LED Medical Diagnostics and DenMat Holdings Extend VELscope® Vx Exclusive International Distribution Agreement
Agreement Extension Enables LED Medical To Continue to Market VELscope® Vx Around the World.
BURNABY, British Columbia - October 14, 2014 - LED Medical Diagnostics Inc. (LED Medical or the Company) is pleased to announce that, as of October 1, 2014, it has renewed its exclusive international distribution agreement (outside North America) for three years with DenMat Holdings LLP (DenMat) for its VELscope® Vx product line. This agreement requires minimum annual purchases of the VELscope® Vx product line by DenMat and is subject to another three-year extension at the mutual agreement of both parties. LED Medical and DenMat have also agreed to assist Mectron SpA, the VELscope® Vx distributor in Italy, to establish a VELscope® Vx repair center to service customers in Europe. Details of this arrangement will be set out in a separate contract.
"We are very pleased to be able to extend our exclusive international distribution agreement with DenMat stated CEO Dr. David Gane. DenMat is creating significant traction for the VELscope in international markets and both LED and DenMat have high expectations for future growth for VELscope outside of North America. At the same time, we will continue to sell the VELscope® Vx product line through DenMat and a number of other non-exclusive distributors in North America where it is estimated that current market penetration is in the range of 10 percent."
The Company manufactures and markets the VELscope® Vx Enhanced Oral Assessment System, the dental industry´s leading adjunctive screening device for defining the extent of a wide range of oral mucosal abnormalities - from viral, fungal and bacterial infections to cancer and pre-cancer. To-date, more than 25 million VELscope® Vx exams have been performed by more than 12,000 dentists in 23 countries.
About DenMat Holdings, LLC
Since 1974, DenMat has been a leader in high-quality dental products for dental professionals around the world. Headquartered in California, DenMat has over 400 employees and offers three main product categories: consumables, small equipment, and a one-stop-shop dental laboratory. Between September 27, 2012 and September 26, 2013, DenMat acted as the exclusive global distributor for the VELscope® Vx product line. On September 26, 2013, this agreement was modified to exclude North America and apply to the rest of the world.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc., through its wholly-owned subsidiary LED Dental, provides dentists and oral health specialists with advanced diagnostic imaging products and software, in addition to the award-winning VELscope® Vx tissue fluorescence visualization technology. Backed by an experienced leadership team and dedicated to a higher level of service and support, LED Dental is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
The Company is currently listed on the Toronto Stock Exchange (TSX-V) under the symbol LMD, the OTCQX under the symbol LEDIF, as well as the Frankfurt Stock Exchange under the symbol LME. For more information, call 844.952.7327 or visit www.leddental.com/investor-relations.
Phone: 416 482 8889
Cell: 647 869 7205
Forward Looking Statement
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information include statements regarding, but not limited to the Company's future growth strategy, its distribution strategy and product offerings, potential expansion of the Company's technology to other medical applications or markets, or the potential introduction of new technologies by the Company. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Corporation's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to competition risks, distributor risks, product development risks such as regulatory, design, intellectual property and other factors described in the Corporation's reports filed on SEDAR including its Annual Information Form and financial report for the year ended December 31, 2013. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.