Bio-Plexus Names New CEO Launches Next Phase of Strategic Plan With Capital Infusion.

VERNON, Conn.--(BW HealthWire)--Sept. 28, 1999--

Bio-Plexus has named Carl R. Sahi, 43, president and chief executive officer, effective immediately.

Richard L. Higgins is retiring from the post. Higgins commented, "I am excited that Carl Sahi has accepted this position. For the last two years, our mission was to get the company on solid financial footing. We have succeeded in this phase of our strategic plan, I am delighted to pass the baton to Carl, and will assist him in the transition through the end of this year," he said. Mr. Higgins will remain on the Board of Directors and he will assume the position of Treasurer.

Bio-Plexus also announced a $17.5 million dollar commitment from Appaloosa Management, L.P, of Chatham, New Jersey. The financing consists of $16.75 million zero-coupon secured notes, convertible into 5.6 million shares, and a 250,000 share equity investment, plus additional warrants. Appaloosa manages investment partnerships with combined capital of $1.7 billion. "Bio-Plexus successfully competes with much larger entities, and we are confident that this infusion of capital will give the company the leverage it needs to become a major competitor in the bio-medical market," said Richard Ribakove, Chairman of the Board of Directors at Bio-Plexus. "This financing package will permit us to fully implement the growth stage of our strategic plan. We are now poised to deliver on our commitment to shareholders by offering a broader and fuller line of safety products to meet market and healthcare worker demands," he concluded. The financing is subject to shareholder approval and is expected to be completed by year end.

Bio-Plexus founder and incoming President and CEO Carl Sahi commented, "This is an incredibly exciting time in the history of Bio-Plexus. From its inception, Bio-Plexus made a commitment to safety and we continue to be a leader in setting the standard. Now that a national safety mandate appears imminent, we have the technology - and the financial means - to deliver that technology to all healthcare workers. Proceeds of the funding will include launching new safety needle products, expanded sales and marketing resources, and increased production capacity. The needle market's shift to safety products, driven by regulatory changes, provides opportunity for dramatic growth to Bio-Plexus and this additional funding is key to recognizing our sales and earnings potential," Sahi concluded.

Bio-Plexus, Inc. (NASDAQ: BPLX), designs, develops, manufactures, markets, and holds U.S. and international patents on safety medical needles and other products under the PUNCTUR-GUARD(R), DROP-IT(R) and PUNCTUR-GUARD REVOLUTION(TM) brand names. In a Centers for Disease Control study, Punctur-Guard Blood Collection Needles were found to reduce the rate of accidental needlesticks among healthcare workers by 76%, the highest rate of any device studied. Accidental needlesticks number about one million per year in the United States and can result in the transmission of deadly diseases including HIV and Hepatitis B and C.

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