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MedPro Safety Products, Inc.
Symbol:  MPSP


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Business Summary: MedPro Safety Products, Inc. develops, acquires, and sells medical device safety products incorporating needlestick prevention technologies in the United States and internationally.
 
Address
  817 Winchester Road, Suite 200
  Lexington , KY 40505
  Phone: 859-225-5375
  Fax: 859-225-5347
  Website: http://www.medprosafety.com
Auditor
  Rodefer Moss & CO
Transfer Agent
  Nevada Agency & Trust Co.
Employees:  13
ShareHolders:  330
Founded:  1999
Domicile:  Nevada
 
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MedPro Safety Products, Inc.
Symbol:  MPSP


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MedPro Safety Products, Inc. develops, acquires, and sells medical device safety products incorporating needlestick prevention technologies in the United States and internationally. It focuses on developing and commercializing products in the clinical, phlebotomy, pharmaceutical, and intravenous segments. The company's products include Vacuette Premium Safety Needle System, a blood collection device that include tube-activated and skin-activated models; Vacuette Premium Winged Safety Blood Collection Set that is used for infusion and blood collection in the healthcare setting, where patient comfort and ease of venous access are paramount; and Safety Syringe with Anti-Blunting feature to avoid needlestick injury. Its products also comprise Prefilled Safety Syringes that accept prefilled cartridges of commonly used medicaments or specified dosage of medicaments in pharmaceutical prefilled applications; and Key-Lok Needleless IV System, a latex-free blunt-cannula needleless injection system. The company was founded in 1995 and is based in Lexington, Kentucky.
History:  INCORPORATED in Nevada Dec. 15, 1999, as Dentalserv.com. On Dec. 28, 2007, MedPro Safety Products, Inc., a Delaware corporation, merged into the company, which adopted merged concern's title. The company issued 11,284,754 Common shares to former shareholders of its predecessor corporation in the merger. MedPro Safety Products, Inc., the merged concern, was incorporated in Delaware July 16, 1999, as MedPro, Inc.; and on Sept. 10, 1999, merged its parent, a Kentucky corporation of the same name organized Jan. 19, 1995. Name was changed to MedPro Safety Products, Inc. Oct. 23, 2002.
 
 
 
 
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MedPro Safety Products, Inc.
Symbol:  MPSP


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Management
OfficersPosition
 W. Craig TurnerChairman & Chief Executive Officer
 Walter William WellerPresident, Secretary & Chief Operating Officer
 Marc T. RayChief Financial Officer & Chief Accounting Officer
 Erica  RudermanInvestor Relations Contact

Directors
 Ernie L. Fletcher
 W. Leo Kiely, III
 Gary A. Peterson
 Warren S. Rustand
 W. Craig Turner
 Walter William Weller
 
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MedPro Safety Products, Inc.
Symbol:  MPSP


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Capitalization as of 03/31/2010:
 
 Authorized SharesOutstanding Shares
Common $0.001 par90,000,00013,110,231so1
Preferred $0.01 par10,000,0009,733,531so2
 
LONG TERM DEBT: $277,778.
 
Common $0.001 par
 
DIVIDEND RESTRICTIONS: Credit agreement limits the payment of cash dividends and other restricted payments.
 
Stockholders:  12/31/2009, 330.
Transfer Agent:  Nevada Agency & Trust Co.   Reno , NV
 
OTC Bulletin Board( Primary): MPSP
 
ExchangeYearHighLow
OTC Bulletin Board200910.10002.0000
OTC Bulletin Board200815.00002.0000
OTC Bulletin Board200713.80001.2400
OTC Bulletin Board200616.00001.1600
 
RECENT DIVIDENDS: Common $0.001 par: No cash. Common reverse split 1-for-4, Dec. 31, 2007.
 
 
  so1Excl. 105,080 in treas.
  so2Consists of 6,668,229 Ser. A Pfd., 1,493,779 Ser. B Pfd. and 1,571,523 Ser. C Pfd.
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MedPro Safety Products, Inc.
Symbol:  MPSP


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Annual Report
 
Income Statement
  20092008
REVENUES
Sales: Needlyzer5,3881,180
Sales: Safe-mate-17,948
Automation Services and Equipment12,0452,235,100
Total Revenues17,4332,254,228
EXPENSES
Cost of Goods Sold and Automation(11,679)(245,724)
Salaries, Wages and Payroll Taxes(9,229,378)(3,909,255)
Qualified Profit Sharing Plan(195,656)(151,131)
Inventory Write Downs-(294,877)
Advertising and Promotion(386,480)(204,286)
General and Administrative(354,366)(634,954)
Professional and Insurance(1,333,774)(1,616,254)
Travel and Entertainment(458,279)(372,843)
Product Development(876,052)(425,344)
Loss on Disposal of Assets(2,892)(202,494)
Depreciation and Amortization(191,112)(117,165)
Interest Expense(250,546)(795,083)
Interest Income45,86962,547
Change in Fair Value of Derivative Liabilities21,603,180-
Income from Debt Forgiveness-113,069
Earnings before Taxes8,376,273(6,539,566)
TAXES AND OTHER EXPENSES
Net Income (Loss)8,376,273(6,539,566)
SUPPLEMENTARY INFO
Gross Profit/loss5,7542,008,504
Operating Income (Loss)(13,022,240)(5,920,099)
Basic EPS - Continuing Operations0.63(0.49)
Diluted EPS - Continuing Operations0.20(0.49)
 
Balance Sheet
  20092008
CURRENT ASSETS
Cash4,072,44311,636,840
Accrued Interest Income18,694-
Inventory247,981288,414
Prepaid Investor Relations Cost1,634228,660
Prepaid Costs of Automation Equipment-452,855
Prepaid Expenses and Other Current Assets20,4149,350
Total Current Assets4,361,16612,616,120
NON CURRENT ASSETS
Furniture and Fixtures118,01981,213
Computers, Network and Phones197,574126,061
Equipment and Tooling1,042,869751,725
Leasehold Improvements192,377114,831
Trade Show Booth7,3417,341
Accumulated Depreciation(252,966)(146,680)
Intangible Assets9,067,4579,109,547
Deferred Financing Costs55,71897,489
Total Assets14,789,55522,757,649
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses406,121261,325
Accrued Interest Payable10,67434,276
Notes Payable to and Advances from Shareholders-383,333
Current Portion of Long-term Debt3,413,5333,262,660
Deferred Revenue-464,900
Current Portion of Technology Transfer Payments - Visual Connections, Inc250,0002,000,000
Total Current Liabilities4,080,3286,406,494
NON CURRENT LIABILITIES
Notes Payable-long-term Portion694,4442,607,435
Ser. A Preferred Stock Convertible66,68266,682
Ser. B Preferred Stock Convertible14,93714,938
Ser. C Preferred Stock Convertible15,715-
Long-term Portion of Technology Transfer Payments - Visual Connections, Inc-250,000
SHAREHOLDERS' EQUITY
Common Stock - Par Value13,21513,320
Additional Paid in Capital67,410,07043,667,690
Treasury Stock - Common(386,370)-
Accumulated Deficit(56,951,866)(30,247,024)
Unearned Share-based Compensation(167,600)(21,885)
Total Shareholders Equity10,014,78313,493,720
Total Liabilities & Shareholders Equity14,789,55522,757,649
 
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MedPro Safety Products, Inc.
Symbol:  MPSP


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Interim Report   
 
Data Not Available
 
 
 
 
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MedPro Safety Products, Inc.
Symbol:  MPSP


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Pro Forma Report   
 
Data Not Available
 
 
 
 
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MedPro Safety Products, Inc.
Symbol:  MPSP


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Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2009   110,000
  2009   410,000
  2009   Full Year 20,000
  2008   120,000
  2008   22,110,000
  2008   31,490,000
  2008   4900,000
  2008   Full Year 2,250,000
  2007   120,000
  2007   220,000
  2007   320,000
  2007   440,000
  2007   Full Year 100,000
  2006   110,000
  2006   210,000
  2006   340,000
  2006   410,000
  2006   Full Year 80,000
  2005   Full Year 60,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2010   1(3,540,000)
  2009   119,080,000
  2009   2(5,130,000)
  2009   3(1,950,000)
  2009   4(3,620,000)
  2009   Full Year 8,380,000
  2008   1(870,000)
  2008   2(960,000)
  2008   3(1,750,000)
  2008   4(2,960,000)
  2008   Full Year (6,540,000)
  2007   Full Year (3,250,000)
  2006   Full Year (1,020,000)
  2005   Full Year (3,290,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2010   1(.27)
  2009   11.49
  2009   2(.38)
  2009   3(.15)
  2009   4(.09)
  2009   Full Year .20
  2008   1(.07)
  2008   2(.07)
  2008   3(.13)
  2008   4(.22)
  2008   Full Year (.49)
  2007   1(.02)
  2007   2(.02)
  2007   3(.03)
  2007   4(.10)
  2007   Full Year (.30)
  2006   4.06
  2006   Full Year (.04)
  2005   Full Year (.20)
 
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