WESTBURY, N.Y.--(BUSINESS WIRE)--Vasomedical, Inc. a diversified medical technology company specializing in the design, manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products, today announces the amendment of the sales representative agreement between its subsidiary, Vaso Diagnostics Inc. d/b/a Vaso Healthcare and GE Healthcare, the healthcare business unit of GE (NYSE: GE), originally signed on May 19, 2010.
The amendment, effective July 1, 2012, extends the initial term of three years commencing July 1, 2010 to five years through June 30, 2015, subject to earlier termination under certain circumstances. Under the agreement, VasoHealthcare is the exclusive representative for the sale of select GE Healthcare Diagnostic Imaging products to specific market segments in the 48 contiguous states of the United States and the District of Columbia.
“The extension of the agreement is verification of the professionalism, dedication and performance of our VasoHealthcare sales team” commented Jun Ma, President and CEO of Vasomedical, Inc. “The start of the sales representation business two years ago is part of the diversification strategy of the company, which also includes our expanded international operations and new product lines. We continue to look for accretive acquisitions as well as other related opportunities in the medical device business, with the objective of enhancing our business and increasing shareholder value.”
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 operates through three wholly-owned subsidiaries. Vasomedical Solutions manages and coordinates the design, manufacture and sales of EECP® therapy systems, its core product, as well as other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; and Vaso Diagnostics, d/b/a VasoHealthcare, is the operating subsidiary for the sales representation of GE Healthcare diagnostic imaging products. Additional information is available on the Company's website at www.vasomedical.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 “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.