SEATTLE, Aug. 15, 2017 /PRNewswire/ -- MDCorp ($MDCX) has executed a non-exclusive distribution agreement with Smart Medical Systems (Ra'anana, Israel) allowing MDCorp to sell Smart Medical's G-EYE® system and NaviAid™ products to its customer-base throughout six core markets in Europe.
Neuraxon, MDCorp's designated distribution affiliate in Europe, will assume responsibility for distributing Smart Medical's products, focusing on their network of 92 hospitals.
Mr. Pantelis Stanitsas, CEO of Neuraxon stated: "This kind of product distribution win is what we have expected from our M&A partner MDCorp. This cooperation with Smart Medical Systems serves to align Neuraxon and MDCorp further. The G-EYE® system should be sold to our base of 92 hospitals covering an addressable market of 100 million people in six countries. Endoscope related sales in our markets total $450 million USD annually, and we are particularly enthusiastic about deployment of this new, world class, patented, life-saving technology."
Onsite product training is set to begin in September/October this year, in Israel.
Mr. Gilad Luria, VP of R&D and PM at Smart Medical Systems added: "Smart Medical Systems is welcoming this partnership with yet another leading distributor of its technology for enhanced polyp detection and prevention of colon cancer. As a non-exclusive distribution partner in Europe, MDCorp provides our products with direct access to about 100 hospitals across six countries, enhancing the G-EYE® system's deployment and market presence."
MDCorp seeks to expand into current and new markets, open new branch offices and expand sales, layering more products and services through existing and then new sales channels.
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the MDCorp's position as a market leader, acceleration of innovation and expansion of total addressable market opportunity. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the MDCorp's control. MDCorp's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to (1) failure to realize the estimated synergies or growth anticipated as a result of the transactions or that such benefits may take longer to realize than expected, (2) risks related to unanticipated costs of integration of European Distribution Medical Systems by MDCorp, (3) the effect of the consummation of the transactions on the ability of MDCorp to retain and hire key personnel and maintain relationships with key business partners and customers, and on MDCorp's operating results and businesses generally, (4) adverse trends in economic conditions generally or in the industries in which the MDCorp operates, (5) adverse changes to, or interruptions in, relationships with third parties unrelated to the merger, (6) MDCorp's ability to compete effectively and successfully and to add new products and services, (7) MDCorp's ability to successfully manage and integrate acquisitions, (8) the ability to attract new customers and retain existing customers in the manner anticipated, (9) unanticipated changes relating to competitive factors in the MDCorp's industries, and (10) any business interruptions in connection with MDCorp's acquired technology, sales or systems. MDCorp is under no obligation, and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons reading this announcement are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.
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