This agreement establishes MedX as the exclusive provider of low level laser and light technology to Naimco/Rich-Mar and will allow MedX Health to sell components to Naimco/Rich-Mar that will enhance its product line. MedX will have master distributor rights to market MedX/Rich-Mar products in all markets and countries, except those US and Canadian customers primarily engaged in rehabilitation, physiotherapy and or chiropractic medicine and therapy.
In addition, MedX will have exclusive rights in dental, veterinarian, aesthetics/plastic surgery and dermatology to market MedX/Rich-Mar products. MedX expects to see increased revenue from this partnership as early as fourth quarter of 2008.
Under this comprehensive agreement, the two companies will cooperate in the exchange of products and components to create an improved line of energy-derived medical devices. MedX will also develop and produce for Rich-Mar an advanced system that will help healthcare providers identify the optimum treatment target for best results. Both companies expect to expand upon this initial agreement in 2009 to include future investment of both cash and products in this joint venture.
Steve Guillen, president and CEO of MedX, said: “This is a very exciting time for MedX as we continue to identify opportunities to expand our market reach and our revenues without the associated development, acquisition, technology transfer or licensing costs. And, through the integration of our low level laser technology into Naimco/Rich-Mar devices that contain ultrasound and/or electrical stimulation, we gain a larger user base and reinforced reimbursement codes.”