Fallbrook Engineering Announces Promotion of Richard Meyst to President/CEO

Valley Center, CA - June 30, 2003 - Fallbrook Engineering Inc., a product development, management and engineering services firm serving companies worldwide, reported today that Richard Meyst has been promoted to president and CEO, effective immediately.

Before joining Fallbrook Engineering as vice president in 1990, Mr. Meyst held senior management positions within the biotech, medical device and drug delivery fields. He held engineering, development, and management positions at CR Bard, Baxter Healthcare, IMED Corporation, and other companies. He developed and commercialized medical lasers and fiber optic catheters, microprocessor based diagnostic and therapeutic instruments, vascular implants, blood cell processing systems, filtration devices for blood and IV solutions, as well as stem cell harvesting and cell expansion systems. He is currently Principal Investigator on an NIH SBIR grant to develop a device to safely, easily and efficiently collect umbilical cord blood. He has been awarded twelve US Patents and numerous international patents. Further background information for Meyst is available at http://www.fallbrook-eng.com/meyst.htm.

States Mr. Jack M. Anthony, Sr. Vice President at Tularik, Inc. a leading biotechnology company in South San Francisco: "Dick and Fallbrook have been tremendously helpful to efforts my companies have undertaken over the years, and I am pleased that Dick is now positioned to continue to hone and refine Fallbrook's already strong capabilities and resources to help clients meet the challenges and opportunities of matching technologies with the needs of patients everywhere."

"There is a compelling market need for new technology possessing both clinical and financial use incentives," states Michael Magliochetti, Ph.D., president and CEO of Healthcare Medical Holdings. "As Fallbrook transitions its unique technologies from the bench to the market, I am pleased to recommend Dick's skills and experience, which further strengthen Fallbrook's team and continued commitment to enhance the quality of care for both clinicians and patients."

About Fallbrook Engineering Inc.

Based in San Diego County, CA, Fallbrook Engineering (www.fallbrook-eng.com) is a privately held product development, management and engineering services firm that has been facilitating the advanced design and development of medical technology products for healthcare companies for more than 20 years.

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