Calypte Announces Results of Special Shareholder Meeting and Preliminary Unaudited Fourth Quarter 2002 Results

Business Wire, Feb 18, 2003

Business Editors

ALAMEDA, Calif.--(BUSINESS WIRE)--Feb. 18, 2003

Calypte Biomedical Corporation (OTCBB:CALY), the developer and marketer of the only two FDA approved HIV-1 antibody tests that can be used on urine samples, as well as an FDA approved serum HIV-1 antibody Western blot supplemental test, announced the results of the special shareholder meeting held on Friday, February 14, 2003 at the company's headquarters. The shareholder measure to increase the authorized number of Calypte's common shares was passed by a majority vote.

Separately, Calypte announced preliminary unaudited results. Revenues for the quarter ended December 31, 2002 are anticipated to be approximately $800,000. This represents sequential revenue growth of approximately 60% for the fourth quarter 2002 compared to the third quarter 2002. Revenues for the year ended December 31, 2002 are anticipated to be approximately $3.6 million. The net loss attributed to common stockholders for the quarter ended December 31, 2002 is anticipated to be approximately $6.3 million. The net loss attributed to common stockholders for the year ended December 31, 2002 is anticipated to be approximately $13.4 million.

Anthony Cataldo, executive chairman of Calypte stated, "During this quarter, we continued to execute on a number of initiatives, while also achieving our goal for sequential revenue growth. The shareholder approval to authorize additional shares for funding our future shows the faith our investors have in Calypte's objectives. Although 2002 was a turbulent year for the company, the renewed worldwide focus on the HIV epidemic gives us confidence that Calypte will have the opportunity to participate in the effort to identify and treat HIV-infected patients. I look forward to updating you further on our progress on our earnings call."

Further details outlining the company's fourth quarter and year-end 2002 results will be discussed on February 27, 2003, during its scheduled earnings announcement at 8:00 am (PDT), 11:00 am (EDT). Investors in the U.S. and Canada interested in participating in the conference call may dial 877/282-0743 and reference the Calypte Biomedical call. International investors may dial 703/871-3073. Calypte recommends dialing into the call approximately 10 minutes prior to the scheduled start time. A live webcast of the conference call will be available on the investors' section of the company's website at www.calypte.com. The webcast will be available until March 27, 2003. A replay will be available through March 1, 2003 by calling 888/266-2081. International callers should dial 703/925-2533 for the replay. The replay confirmation code is 6411592.

About Calypte Biomedical:

Calypte Biomedical Corporation headquartered in Alameda, California, is a public healthcare company dedicated to the development and commercialization of urine-based diagnostic products and services for Human Immunodeficiency Virus Type 1 (HIV-1), sexually transmitted diseases and other infectious diseases. Calypte's tests include the screening EIA and supplemental Western Blot tests, the only two FDA-approved HIV-1 antibody tests that can be used on urine samples. The company believes that accurate, non-invasive urine-based testing methods for HIV and other infectious diseases may make important contributions to public health by helping to foster an environment in which testing may be done safely, economically, and painlessly. Calypte markets its products in countries worldwide through international distributors and strategic partners. Current product labeling including specific product performance claims can be found on our website at www.calypte.com.

Statements in this press release that are not historical facts are forward-looking statements, including statements regarding announcements of financial results and presentations by the Company. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our product and testing service in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K/A(No.3) for the year ended December 31, 2001 and its subsequent filings with the SEC.