Remedent Announces the Sale of Its First Fit Intellectual Property for $2.85 Million in Cash, Plus Royalty Payments on Lumineer
March 29 2010 - 10:58AM
Marketwired
Remedent, Inc. (OTCBB: REMI), an international company specializing
in the research, development, and manufacturing of oral care and
cosmetic dentistry products, announced today that it has entered
into a definitive agreement with Den-Mat Holdings LLC ("Den-Mat")
pursuant to which it has sold its First Fit intellectual property
for $2.85 million in cash and continuing royalty payments on
revenues generated by the sale of Den-mat's Lumineer Veneers and
First Fit products.
The sale of the First Fit intellectual property is consistent
with Remedent's overall strategic plan to focus our strategy on
selling our designer smiles directly to the consumer through our
Glamsmile partner studios worldwide. In connection with the sale,
Remedent has already received $675,000 in cash as partial payment
of the purchase price. The balance of the purchase price will be
paid in installments, with the final payment to be delivered on
December 31, 2011. The royalty payments on Den-Mat's Lumineer
veneer sales as well as First Fit products will generate ongoing
cash flow for Remedent, while eliminating any expenses relating to
the marketing, manufacturing and distribution of the First Fit
products. This transaction will allow Remedent to focus its
resources and attention on the development of new products and
launch of its veneer business to consumer model. The definitive
agreement for the sale amends the prior 2009 distribution agreement
pursuant to which Den-Mat has certain license, distribution and
manufacturing rights relating to First Fit.
"We are very excited to conclude this deal relating to our First
Fit prosthetic's division with our partner Den-mat, as it will
allow us to pursue our profitable and proven model of selling our
veneers directly to the consumer through our worldwide Glamsmile
centers. With the aid of our smile consultant working with the
customer throughout the entire sales process, we have seen our
sales grow in our partner retail centers in both Asia and Europe,"
said Guy De Vreese, Chairman and Chief Executive Officer of
Remedent.
"This sale of First Fit will now also allow us to penetrate the
USA market for our veneer "retail direct to the consumer model" a
lot quicker. Our goal is to duplicate the success formula of Asia
and Europe using the missing link formula of utilizing a "smile
consultant" to help close the sale. This concept is similar to plan
adopted by the Lasik Eye Care centers, where the
doctor/professional is solely responsible for procedure as opposed
to closing the sale with the potential patient. We look forward to
concentrating on this business model worldwide during 2010 and
beyond."
About Remedent Remedent, Inc. specializes
in the research, development, manufacturing and marketing of oral
care and cosmetic dentistry products. The company serves
professional dental industry with breakthrough technology for
dental veneers, bridges and crowns that are recognized worldwide
for their technological superiority and ease-of-application. These
products are supported by a line of professional veneer whitening
and teeth sensitivity solutions. Headquartered in Belgium, Remedent
distributes its products to more than 35 countries worldwide. For
more information, go to www.remedent.com.
Statement under the Private Securities
Litigation Reform Act of 1995 Statements in this press release
that are "forward-looking statements" are based on current
expectations and assumptions that are subject to risks and
uncertainties. Such forward-looking statements involve known and
unknown risks, uncertainties and other unknown factors that could
cause the company's actual operating results to be materially
different from any historical results or from any future results
expressed or implied by such forward-looking statements. In
addition to statements that explicitly describe these risks and
uncertainties, readers are urged to consider statements that
contain terms such as "believes,""belief," "expects," "expect,"
"intends," "intend," "anticipate," "anticipates," "plans," "plan,"
"projects," "project," to be uncertain and forward-looking. Actual
results could differ materially because of factors because of such
risks and uncertainties. For further information regarding risks
and uncertainties associated with company's business, please refer
to the risk factors described in the Company's filings with the
Securities and Exchange Commission, including, but not limited to,
its annual report on Form 10-K and quarterly reports on Form
10-Q.
Contact: Stephen Ross Remedent, Inc. 310-922-5685
docktor99@aol.com
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