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LecTec Corporation Announces Shareholders Meeting to be Held September 22, 2010

^{Published on 2010-06-05 09:35:14 - Market Wire}
 

TEXARKANA, Texas--([ BUSINESS WIRE ])--LecTec Corporation (OTCBB: LECT) announced today that its 2010 annual shareholders meeting will be held on Wednesday, September 22, 2010 at 3:30 pm Central Daylight Time at the Marriott Minneapolis West, 9960 Wayzata Boulevard, St Louis Park, MN 55426 (Hwy 394 & Hwy 169). Shareholders will also be provided the opportunity to listen to the meeting electronically, with details to be provided in the Companya™s Proxy Statement and prior to the annual meeting on its web site. A Proxy Statement describing the matters to be voted upon at the meeting, a Proxy Card enabling shareholders to indicate their vote on each matter and a copy of the Companya™s 2009 Annual Report to Shareholders (including a copy of the Companya™s 2009 Annual Report on Form 10-K) will be mailed to shareholders in August 2010.

About LecTec

LecTec is an intellectual property (aIPa) licensing and holding company with approximately $10,000,000 in cash at March 31, 2010. LecTec holds multiple domestic and international patents based on its original hydrogel patch technology and has also filed for a provisional patent for its hand sanitizer patch. The LecTec hydrogel patch technology allows for a number of potential applications, while its hand sanitizer patch is a consumer product which kills targeted infectious organisms and is intended to be dry, thereby rendering the patch harmless in the event that it is licked, chewed, or exposed to the eye. An initial prototype of the LecTec hand sanitizer patch has been developed. Although LecTec is conducting limited research and development on its hand sanitizer patch, it intends to engage a strategic partner to complete the hand sanitizer patch development and bring it to market. LecTec also has a licensing agreement (aNovartis Agreementa or aAgreementa) with Novartis Consumer Health, Inc. (aNovartisa), which pays royalties to LecTec from time to time, within the terms of the Agreement, based upon a percentage of Novartisa™ net sales of licensed products. LecTec takes legal action as necessary to protect its IP and is currently involved in two patent infringement actions. Finally, LecTec is pursuing a merger/acquisition strategy with the intent to leverage its cash asset and improve shareholder liquidity. The Companya™s website is [ www.lectec.com ].

Cautionary Statements

This press release contains forwarda"looking statements concerning possible or anticipated future results of operations or business developments which are typically preceded by the words abelieves,a awants,a aexpects,a aanticipates,a aintends,a awill,a amay,a ashould,a or similar expressions. Such forward-looking statements are subject to risks and uncertainties, which could cause results or developments to differ materially from those, indicated in the forwarda"looking statements. Such risks and uncertainties include, but are not limited to, the Companya™s dependence on royalty payments from Novartis Consumer Health, Inc., which is selling an adult vapor patch licensed by the Company, the Companya™s dependence on key personnel and Board of Director members, the Companya™s pending patent infringement litigation against Chattem, Inc. (NASDAQ: CHTT) and Prince of Peace Enterprises, Inc., the issuance of new accounting pronouncements, information disseminated on internet message boards from posters expressing opinions that may or may not be factual, the availability of opportunities for license, sale or strategic partner agreements related to patents that the Company holds, limitations on market expansion opportunities, and other risks and uncertainties detailed from time to time in the Companya™s filings with the Securities and Exchange Commission, and particularly as described in the aRisk Factorsa included in our Form 10a"K for the year ended December 31, 2009.