Full Press Release Details
RETRACTABLE TECHNOLOGIES, INC. WITHDRAWS
COMPLAINT IN UNITED STATES COURT OF INTERNATIONAL TRADE
LITTLE ELM, TEXAS, January 14, 2025 -
Retractable Technologies, Inc. (NYSE American: RVP) ("RTI" or "Retractable") has withdrawn its complaint
in the United States Court of International Trade against the defendants involved in the issuance of a 100% tariff on syringes and needles
imported from China. As a result, the case was dismissed effective January 8, 2025. Initial investigations into the matter convinced
RTI management that although the tariffs were not properly implemented, there was no chance of RTI being granted additional time to increase
domestic production without tariffs and the chances of a small company prevailing against the interests of a large monopolistic corporation
at this time in history were slim to none.
Meanwhile, RTI engineers have, through creative
adaptation of some of our older equipment, been able to enhance the transition process, which will significantly reduce the need to import
syringes. RTI management expects these efforts to diminish the risks to the continued survival of the company brought about by the recent
Retractable manufactures and markets VanishPoint and
Patient Safe safety medical products and the EasyPoint needle. The VanishPoint syringe,
blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle directly
from the patient, effectively reducing exposure to the contaminated needle. Patient Safe syringes are uniquely designed
to reduce the risk of bloodstream infections resulting from catheter hub contamination. The EasyPoint is a retractable
needle that can be used with luer lock syringes, luer slip syringes, and prefilled syringes to give injections. The EasyPoint needle
also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general
For more information on Retractable, visit its
website at www.retractable.com.
Forward-looking statements in this press release
are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect Retractable's current
views with respect to future events. Retractable believes that the expectations reflected in such forward-looking statements are accurate.
However, Retractable cannot assure you that such expectations will materialize. Actual future performance could differ materially from
Factors that could cause or contribute to such
differences include, but are not limited to: material changes in demand, tariffs, Retractable's ability to maintain liquidity; Retractable's
maintenance of patent protection; Retractable's ability to maintain favorable third party manufacturing and supplier arrangements and
relationships; foreign trade risk; Retractable's ability to access the market; production costs; the impact of larger market players in
providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in Retractable's periodic
reports filed with the U.S. Securities and Exchange Commission.
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief