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LED Medical Diagnostics (TSXV:LMD,OTCQX:LEDIF,FWB:LME) has renewed an exclusive international distribution agreement with DenMat Holdings LLP. The agreement has been renewed for three years as of October 1, 2014, and covers LED’s VELscope® Vx product line.
As quoted in the press release:
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.
LED Medical CEO, Dr. David Gane, said:
We are very pleased to be able to extend our exclusive international distribution agreement with DenMat. 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.
Click here to read the LED Medical Diagnostics (TSXV:LMD) press release
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