WESTBURY, N.Y., April 16, 2014 /PRNewswire/ -- Vasomedical, Inc.
("Vasomedical") (OTC BB: VASO), a diversified medical technology
company specializing in the design, manufacture and sale of medical
devices, including EECP® Therapy systems, the gold standard of ECP
therapy, today announced that it has entered into an agreement with
Chongqing PSK-Health Sci-Tech Development Co., Ltd. ("PSK") of
Chongqing, China, a leading
manufacturer of ECP therapy systems in China, to form a joint venture company, VSK
Medical Limited ("VSK"), for the global marketing and sale of EECP
and ECP therapy systems.
The agreement provides for Vasomedical and PSK to appoint the
joint venture company as the exclusive distributor to market,
distribute and sell EECP and ECP therapy products globally, except
for the United States and
China. In this regard, the agreement provides for PSK to be
the exclusive distributor of Vasomedical's EECP therapy systems in
China and for Vasomedical to be
the exclusive distributor of PSK's ECP therapy systems in
the United States, subject to
certain conditions.
"Chongqing PSK in the last several years has been actively
revitalizing the Chinese market for external counterpulsation
treatment and has become a serious competitor in the international
market," stated Dr. Jun Ma,
President and CEO of Vasomedical, Inc. "This cooperative
venture with PSK will enable the partners to better serve the
global external counterpulsation market by offering tiered products
to meet various demands for the therapy. It should also allow
us to substantially reduce the risks and expenses associated with
our international plan for EECP therapy.
"Our global strategy is designed to bring the combined resources
of both companies to the marketing and clinical development of
external counterpulsation therapy. The ultimate goal is to broaden
the reach of this powerful technology so that more patients
worldwide may enjoy its benefits," concluded Dr. Ma.
About Vasomedical
Vasomedical, Inc. is a diversified
medical technology company specializing in the manufacture and sale
of medical devices and in the domestic sale of diagnostic imaging
products. The Company's main proprietary products are
EECP® Therapy systems, the gold standard of ECP
treatment. The Company operates through three wholly owned
subsidiaries: Vasomedical Solutions, Vasomedical Global and
VasoHealthcare. Vasomedical Solutions manages and coordinates the
design, manufacture and sales of EECP® Therapy
systems, and other medical equipment operations; Vasomedical Global
operates the Company's China-based subsidiaries; and
VasoHealthcare is the operating subsidiary for the exclusive sales
representation of GE Healthcare diagnostic imaging products in
certain markets. Additional information is available on the
Company's website at www.vasomedical.com
About Chongqing PSK-Health
Chongqing PSK-Health Sci-tech Development Co., Ltd. ("PSK"),
based in Chongqing, China and with
over 200 employees around the country, has been dedicated to the
research, development and manufacturing of ECP (External
Counterpulsation) systems for more than 10 years. The
research and development team of PSK is considered one of the
strongest in the ECP field. The company has supported
independent research and cooperation with universities in
China for the future of ECP
technology. PSK products are produced in compliance with
ISO9001 and ISO13485 quality standards and have received CFDA and
US FDA clearance as well as CE certification.
Except for historical information contained in this release,
the matters discussed are forward-looking statements that involve
risks and uncertainties. When used in this release, words such as
"anticipates", "believes", "could", "estimates", "expects", "may",
"plans", "potential" and "intends" and similar expressions, as they
relate to the Company or its management, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of the Company's management, as well as assumptions made by
and information currently available to the Company's management.
Among the factors that could cause actual results to differ
materially are the following: the effect of business and economic
conditions; the effect of the dramatic changes taking place in the
healthcare environment; the impact of competitive procedures and
products and their pricing; medical insurance reimbursement
policies; unexpected manufacturing or supplier problems; unforeseen
difficulties and delays in the conduct of clinical trials and other
product development programs; the actions of regulatory authorities
and third-party payers in the United States and overseas;
uncertainties about the acceptance of a novel therapeutic modality
by the medical community; continuation of the GEHC agreement; and
the risk factors reported from time to time in the Company's SEC
reports. The Company undertakes no obligation to update
forward-looking statements as a result of future events or
developments.
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
Media Contact:
Samantha
Wolf
KCSA Strategic Communications
212-896-1220
swolf@kcsa.com
SOURCE Vasomedical, Inc.