11
ITEM 5. Other Information ................................................. 11
ITEM 6. Exhibits and Reports on Form 8-K .................................. 11
2
REPRO-MED SYSTEMS, INC.
BALANCE SHEET
NOVEMBER 30, FEBRUARY 29,
2004 2004
ASSETS (UNAUDITED) (AUDITED)
CURRENT ASSETS ----------- -----------
Cash & Cash Equivalents ...................... $ 69,657 $ 219,682
Accounts Receivable, net ..................... 113,499 130,334
Inventory .................................... 382,734 378,982
Prepaid Expenses ............................. 43,712 25,775
----------- -----------
TOTAL CURRENT ASSETS ............................. 609,602 754,773
----------- -----------
EQUIPMENT & OTHER ASSETS
Total Equipment .............................. 1,247,325 1,216,152
Less - Accumulated Depreciation .............. (914,786) (858,417)
----------- -----------
Net Book Value of Equipment .................. 332,539 357,735
Deposits ..................................... 27,652 27,652
Other Assets ................................. 43,063 48,027
----------- -----------
TOTAL EQUIPMENT & OTHER ASSETS ................... 403,254 433,414
----------- -----------
TOTAL ASSETS ..................................... $ 1,012,856 $ 1,188,187
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable ............................. $ 292,534 $ 325,723
Notes Payable to Related Parties ............. 7,000 7,000
Accrued Expenses ............................. 95,963 99,205
Note Payable to Bank ......................... 198,581 198,581
Current Portion Capital Lease Obligations .... 15,381 19,079
----------- -----------
TOTAL CURRENT LIABILITIES .................... 609,459 649,588
OTHER LIABILITIES
Long-Term Portion Capital Lease Obligations .. 13,306 24,846
Deferred Capital Gain Income ................. 320,356 337,215
Long-Term Debt - Notes Payable ............... 450,000 350,000
----------- -----------
TOTAL LIABILITIES ................................ 1,393,121 1,361,649
----------- -----------
STOCKHOLDERS' EQUITY
Preferred Stock, 8% Cumulative $.01 Par Value
Authorized 2,000,000 Shares Issued &
Outstanding 10,000 Shares (liquidation
value $100,000) ............................ 100 100
Common Stock, $.01 Par Value, Authorized
50,000,000 Shares, 24,931,000 shares and
24,531,000 shares issued and outstanding at
November 30, 2004 and February 29, 2004,
Respectively ............................... 249,310 245,310
Additional Paid-in Capital ................... 2,258,711 2,252,711
Accumulated Deficit .......................... (2,746,386) (2,529,583)
Treasury Stock at Cost ....................... (142,000) (142,000)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY ....................... (380,265) (173,462)
----------- -----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY ......... $ 1,012,856 $ 1,188,187
=========== ===========
See Accompanying Notes to Financial Statements
3
REPRO-MED SYSTEMS, INC.
STATEMENTS OF OPERATIONS
UNAUDITED
FOR THE 3 MONTHS ENDED FOR THE 9 MONTHS ENDED
NOV 30, 2004 NOV 30, 2003 NOV 30, 2004 NOV 30, 2003
------------ ------------ ------------ ------------
SALES
Net Sales of Products ............. $ 337,141 $ 380,163 $ 1,211,091 $ 1,189,358
COST AND EXPENSES
Cost of Goods Sold .............. 160,409 178,870 554,068 558,942
Selling, General & Administrative
Expenses ...................... 258,763 237,012 727,999 689,454
Research and Development ........ 10,943 10,563 32,615 31,000
Stock-Based Compensation ........ -- -- 20,000 --
Depreciation and Amortization ... 20,079 20,490 61,334 60,301
------------ ------------ ------------ ------------
TOTAL COST AND EXPENSES ........... 450,194 446,935 1,396,016 1,339,697
------------ ------------ ------------ ------------
(LOSS) FROM OPERATIONS ............ (113,053) (66,772) (184,925) (150,339)
Non-Operating Income (Expense)
Interest (Expense) .............. (15,047) (9,133) (41,057) (25,511)
Interest & Other Income ......... 6,517 5 14,179 400
------------ ------------ ------------ ------------
Remove this ..................... (8,530) (9,128) (26,878) (25,111)
------------ ------------ ------------ ------------
(LOSS) BEFORE INCOME TAXES ........ (121,583) (75,900) (211,803) (175,450)
Provision for Income Taxes ...... 0 0 (1,000) (831)
------------ ------------ ------------ ------------
NET (LOSS) ........................ ($ 121,583) ($ 75,900) ($ 212,803) ($ 176,281)
============ ============ ============ ============
NET (LOSS) PER COMMON SHARE
Primary ......................... ($ 0.01) ($ 0.01) ($ 0.01) ($ 0.01)
Fully Diluted ................... ($ 0.01) ($ 0.01) ($ 0.01) ($ 0.01)
Average Common Shares
Outstanding ..................... 24,931,000 23,554,000 24,876,600 23,529,000
See Accompanying Notes to Financial Statements
4
REPRO-MED SYSTEMS, INC.
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED
UNAUDITED
NOVEMBER 30, NOVEMBER 30,
2004 2004
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CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) ........................................ ($212,803) ($176,281)
Adjustments to reconcile net (loss) to cash
(used) in operating activities:
Stock-Based Compensation ........................ 20,000 2,000
Legal Expenses Charged to Additional
Paid-In Capital ............................... (10,000) --
Depreciation and Amortization ................... 61,333 60,301
Capital Gain - Building Lease ................... (16,859) (16,860)
Decrease in Accounts Receivable ................. 16,835 32,933
Decrease (Increase) in Inventory ................ (3,752) 12,199
Increase in Prepaid Expenses .................... (17,937) (15,230)
(Decrease) Increase in Accounts Payable ......... (33,189) 60,164
Decrease (Increase) in Accrued Expenses ......... (7,242) 22,809
--------- ---------
NET CASH USED IN OPERATIONS ....................... (203,614) (17,965)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in Security Deposit .................... -- 23,500
Capital Expenditures ............................ (31,173) (18,481)
--------- ---------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (31,173) 5,019
--------- ---------
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES
Notes Payable - President and Others ............ 100,000 --
Increase in Notes Payable to Related Parties .... -- 41,000
Preferred Stock Dividend ........................ -- (4,000)
Payments, Increased Obligations on Capitalized
Leases ........................................ (15,238) (23,885)
--------- ---------
CASH FLOW PROVIDED BY FINANCING ACTIVITIES ........ 84,762 13,115
--------- ---------
NET (DECREASE) INCREASE IN CASH ................... (150,025) 169
Cash and Cash Equivalents, beginning of period .... 219,682 16,738
--------- ---------
Cash and Cash Equivalents, end of period .......... $ 69,657 $ 16,907
========= =========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest ........................................ $ 41,057 $ 25,511
Income Taxes .................................... 1,000 831
Non-Cash Investing and Financing Activities:
Preferred Stock Dividend Payable .............. $ 4,000 --
See Accompanying Notes to Financial Statements
5
REPRO-MED SYSTEMS, INC.
NOTES TO THE FINANCIAL STATEMENTS
BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
statements and with instructions to Form 10-QSB. Accordingly, they do not
include all of the information and disclosures required for annual financial
statements. These financial statements should be read in conjunction with the
financial statements and related footnotes for the year ended February 29, 2004
included in the Form 10-KSB for the year then ended.
In the opinion of the Company's management, all adjustments (consisting of
normal recurring accruals) necessary to present fairly the Company's financial
position as of November 30, 2004, and the results of operations and cash flows
for the three and nine month periods ended November 30, 2004 and 2003 have been
included.
The results of operations for the nine-month period ended November 30, 2004, are
not necessarily indicative of the results to be expected for the full year. For
further information, refer to the financial statements and footnotes thereto
included in the Company's Form 10-KSB as filed with the Securities and Exchange
Commission for the year ended February 29, 2004.
In March, 2003, the Company negotiated with the landlord of its Chester, New
York, facility to utilize $27,500 of its security deposit (held by the landlord)
to pay March and April, 2003, rent. The agreement provides for replenishment
within 90 days. At the date of this filing, the security deposit had not been
repaid.
STOCKHOLDERS' EQUITY/NOTES PAYABLE
During the quarter ended May 31, 2004, the company executed note agreements for
$100,000. In connection with the execution of those agreements, the Company is
obligated to issue four shares of its common stock each year for each dollar of
principal borrowed. The Company is obligated to issue 400,000 shares of its
common stock under the agreements. As of November 30, 2004, 185,000 of these
shares have been issued and the remaining 215,000 shares have been reflected as
issued for financial statement purposes.
PART I ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
This Quarterly Report on Form 10-QSB contains certain "forward-looking"
statements (as such term is defined in the Private Securities Litigation Reform
Act of 1995) and information relating to us that are based on the beliefs of the
management, as well as assumptions made by and information currently available.
Our actual results may vary materially from the forward-looking statements made
in this report due to important factors such as, recent operating losses,
uncertainties associated with future operating results, unpredictability related
to Food and Drug Administration regulations, introduction of competitive
products, limited liquidity, reimbursement related risks, government regulation
of the home health care industry, success of the research and development
effort, market acceptance of FREEDOM60, availability of sufficient capital to
continue operations and dependence on key personnel. When
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used in this report, the words "estimate," "project," "believe," "anticipate,"
"intend," "expect" and similar expressions are intended to identify
forward-looking statements. Such statements reflect current views with respect
to future events based on currently available information and are subject to
risks and uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. These statements involve risks and
uncertainties with respect to the ability to raise capital to develop and market
new products, acceptance in the market place of new and existing products,
ability to penetrate new markets, our success in enforcing and obtaining
patents, obtaining required Government approvals and attracting and maintaining
key personnel that could cause the actual results to differ materially.
Repro-Med does not undertake any obligation to release publicly any revision to
these forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
THREE MONTHS ENDED NOVEMBER 30, 2004 VS. 2003
International sales of products in the RES-Q-VAC product line increased 42%
quarter over quarter ended November 30, 2004. However, this was offset by
continued softness in the domestic market where RES-Q-VAC sales declined 37.8%,
resulting in a net increase of 0.1% in RES-Q-VAC sales, quarter over quarter.
Sales in the other core product line, Freedom60, declined 13.6%. Sales in the
non-core product lines, including Gyneco and OEM manufacturing, also declined.
Overall, net sales for the quarter decreased 11.3% to $337,141 in 2004 compared
to net sales of $380,163 in 2003.
The majority (75%) of the decrease between 2003 and 2004 was the result of a
severe decline in sales in the month of October. Based on discussions with our
largest RES-Q-VAC distributor, we believe that this condition was experienced
throughout the industry. There was a substantial rebound in sales by
mid-November.
Gross profit remained nearly constant at 52.4% of net sales, compared to 52.9%
of net sales in 2003.
Selling, general and administrative expense increased by $21,751 in 2004 from
$237,012 in 2003 primarily as the result of increased sales and marketing
expenditures, including direct mail, advertising and exhibitions at trade shows.
Research and development expenses remained nearly level, increasing slightly by
$380 from $10,563 in 2003 to $10,943 in 2004.
Interest expense increased 64.8% ($5,914) due to an increase in loans obtained
through the company's promissory note program.
Other Income increased by $6,512 as the result of insurance refunds received for
premiums paid in the previous fiscal year.
The net loss increased to $121,583 in 2004 compared to a loss of $75,900 in 2003
due to lower sales volume and slightly higher costs.
7
NINE MONTHS ENDED NOVEMBER 30, 2004 VS. 2003
Net sales increased 1.8% to $1,211,091 (2004) from $1,189,358 (2003) for the
nine-month period ending November 30. Supported by a 21.6% increase in
international sales, over-all sales of the RES-Q-VAC increased 13.3% for the
nine-months ended November 30, 2004 vs. the nine-months ended November 30, 2003.
Sales of products in the Freedom60 line increased 6.2% during the same time
period. Sales increases in the two core product lines were offset by a 45.1%
decrease in non-core products, including Gyneco and OEM manufacturing.
Gross profit increased to 54.3% of net sales in 2004 from 53.0% in 2003.
Selling, general and administrative expense increased by $38,545 in 2004 from
$689,454 in 2003 primarily as the result of increased sales and marketing
expenditures, including direct mail, advertising and exhibitions at trade shows.
Research and development expenses increased $1,615 from 2003 to 2004.
Depreciation and amortization expense increased by $1,033 period over period as
the result of equipment purchases during the past year.
Interest expense increased 60.9% ($15,546) as a result of an increase in loans
obtained through the company's promissory note program.
Other income increased $13,779, period over period, largely as the result of
refunds of insurance premiums paid in a prior fiscal year and the reduction of
an accrued, but unpaid, expense incurred in a prior fiscal year.
The net loss increased to $212,803 in for the nine-months ended November 30,
2004, compared to a loss of 176,281 in the same period of 2003.
LIQUIDITY AND CAPITAL RESOURCES
During June 2000, we negotiated a $200,000 line of credit with M&T Bank that is
guaranteed by the President and one of the directors. As of November 30, 2004,
$198,581 has been advanced on the line of credit. Although the line expired on
June 30, 2002, the bank verbally extended the line through June 30, 2003. We are
requesting the bank to extend the line for another six months. We have not
received a demand for repayment of the loan and continue to make interest
payments.
Commencing in mid-February, 2004, we started raising capital from a promissory
note and stock offering which raised $225,000 by the end of the fiscal year
ended February 29, 2004. This five-year promissory note pays 2% over prime plus
four shares of common stock per year for every year the loan is in place. We
received an additional $100,000 under the same program in the first quarter of
fiscal year 2005. Another $25,000 was raised in the first quarter of 2003 under
similar terms.
We continue to work towards improving cash flow and have several opportunities
to improve sales of our key products, RES-Q-VAC and FREEDOM60. We have expanded
our sales efforts in several areas.
8
RES-Q-VAC
We have added several features to the RES-Q-VAC which make the product much more
interesting not only in the current markets but in several new markets as well.
The first of these improvements is the addition of FULL STOP PROTECTION (FSP) to
the RES-Q-VAC, which protects the users from any contamination from overflow and
traps all pathogens inside the suction container. This feature is also a
requirement of the Occupational Safety and Health Administration under OSHA
29CFR 1910.1030 - Occupational Exposure to Bloodborne Pathogens. The RES-Q-VAC
is the only hand-held non-electric suction system with sterile catheters for
infants, large catheters for adults, and meets the intent of the OSHA
requirements with the FSP device. The Company has received a letter from OSHA
confirming that the Full Stop Protector falls under the engineering controls of
the Bloodborne Pathogen regulation and therefore would be required by any
employer of medical personnel to protect their employees from potentially
infectious materials. The Centers for Disease Control in Atlanta have issued
guidelines for medical personnel for the treatment of patients with SARS which
include the recommendation to employ suction devices containing HEPA type
filtration on the output to prevent the spread of this disease. We believe
RES-Q-VAC is the only hand-held portable suction system which meets this
requirement.
We have also added new sturdier connectors to our pediatric catheters, which
allow them to connect directly to the adult containers with FSP. These
connectors allow pediatric suctioning with the benefit of the full protection
FSP device as well as with sterile catheters. These improved features come at a
lower cost for the user, and a more compact kit for easier transport. Many
infants are born with contagious diseases and the new system eliminates this
concern among paramedics during an emergency delivery. The adult large bore
yankuer is also fitted with an improved connector, for easier changeability and
convenience.
We have begun upgrading our RES-Q-VAC distribution channels by selecting key
distributors to work with as master distribution outlets. The domestic emergency
medical market has softened due to a decrease in Federal reimbursement to state
and city regional areas. We have concluded that we can have more effective
market penetration with major master distributors who will have much greater
sales volume and be able to better support our products. In the domestic market,
there are currently two major distributors who have expressed interest in
working with us in this capacity, and we are moving aggressively towards
finalizing these arrangements.
We are also moving to consolidate international RES-Q-VAC distribution, as well,
by selecting one or two master distributors in each country. We already have
master distribution in Norway, Sweden, Denmark, Iceland, Finland, Estonia,
Latvia, and Lithuania. We are currently negotiating single-point distribution in
Italy and the United Kingdom. We believe that one main distributor will be more
predisposed to advertising, promotion, and building the product franchise in
each market. In return, we will be able work more closely with the distributors
and be able to hold them accountable for the sales in each region.
We have begun a major sales effort into the nursing home market for the
RES-Q-VAC. The features of Full Stop Protection to meet OSHA requirements,
sterile catheters, and the ability of RES-Q-VAC to work during extended power
outages, have created a receptive market, especially in regions which recently
have had major power outages, such as Florida with the recent hurricanes and the
blackout in the Northeast. Patients on ventilators, tracheotomy patients,
elderly with swallowing disorders, stroke, heart attack, choke victims--all may
9
need prompt effective suctioning wherever they are and for whom RES-Q-VAC may be
life saving. This includes locations such as dining rooms, recreations areas,
transportation and outdoor activities, among others.
In the third quarter we began advertising as well as an extensive mail and
telephone marketing program to introduce RES-Q-VAC to the nursing home market.
After a one-time mailing to seven states, we have received more than 100 direct
responses, with several being national and regional accounts involving
potentially hundreds of additional nursing homes, and resulting in a number of
new customers during the past several weeks. We plan to continue the mail and
telemarketing to the greatest extent possible with our resources.
Additional new markets we have recently sold into include schools, and
hospital-based respiratory centers. We plan mailings into those markets, as
well. In the school market, we have been informed that any school with a
swimming pool is normally required to have suction equipment available. In
addition, many schools are installing automatic electronic defibrillators
(AED's) for which suction is mandatory in more than 50% of uses for this device.
Our mailings to nursing homes also resulted in some interest by respiratory
centers, and we believe there may be additional sales opportunities in this
market.
FREEDOM60
We recently joined the National Home Infusion Association (NHIA) and begun a
mailing and telemarketing to all their members. This effort has resulted in
several new customers including a large heath maintenance service in Utah, two
centers of a national provider of intravenous services to children, one large
health insurance carrier and one of largest providers of infusion services in
North Florida. The decrease in reimbursement continues to encourage home health
care providers to seek out effective lower cost infusion systems. We have new
trials for Freedom60 in progress and a number of new leads have been generated
from the recent mailings. We also have begun video conferencing to provide
easier, faster and more cost-effective in-servicing and training for the
Freedom60.
TRADE SHOWS
We continue to support our products at several trade shows. In October, we
exhibited at EMS Expo in Atlanta, Georgia. In November, we exhibited at Medica
in Dusseldorf, Germany, the world's largest medical products trade show. In
February, 2005, we are scheduled to exhibit at the annual National Home Infusion
Association conference in New Orleans, followed by an exhibition at EMS Today in
Philadelphia in March, 2005. In June, 2005, we will be exhibiting at AMBEX, a
large medical show in the United Kingdom.
OTHER
Our distributor in Europe, Gama Sanitos, is actively engaged in establishing the
Freedom60 as the device of choice for the treatment of post-operative pain
control throughout Europe. We continue to explore the potential of this
application in the domestic market. We are jointly developing several new
products with Gama Sanitos which will enhance the marketability of the
FREEDOM60. We continue to look at developing an elastomeric pump which can be
used for antibiotics, pain, and KVO (Keep Vein Open) therapy. We believe that
for certain applications requiring more fluid volume than 60ml, and for KVO
therapy combined with the FREEDOM60, an elastomeric pump will broaden our
infusion products line offerings and improve sales.
10
Our Freedom60 Syringe Infusion System is in the process of being evaluated by
the Bath Institute of Medical Engineering (BIME) in the United Kingdom for
eventual sale in that market. We have also added new RES-Q-VAC distributors in
several countries including Croatia, Dubai, Turkey, Hong Kong and China as a
result, in part, of our presence at the Medica trade show in Dusseldorf,
Germany, and our ongoing international sales efforts.
We continue to pursue capital investment through debt or equity to increase our
marketing and sales efforts, and to enhance our existing products and add to
product lines.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is neither a party to any material litigation, nor to the knowledge
of the officers and directors of the Company, is there any material litigation
threatened against the Company.
However, It has been brought to management's attention that one of the company's
German distributors has commenced selling a copy, manufactured in China, of our
basic RES-Q-VAC. The distributor has offered to negotiate a legal settlement in
this matter. If a mutually acceptable agreement cannot be reached, we will
consider litigation as an option.
Although we believe that the Chinese copy is inferior in quality and lacks Full
Stop Protection, it is being offered at a lower price and could adversely affect
our sales in international markets.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders of the Company during
the quarter ended November 30, 2004.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
31.1 Certification of Chief Executive Officer and Principal Financial
Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 Certification of Chief Executive Officer and Principal Financial
Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(b) Reports on Form 8-K
None
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934 the Registrant has duly caused this report to be signed on its
behalf by the undersigned; thereunto duly authorized.
REPRO-MED SYSTEMS, INC.
/s/ Andrew I. Sealfon January 14, 2005
---------------------
Andrew I. Sealfon, President, Treasurer,
Chairman of the Board, Director, and
Chief Executive Officer
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