WESTBURY, N.Y.--(BUSINESS WIRE)--Vasomedical, Inc. (OTC: VASO.OB) today announced that its subsidiary, Vaso Diagnostics Inc. d/b/a Vaso Healthcare, has signed a sales representative agreement with GE Healthcare, the healthcare business unit of GE (NYSE: GE), for the sale of select GE Healthcare Diagnostic Imaging products. Under the Agreement, Vaso Healthcare has been appointed the exclusive representative for these products to specific market segments in the 48 contiguous states of the United States and District of Columbia. The agreement is for an initial term of three years commencing July 1, 2010, subject to extension and also subject to earlier termination under certain circumstances. The Company has received financial commitments for up to $5 million for the purpose of funding this project.
“This representation agreement is an example of Vasomedical’s strategy to expand its operations into new areas of potential growth in healthcare,” stated Abraham E. Cohen, Chairman of the Board of Vasomedical, Inc. “Based upon the future needs of the worldwide medical marketplace and the growth potential for revenue and shareholder value,” he continued, “Vasomedical will continue to explore new and exciting opportunities designed to improve the delivery of healthcare and significantly contribute to the quality of life.“
Vaso Healthcare has taken the necessary steps to qualify for GE Healthcare’s exceptionally high requirements and to meet the challenges of today’s highly technical and rapidly changing market. Specifically, Vaso Healthcare has formed a new sales organization of approximately 60 experienced sales professionals and support personnel specializing in high-tech medical equipment sales.
Vasomedical, Inc. is primarily engaged in designing, manufacturing, marketing and supporting EECP(R) external counterpulsation systems based on the Company's proprietary technology. EECP(R) therapy is a non-invasive, outpatient therapy for the treatment of diseases of the cardiovascular system currently indicated for use in cases of angina, cardiogenic shock, acute myocardial infarction and congestive heart failure. The therapy serves to increase circulation in areas of the heart with less than adequate blood supply and may restore systemic vascular function. The Company provides hospitals, clinics and private practices with EECP(R) equipment, treatment guidance and a staff training and maintenance program designed to provide optimal patient outcomes. EECP(R) is a registered trademark for Vasomedical's enhanced external counterpulsation system. Additional information is available on the Company's website at www.vasomedical.com.
About GE Healthcare:
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems.
Our “healthymagination” vision for the future invites the world to join us on our journey as we continuously develop innovations focused on reducing costs, increasing access and improving quality and efficiency around the world. Headquartered in the United Kingdom, GE Healthcare is a $16 billion unit of General Electric Company (NYSE: GE). Worldwide, GE Healthcare employs more than 46,000 people committed to serving healthcare professionals and their patients in more than 100 countries. For more information about GE Healthcare, visit our website at www.gehealthcare.com. For our latest news, please visit http://newsroom.gehealthcare.com/http://newsroom.gehealthcare.com
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 "anticipate", "believes", "estimate", "expect", “explore”, "should", "intend", "projects", "objective" and "appears" 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 ability to perform under the agreement with GE Healthcare, the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.