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CLX Medical, Inc. Announces Long Term Employment Agreement With CEO Vera Leonard MURRIETA, CA--(MARKET WIRE)--Sep 23, 2008 -- CLX Medical, Inc. (OTC BB:CLXN.OB - News), which is
focused on the marketing and distribution of unique medical
diagnostic
testing products, today announced a three year employment
agreement with
Chief Executive Officer Vera Leonard. Ms. Leonard's compensation package includes a combination of a base salary, a schedule of salary increases based on a variety of factors including the company's revenue and profit performance, the granting of restricted common stock, medical coverage, and expense reimbursements. Ms. Leonard's full employment agreement will be filed as an exhibit to the company's annual report for the fiscal year ending September 30, 2008. The employment contract was executed as CLX prepares to close the acquisition of ThyroTest®, a rapid thyroid stimulating hormone (TSH) screening device used for the detection of hypothyroidism in adults, a common thyroid disease. On September 9, 2008, CLX Medical entered into a product purchase agreement with ThyroTec, LLC, the developer of the ThyroTest® device, pursuant to which CLX Medical will acquire from ThryoTec the exclusive, worldwide rights to ThyroTest®. In addition to working to close the transaction, Ms. Leonard and CLX Medical management is focused on the execution of a post-acquisition marketing and distribution plan for ThyroTest®. "I am pleased to have reached agreement on a long term employment agreement with the CLX Medical board and look forward to the successful implementation of our strategy to build value for CLX Medical shareholders," stated Ms. Leonard. "The pending acquisition of ThyroTest® is expected to be a major milestone in our efforts to establish value in the company based on revenues from worldwide sales of this device and additional products that may be distributed in the future." Robert McCoy, chairman of CLX Investment Company, commented, "The Board believes that Ms. Leonard is the right person to implement the marketing and distribution strategy for ThyroTest®, and the execution of this employment agreement, which ties increases in her compensation to the revenue and profit performance of CLX Medical, is the right step for the company at this time. We look forward to seeing the further development of CLX Medical under her leadership." ThyroTest® is FDA cleared and has also achieved CLIA waived status, so the test can be administered in the more than 100,000 CLIA waived doctor's offices in the U.S., as well as in any non-waived laboratory. The simple rapid diagnostic test is a qualitative measurement that allows physicians to screen adult patients for hypothyroidism in approximately ten minutes with a whole blood sample. To sign up to receive information by email directly from CLX Medical, Inc. when new press releases, investor newsletters, SEC filings, or other information is disclosed, please visit http://www.clxinvestments.com/email.php. About CLX Medical, Inc. CLX Medical, Inc. (www.clxmedical.com) holds a 51% equity interest in Zonda, Inc. (www.zondaincusa.com), which has developed several rapid point of care tests for medical and non-medical markets, including a rapid test for chlamydia. CLX has also entered into a definitive agreement to acquire ThyroTest®, a rapid thyroid stimulating hormone (TSH) screening device used for the detection of hypothyroidism in adults, a common thyroid disease. CLX Medical is focused on the successful worldwide distribution of these and any additional products it may acquire or license. All statements included in this release, including statements regarding potential future plans and objectives of CLX Medical, Inc. are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond CLX Medical's control. There can be no assurance that such statements will prove accurate. Actual results and future events could differ materially from those anticipated in such statements depending on many factors. Historical results are not necessarily indicative of future performance. Contact: Contact:
Gemini Financial Communications, Inc.
A. Beyer
951-677-8073
Email Contact
Source: CLX Medical, Inc.
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