REDMOND, Wash.--March 3, 2003--SCOLR, Inc. (OTCBB:SCLL) announced it has produced probiotic product for and has commenced initial deliveries to VRI BioMedical Ltd.'s subsidiary, ProBiotic Culture Company Pty Ltd., under a private fermentation contract. Probiotics are beneficial microorganisms used in helping to maintain good intestinal health. First deliveries by SCOLR of the unique VRI probiotic strain used in VRI's PCC(TM) capsules have been produced and are currently available to consumers in the U.S. and South Korea.
Financial details of the contract were not disclosed.
Australia-based VRI BioMedical Ltd. is a strategic research and development company dedicated to the diagnosis and management of immunological dysfunction. VRI has granted worldwide licensing and supply rights for PCC(TM) to a subsidiary of a leading direct-selling corporation which will sell and distribute PCC(TM) under the brand name ProBio PCC(TM) through its global marketing and distribution network.
SCOLR is currently manufacturing an additional supply of ProBio PCC(TM) for distribution to additional Asian countries, including Japan, the world's largest probiotic market, and Taiwan. Product rollout is expected to cover North Asia, Japan, South East Asia and Australasia in 2003.
Leon Ivory, Executive Chairman of VRI BioMedical, said, "In our goal to become a global leader in probiotic research and product development based on scientific and clinical efficacy, we are delighted that this synergistic partnership with SCOLR allows us to provide unique probiotic products with proven benefits to the consumer. We are pleased to partner with SCOLR, a company which shares our philosophy of focusing on quality and the customer."
Stated Steven Moger, Vice President of Operations for SCOLR, "This agreement with VRI heightens the value of our probiotic business and allows SCOLR to more fully utilize its probiotics manufacturing capacity."
Based in Redmond, Washington, SCOLR, Inc. is a biopharmaceutical company leveraging specialized knowledge, proprietary and patented products and technologies such as LiveBac(R) Probiotics and the patented CDT(TM) Controlled Delivery Technology platform to introduce distinctive and novel OTC products, prescription drugs and dietary supplements.
An established leader, SCOLR has provided probiotics since 1983. In 1995, SCOLR introduced LiveBac(R), the first tableted probiotic, offering extended shelf life over encapsulated products without requiring refrigeration. In 2002, SCOLR introduced its patent-pending BIO-tract(TM) G.I., the first tableted probiotic designed to survive gastric acids and deliver its contents to the gastrointestinal tract over 10 hours. Established partnerships with natural products industry companies, pharmaceutical and OTC companies enable SCOLR to co-develop new products and to add value and protection to existing product franchises. For more information on SCOLR, please call 1.800.548.3222 or visit http://www.SCOLR.com/.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the company expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company's ability to continue to successfully market and provide its products and services and maintain their effectiveness, the continuation of the arrangements with the Company's product development partners, the ability of the Company to meet its financial projections, and general economic conditions. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise.