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"We are extremely pleased that the ELITech Group has chosen to establish this relationship with Corgenix," said Douglass Simpson, Corgenix President and Chief Executive Officer. "Investment in our company at a significant premium to the current market price is evidence of ELITech's very strong belief in Corgenix."
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"This new collaboration confirms the vision and perspective of the ELITech Group, which is driven by strategic partnerships with key players in the in-vitro diagnostics (IVD) industry," said Pierre Debiais, the ELITech Group's President. "The new relationship with Corgenix supports the Group's commitment to the IVD market, demonstrates our strong desire to develop and introduce new products, and significantly broadens our global position in diagnostics."
"Adding Corgenix and the company's strength in immunology is a natural expansion to ELITech's clinical chemistry and serology lines," continued Pierre Debiais. "The partnership furthers ELITech's existing position in unique microbiology products ranging from specific culture media and rapid tests to multiplexing serology systems and infectious diseases molecular diagnostics."
Philippe Veran, the ELITech Group's Financial Advisor, said the transactions with Corgenix to continue ELITech's business expansion have been made possible through the support of ELITech Group's core investors: NAXICAP PARTNERS, SYNERGIE FINANCE, BNP PARIBAS DEVELOPPEMENT and IDIA DEVELOPPEMENT.
Further details of the transactions are included in an 8-K filing with the U.S. Securities and Exchange Commission.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world's only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at www.corgenix.com.
About the ELITech Group
The ELITech Group (ELITech) is a major player in the international medical market. ELITech has brought together IVD specialty companies to provide the best offering of innovative, unique and also routine products to laboratories operating closer to the patient. It comprises Vital Scientific and Seppim (clinical chemistry analyzers and reagents); ELITech Microbio (microbiology kits); Wescor (unique laboratory instruments); inoDiag (unique multiplex serology devices); Nanogen (leading edge technology molecular biology kits); and SERFIB (microbiology and immunology kits). Through direct sales in Europe and North America and distribution capabilities in over 100 countries, the ELITech Group offers clinical chemistry, microbiology, immunology and molecular biology products from its own facilities as well as complementary third-party products. More information is available at www.elitechgroup.com
Statements in this press release that are not strictly historical facts are "forward-looking" statements (identified by the words "believe", "estimate", "project", "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of Corgenix's products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in Corgenix's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and Corgenix does not undertake any obligation to publicly update or revise any forward-looking statements.
-- Strategic Investment - ELITech will initially purchase 8,333,334 shares of Corgenix common shares at $0.15 per share. ELITech is also committing to invest another $750,000 in Corgenix common stock at the same price over the subsequent 12 months upon the successful completion by Corgenix of the two events specified below; warrants also issued at $0.15 could potentially result in an additional $1 million investment. -- International Distribution - ELITech will become the master distributor for Corgenix outside of North America, significantly expanding global market coverage for Corgenix. -- Product Development - Corgenix and ELITech will co-develop new tests by combining Corgenix products and technologies with several of the ELITech proprietary instrument systems.
SOURCE Corgenix Medical Corporation
