-- Ranked in Top 5
-- Attributes Escalon Medical Corp. to its 4,346% Revenue Growth
WAYNE, Pa., Sept. 14 /PRNewswire/ -- Escalon Medical Corp. (Nasdaq: ESMC)
has been named to Deloitte & Touche's prestigious "Fast 50" Program for
Eastern Pennsylvania, a ranking of the 50 fastest growing technology companies
in the area. Rankings are based on the percentage of growth in revenues from
1995-1999 (five-year period).
Escalon Medical Corp.'s CEO, Richard J. DePiano credits the Company's
success with its strategy of focusing on niche markets as well as its exciting
research and development programs. Revenues significantly increased in both
fiscal 1996 and 1997 as a result of the acquisition of Escalon Ophthalmics
Inc., which was completed in 1996 and grew further in 1999 as a result of the
acquisition of the vascular access business.
Mr. DePiano commented, "We are very pleased to be recognized by
Deloitte & Touche. The strategic repositioning of the Company over the last
few years will allow us to focus on niche products that we own in niche
markets where Escalon can be a leader. Our recent acquisition of Sonomed is
already generating additional revenue growth, as is our vascular access
business. We have also made considerable progress in our research and
development programs. Our recent joint venture with MegaVison to market a
superior digital camera system for ophthalmic use is also moving forward
rapidly. We are about to enter beta testing, with results expected in
October, 2000."
"To attain a listing on the Fast 50 is no easy feat, and we at Deloitte &
Touche congratulate Escalon Medical Corp. for attaining this honor," said Mike
Purcell and Sam Silvers.
Escalon Medical Corp.'s increase in revenues of 4,346% percent over the
five-year period of 1995 to 1999 resulted in a 5th place ranking overall in
the Fast 50 for Eastern Pennsylvania. To qualify for the Fast 50, companies
must have had revenues of at least $50,000 in 1995 and at least $1,000,000 in
1999; must be public or private companies headquartered in Eastern
Pennsylvania; and be "technology companies" defined as a company that produces
technology, manufactures a technology product, is technologically intensive,
uses technology in problem-solving, or devotes a high percentage of effort to
research and development of technology.
Winners of the 21 regional Fast 50 Programs in the United States are
automatically entered in the Deloitte & Touche Technology Fast 500 program,
which ranks the nation's 500 fastest growing technology companies. For more
information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit the
web site at http://www.fast50.com .
About Escalon Medical Corp.
Founded in 1987, Escalon develops, markets and distributes ophthalmic
diagnostic, surgical and pharmaceutical products as well as vascular access
devices. The Company utilizes strategic partnerships to help finance its
development programs and is also seeking acquisitions to further diversify its
product line to achieve critical mass in sales and take better advantage of
the Company's distribution capabilities. Escalon has headquarters in Wayne,
Pennsylvania and manufacturing operations in Long Island, New York and near
Milwaukee, Wisconsin.
About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services
firms, provides assurance and advisory, tax, and management consulting
services through 30,000 people in more than 100 U.S. cities. The Firm is
dedicated to helping our clients and our people excel. Known as an employer
of choice for its innovative human resources programs, Deloitte & Touche has
been recognized as one of the "100 Best Companies to Work for in America" by
Fortune magazine for three consecutive years. Deloitte & Touche is part of
Deloitte Touche Tohmatsu, one of the world's leading professional services
firms, with more than 90,000 people in over 130 countries. For more
information, please visit the web site at http://www.us.deloitte.com .
Note: This press release contains statements that are forward-looking,
including statements about the Company's future prospects. They are based on
the Company's current expectations and are subject to a number of
uncertainties and risks. Actual results may be affected by, among other
things, uncertainties related to recent acquisitions, uncertainties and risks
related to new product development and introduction cycles, research and
development activities, including failure to demonstrate clinical efficacy,
delays by regulatory authorities, scientific and technical advances by the
Company or third parties, introduction of competitive products, third party
reimbursement and physician training. Further information about these and
other relevant risks and uncertainties may be found in the Company's report on
Form 10-K, and its other filings with the Securities and Exchange Commission,
all of which are available from the Commission as well as other sources.
To receive additional information on Escalon Medical Corp., via fax, at no
charge, dial 1-800-PRO-INFO and enter code ESMC.
SOURCE Escalon Medical Corp.
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Related links:
http://www.us.deloitte.com
CONTACT:
Richard J. DePiano, Chairman and CEO of
Escalon Medical Corp., 610-688-6830; or general, Alison Ziegler,
or analyst, Cecelia Heer, or media, Marty Gitlin, all of The
Financial Relations Board, 212-661-8030, for Escalon Medical
Corp.
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