SARASOTA, Fla.--(BW HealthWire)--May 24, 1999--Surgical Safety Products, Inc. (OTC BB:SURG) Monday announced its financial results for the first quarter ended March 31, 1999. Revenue was $39,577, up $23,597 or 148% from the $15,980 generated in the same period last year. The company also reported a net loss in 1999's first quarter of $107,856 or $0.01 per share compared to a net loss of $53,928 or $0.01 per share in the first quarter of 1998. This loss was expected due to significant investments in advertising and promotion, convention marketing and product enhancements required to launch a national Internet-based network. The revenue increase comes from the successful launch of its OASiS network. Following February installations at hospitals in New York, New Jersey and Massachusetts, the network was expanded to the West Coast with installations in two San Francisco hospitals in March. Additionally, the company now estimates that all 10 facilities included in its collaborative marketing agreement with U.S. Surgical will be operational within the next six weeks. Frank Clark, CEO, stated, "We have successfully entered the market and plans call for a rapid expansion of our Internet-based network." Citing a recent study by Frost & Sullivan, an independent research firm, Clark points to the potential for kiosk growth, "Information access, especially via new kiosk technology, has been projected to undergo explosive growth...over 30% annually for the next two years and to reach $3.2 billion by 2001." He continued, "Our growth strategy is designed to establish dominance in our selected niche of this market." SURG is exploring utilization of strategic alliances to significantly accelerate the expansion of the OASiS system. Discussions are underway with several potential partners such as major healthcare manufacturing and distribution businesses, professional organizations and hospital groups. "Our goal is to make OASiS the premier delivery system for on-demand information in the healthcare training, risk and exposure management markets," Clark concluded. ABOUT SURG Surgical Safety Products Inc., is the originator and marketer of OASiS, an industry leader in providing Touch-Access Information to hospitals. OASiS is an information delivery and collection service for healthcare workers. Consisting of proprietary hardware and software, it is an Internet-based information network between hospitals, their staff, healthcare industry companies and others. Certain statements contained in this release constitute forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1934. This includes, without limitation, statements related to product demand, pricing, market acceptance, economic conditions, risks with technological development, the ability to raise additional capital on acceptable terms, and other risks identified in the Company's Securities and Exchange Commission filings. Electronic Photos and CDROM Demonstrations Available on request. Surgical Safety Products Inc. Condensed Statement of Operations Three Months Ended March 31, 1999 and 1998 (Unaudited) 1999 1998 -------- -------- Revenue $ 39,577 $ 15,980 Costs and Expenses Cost of medical products sold 261 153 Operating expenses 138,984 63,274 Research and development expenses 6,667 5,138 Interest expense 1,521 1,343 -------- -------- Total cost 147,433 69,908 -------- -------- Net loss before income taxes (107,856) (53,928) Provision for income taxes -- -- Net loss ($107,856) ($53,928) ========= ======== Net loss per share ($0.01) ($0.01) ========= ========  