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PROCYTE
NAMED A DELOITTE & TOUCHE WASHINGTON STATE
“TECHNOLOGY FAST 50” COMPANY FOR THIRD STRAIGHT YEAR
Redmond, Wash.—September 23, 2003—ProCyte Corporation (OTCBB: PRCY.OB), maker
of the innovative Neova® Therapy line of skin-care
products based on GHK Copper Peptide Complex™ for the dermatology and
cosmetic surgery markets, today announced
that it has been included in the Deloitte & Touche 2003 Washington State
Technology Fast 50. Rankings are based on percentage revenue
growth over the five-year period of 1998-2002. ProCyte achieved revenue
growth of 368 percent during this
period as well as its first year of net earnings in Company history.
ProCyte Chairman and Chief Executive Officer Jack Clifford said, “Despite a difficult
global economic environment, ProCyte has earned recognition as a
Washington State Technology Fast 50 company for the third straight
year. We are very proud to have not only successfully grown our revenue
in 2002, but also remained cash positive during these difficult times.”
According to Larry Hile, Technology, Media, & Telecommunications, Partner of Deloitte &
Touche’s Washington State Technology Fast 50, “To succeed during
prosperous times is one thing; to succeed in adversity is much more
challenging, and that’s exactly what the Deloitte & Touche Technology
Fast 50 winners have done. We applaud ProCyte Corporation for its
tremendous accomplishments during economically challenging times and for
being one of the elite Fast 50 companies in Washington.”
Fast 50 Selection and Qualifications
To qualify for the Technology Fast 50, companies must have
had operating revenues of at least $50,000 in 1998 and $1,000,000 in
2002 and must be public or private companies headquartered in North
America. They must additionally qualify as a "technology company," which
is defined as owning proprietary technology that contributes to a
significant portion of the company's operating revenues (using other
companies' technology in a unique way does not qualify); and/or devoting
a significant proportion of revenues to research and development of
technology.
About ProCyte
ProCyte Corporation develops and markets products
based on its patented, clinically proven Copper Peptide technology for
skin health, hair care and wound care. The Company sells directly to
dermatologists, plastic and cosmetic surgeons and through licenses with
strategic partners into the consumer market, including its long-term
worldwide license agreement with Neutrogena®, a Johnson &
Johnson company. ProCyte’s products include VitalCopper™ and Neova®
Anti-Aging Skin Care agents, Complex Cu3®
Post-Procedure Skin Care, GraftCyte® Hair Transplant Care and
Tricomin® Advanced Care for Thinning Hair. The Company also
has the exclusive distribution rights for Quadrinone®
technology in the U.S., Canada and Puerto Rico. Additional information
is available by visiting the Company’s website at www.procyte.com.
About Deloitte & Touche
Deloitte & Touche, one of the nation’s leading
professional services firms, provides assurance and advisory, tax, and
management consulting services through nearly 30,000 people in more than
80 U.S. cities. Deloitte & Touche refers to Deloitte & Touche LLP and
related entities. Deloitte & Touche is the U.S. national practice of
Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein,
and each of its national practices is a separate and independent legal
entity. For more information, please visit Deloitte & Touche’s web site
at www.deloitte.com/us.
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This release may contain forward-looking statements relating to the research,
development, commercialization, production, marketing and distribution
of the Company's products and future operating results, which are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected. The words “believe,” “expect,” “intend,”
“anticipate,” variations of such words, and similar expressions
identify forward-looking statements, but their absence does not mean that
the statement is not forward-looking. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Factors
that could affect the Company’s actual results include its ability to
develop, commercialize and produce new products; the market acceptance
of existing and potential future products; the availability, cost and
timely delivery of materials and services from and performance of
third-party suppliers, manufacturers, distributors, licensees and other
collaborative partners; the satisfaction of regulatory requirements, and
the receipt, timing, terms and conditions of required regulatory
approvals. Reference is made to the Company’s Annual Report on Form
10-K for the year ended December 31, 2002 and its latest Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission
for a more detailed description of such factors. Readers are cautioned
not to place undue reliance on these forward-looking statements, which
speak only as of the date of this release. The Company undertakes no
obligation to publicly update any forward-looking statement to reflect
new information, events or circumstances after the date of this release
or to reflect the occurrence of unanticipated events.
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