LBWR .085 x .11 NEWS
Labwire Signs 3-Year Agreement Valued at $1.8 Million Annually
Jun 15, 2006 9:00:00 AM
HOUSTON, TX -- (MARKET WIRE) -- 06/15/06 -- Labwire, Inc. (PINKSHEETS: LBWR), a leading provider of employee screening solutions and canine security and surveillance services, announced today that it has entered into an agreement with an international provider of environmental management services. Under the terms of the agreement, Labwire will provide comprehensive employee screening solutions, including: (i) secure and compliant drug testing; (ii) secure employee background screening; and (iii) secure and compliant, real time online data management. The agreement is valued at $1.8 million annually and is for an initial term of three years, with two one-year extensions.
"We are excited to enter into this agreement and to provide our client with what we believe to be the most comprehensive drug testing solution in the world today," commented Mr. Dexter Morris, Chief Executive Officer of Labwire, Inc. "We look forward to providing federal compliance services and ongoing program development and assistance during our clients' projected growth over the coming years."
Labwire's client provides environmental management services worldwide and recently expanded into the United States market. As a result of this expansion and in connection with several of its business segments, Labwire's client requires compliance with the U.S. Department of Transportation's ("DOT") Omnibus Transportation Employee Testing Act of 1991 (the "Act"). The Act, under 49 Code of Federal Regulations Part 40, requires drug and alcohol testing of safety-sensitive transportation employees in aviation, trucking, railroads, mass transit, pipelines, and other transportation industries. Through its comprehensive employee screening services, Labwire will ensure that its client's drug and alcohol testing programs are 100% compliant with DOT rules and regulations.
About Labwire, Inc.
Labwire, Inc. is headquartered in Houston, Texas and provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations via the Labwire(TM) Platform. Labwire(TM) is a proprietary, Web-based application that streamlines the complex regulatory and record management activities associated with employee screening, delivering accurate timely results while eliminating service calls and paper trails. This comprehensive solution to managing employee screening services is the most efficient and cost-effective platform in the industry. For additional information about Labwire, Inc., please visit www.labwire.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
Contact:
James Macdonald
Torrey Hills Capital
858-456-7300
