Nortech Systems announces Cooperation and Project Funding Agreement with Marpé Technologies and the BIRD Foundation
June 02 2021 - 5:00PM
Business Wire
Nortech Systems Incorporated
(Nasdaq: NSYS) (the “Company”), today announced it has reached a
bilateral Cooperation and Project Funding Agreement by and among
Nortech Systems, Inc, Marpé Technologies (Marpé), and the BIRD
(Israel-U.S. Binational Industrial Research and Development)
Foundation. The agreement provides a conditional grant to Marpé
Technologies and Nortech Systems to develop a total-body
tele-dermatology scanning system. By using advanced scanning,
sophisticated image processing algorithms, and state of the art AI,
the system will save lives by reaching more patients through early
detection.
Marpé Technologies, an Israel
company, and Nortech Systems, a Minnesota company, are working
together to bring a diagnostic platform to dermatology with remote
AI capabilities. “We are excited to assist Marpé in bringing their
prototype skin cancer detection technology to market” said Jay D.
Miller, CEO Nortech Systems, “Our unique ability to provide
engineering services, supply chain management and manufacturing
services will accelerate commercialization of the
product.”
The BIRD Foundation works to encourage and facilitate
cooperation between U.S. and Israeli companies in a wide range of
technology sectors and offers funding to selected projects. The
Foundation supports projects without receiving any equity or
intellectual property rights in the participating companies or in
the projects.
Marpé Technologies, based in Haifa, Israel, is a science-based
company developing innovative scanners for early detection of skin
cancer. Marpé has developed a prototype screening system that will
provide full body remote diagnosis and prevention into dermatology,
using a Marpé invention - TAD (Technology Aided
Dermatology) and AI-CAD (Artificial Intelligence –
Computer-Aided Design) based system.
Tovi Bachar, CEO Marpé Technologies, stated, “The project will
leverage the expertise of both companies working hand in hand in
all aspects of the development and commercialization of the Marpé
platform.” David Kunin, Chairman of the Board Nortech Systems
added, “We are happy to bring two of the leading med device
development communities, Israel and Minnesota, together in a joint
project.“
Nortech, in partnership with our medical, industrial and defense
customers, uses intelligence, innovation, speed and global
expertise to provide manufacturing and engineering solutions. This
enables our customers to be leaders in digital connectivity and
data management to achieve their business goals. Nortech strives to
be a premier workplace that fosters valued relationships internally
and in our communities.
About Nortech Systems
Incorporated Nortech Systems is a leading provider of
design and manufacturing solutions for complex electromedical
devices, electromechanical systems, assemblies, and components.
Nortech Systems primarily serves the medical, aerospace &
defense, and industrial markets. Its design services span concept
development to commercial design, and include medical device,
software, electrical, mechanical, and biomedical engineering. Its
manufacturing and supply chain capabilities are vertically
integrated around wire/cable/interconnect assemblies, printed
circuit board assemblies, as well as system-level assembly,
integration, and final test. Headquartered in Maple Grove, Minn.,
Nortech currently has seven manufacturing locations and design
centers across the U.S., Latin America, and Asia. Nortech Systems
is traded on the NASDAQ Stock Market under the symbol NSYS.
Nortech’s website is www.nortechsys.com.
Forward-Looking Statements.
This press release contains forward-looking statements made
pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995 including without limitation
statements regarding the receipt of the conditional grant funds
from the BIRD Foundation, the effectiveness of Marpé’s technology,
the ability of Marpé to successfully commercialize its product, and
the ability of Nortech to accelerate such commercialization.
Important factors that could cause actual results to differ
materially from the forward-looking statements include, without
limitation: (1) the impact of the COVID-19 pandemic on our
employees, manufacturing facilities, and suppliers (2) supply chain
disruptions leading to parts shortages for critical components; (3)
volatility in market conditions which may affect market supply and
demand; (4) challenges recruiting and retaining advanced
engineering talent (5) unanticipated costs or other issues relating
to the design or re-design of Marpé’s products. Some of the
above-mentioned factors are described in further detail in the
section entitled “Risk Factors” in our annual and quarterly
reports, as applicable. You should assume the information appearing
in this document is accurate only as of the date hereof. Except as
required by applicable law, including the securities laws of the
United States and the rules and regulations of the United States
Securities and Exchange Commission, we undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise, to reflect
actual results or changes in factors or assumptions affecting such
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210602005900/en/
Chris Jones, CFO cjones@nortechsys.com 952-345-2244
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