SOUTH EASTON, Mass., Oct. 20, 2014 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company") today announced the continued expansion of its global sales outreach with a three-year, exclusive distribution agreement with Powertech Technology Company Ltd ("Powertech"), headquartered in Xiamen, China. Powertech is one of China's most recognized and prestigious distributors of analytical instruments and other equipment to the biotechnology, pharmaceutical, agricultural, environmental, food safety, and commercial testing laboratory markets. Powertech supports its customers with a network of 18 distribution offices, a maintenance center, an applications laboratory, and multiple sub-dealers. Powertech's current business partners include Dupont, GE Healthcare, Sartorius, Zeiss, and Agilent.
Dr. Nathan P. Lawrence, Vice President of Marketing and Sales for PBI, said: "We believe China is the largest single country market for PCT products outside the US. We are thrilled to partner with a company whose reputation and capabilities are as strong as Powertech. Their customer base is large and widespread throughout China, and includes life science and commercial testing laboratories that we believe will want to use our PCT-based products in their proteomic, genomic, and lipidomic studies. Importantly, their customer base also includes agricultural, food safety, and environmental laboratories – the types of facilities we believe will make up the majority of the next wave of potential customers for our PCT-based products."
Dr. Li Ping, Chief Technology Officer of Powertech, said: "We are very pleased to be the exclusive distributor of PBI's PCT product line in China. We have been aware of the important benefits of the PCT Platform in preparing samples for analysis for some time. Consequently, we look forward to introducing the advantages of PCT to our existing customer base, to the overall Chinese life sciences market, and to other markets that we believe can benefit greatly from PCT as well."
Mr. Richard T. Schumacher, President and CEO of PBI, said: "PBI's product revenue has increased significantly over the past two years, including an increase of over 70% in the first half of 2014 alone. It should be noted that these increases included very little revenue from China sales, from sales of the two new instrument systems released earlier this year (Barozyme HT48 and HUB880), and from the recently released and patent-pending micro-Pestle consumable."
Mr. Schumacher continued: "We have given guidance that we believe our product revenue growth will continue for the second half of 2014 and into 2015 as well. Powertech has agreed to very aggressive – but attainable - minimum sales quotas. Constant Systems, our distribution partner for most of the rest of the world (outside of the U.S.) has recently invested heavily into its marketing, sales, and customer support of the PCT product line. We believe that sales of our new Barozyme HT48 and HUB880 instrument systems, as well as our new micro-Pestle consumable, will begin in earnest in the first quarter of 2015. For these and other reasons, we believe that now is an excellent time to be a shareholder in PBI."
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary application development and sales efforts are in the biomarker discovery and forensics areas. Customers also use our products in other areas, such as drug discovery & design, bio-therapeutics characterization, soil & plant biology, vaccine development, histology, and counter-bioterror applications.
Forward Looking Statements
Statements contained in this press release regarding PBI's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
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Richard T. Schumacher, President and CEO (508) 230-1828 (T)
Nathan P. Lawrence, Vice President, Marketing and Sales
SOURCE Pressure BioSciences, Inc.