AsianScientist (Aug. 28, 2011) – New York-based Vasomedical, Inc. announced this week that its newly formed subsidiary, Vasomedical Global, has signed an agreement to purchase Life Enhancement Technology Limited and Biox Instruments Co. Ltd., both of which are based in the People’s Republic of China.
Present at the signing was Dr. Jun Ma, President and CEO of Vasomedical, Inc., with Mr. Xichang Li, President of Life Enhancement Technology, and Mr. Qiuming Shen, President of Biox Instruments.
The purchase agreement provides for a cash payment at closing of US$1,000,000 and the issuance of up to 7,400,000 restricted shares of the Company’s common stock, as well as warrants, part of which issuance is performance based.
Life Enhancement Technology Limited (LET), the original developer of the AngioNew series EECP systems, is based in Foshan, Guangdong Province, China, and has been for the last several years Vasomedical’s contract manufacturer for its Enhanced External Counterpulsation (“EECP”) systems including its AngioNew® and Lumenair EECP® systems.
Biox Instruments, located in Wuxi, Jiangsu Province, China, designs ambulatory monitoring systems and analysis software. It has been the developer and OEM partner of Vasomedical’s BIOX series ambulatory ECG Holter and blood pressure monitoring (ABPM) systems for several years.
Vasomedical distributes Biox’s products in North America, including ECG Holter recorders, ABPM systems, combined ECG Holter/ABPM systems, as well as analysis and reporting software.
“This consolidation is the first step of Vasomedical’s long term strategic plan to position itself for growth and diversification in a rapidly changing and challenging global medical marketplace,” Dr. Ma stated.
“While the acquisition of LET is a natural extension of our EECP business, the joining of Biox into the Vasomedical family not only enhances the Vasomedical business as a vertically integrated company but also provides access to the vast Chinese market for current and future products of Vasomedical,” he said.
Vasomedical, Inc. a device manufacturer for the non-invasive treatment of cardiovascular diseases, also develops diagnostic imaging products through its wholly-owned subsidiary, Vasomedical Healthcare.
The company’s EECP® therapy is a non-invasive, outpatient therapy currently indicated for use in cases of angina, cardiogenic shock, acute myocardial infarction, and congestive heart failure.
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Source: Vasomedical, Inc.
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