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SHAREHOLDERS APPROVE DOMESTICATION OF BIOJECT TO U.S.; NEEDLE-FREE INJECTION MANAGEMENT SYSTEM IS READIED FOR SALE

 PORTLAND, Ore., Nov. 30 ~PRNewswire~ -- Shareholders of Bioject Medical Systems Ltd. (NASDAQ: BJCTF) approved a plan Nov. 20 to redomesticate the company to Oregon, the company said today. The company is currently incorporated in Vancouver, British Columbia, and its operating subsidiary, Bioject Inc., is incorporated in the state of Oregon. The Plan of Arrangement received approval at the company's annual general meeting which was held in Portland.
 The Plan of Arrangement is expected to receive approval from the Supreme Court of British Columbia in December, after which a new Oregon company, known as Bioject Medical Technologies Inc., will become the ultimate parent entity of the company and Bioject Inc. The Plan of Arrangement provides that each current shareholder of the company shall exchange their shares of company stock for shares of Bioject Medical Technologies Inc. The shares of Bioject Medical Technologies Inc. common stock will be traded on NASDAQ instead of the company's common stock. The new trading symbol is anticipated to be "BJCT" and will be confirmed once the Arrangement becomes effective. The effective date of the Plan of Arrangement is scheduled for mid-December 1992.
 Other actions taken by the shareholders included reelection of the board of directors, appointment of Arthur Andersen & Co. as independent accountants, and approval of amendments to the company's stock option plans.
 In reporting to shareholders, Richard Hollis, executive vice president and chief operating officer, indicated that field evaluations of Bioject's new needle-free injection management system, the Biojector 2000, have been completed. He also reported that manufacturing has begun to build inventory and that direct sales will begin in the fourth quarter with momentum building in the first quarter of fiscal year 1994.
 "We will build our revenues in calendar year 1993 with the introduction of the Biojector 2000," reported Carl Wilcox, president and chief executive officer. "In 1994, we anticipate significant revenue contributions from international sales as well as from our first prefilled configuration agreements. By 1995, we are targeting revenues from new technology product sales, including those from our joint development and marketing agreement with Eli Lilly and company."
 Bioject officials indicated during the meeting that its goal is to realize $100 million in annual revenues by the year 2000.
 -0- 11~30~92
 ~CONTACT: Dan Zenka or Tim Justice of Bioject, 503-639-7221~
 (BJCTF)


CO: Bioject Inc.; Bioject Medical Systems Ltd.; Bioject Medical
 Technologies Inc. ST: Oregon, British Columbia IN: MTC SU:


SW-LM -- SE001 -- 4008 11~30~92 08:10 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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