Remedent restructures OTC division

This restructuring will provide both additional cash to Remedent as well as the elimination of all current and future overhead of the OTC division. The restructuring involved a sale of approximately half the interest of the OTC division led by Robin List, the company’s former CEO and director to Mr List and Concordia Fund, a non affiliated foreign investment firm.

The assets, liabilities and income/expense of the OTC division will ultimately be held by a Dutch holding company, namely Remedent BV that will be led by Mr List with current Remedent directors maintaining board control of Remedent BV.

Remedent BV will be responsible for all operating overhead expenses on a go forward basis as well as future financing and growth of the OTC division. Remedent Inc plans on consolidating both divisions in its financial statements based on its percentage of ownership after the sale as well as its board control over the Remedent BV subsidiary. Concordia Fund will provide financing and stewardship for the ongoing operations of the Remedent BV group.

In connection with this sale, Mr List has resigned as director and CEO of Remedent Inc enabling him to focus on the management of the OTC business, namely OTC BV and its subsidiaries. Guy De Vreese, the current chairman and leader of the professional division, will lead the company as CEO.

Mr De Vreese said: This restructuring will give us the best of both worlds. We can now aggressively pursue our professional/veneer business both with Den-Mat principally in the US and by ourselves in promising growth territories such as China, Australia and Western Europe. At the same time, Remedent also gets to share in the upside of the OTC business without the financial responsibility.