LAS VEGAS, Feb. 16 /PRNewswire-FirstCall/ -- NetImpact Holdings, Inc. (Pink Sheets "NTHD") announced today it has entered into an investment agreement with ProVision Capital Group (PCG) for a $10,000,000 investment to be paid in twelve equal installments. NetImpact will use the funds to complete the final repackaging design and initial manufacturing of the various models of the NeuroWave Therapy 4000 drug and chronic pain device. Under the terms of the agreement, PCG will invest $10,000,000 in NetImpact (NHI) and its wholly owned subsidiary, NeuroWave Therapy International, Inc. (NTII) for working capital. Under the terms of the agreement, NHI and NTII are not required to provide PCG with any equity.
Once the NWT 4000 devices are repackaged, NetImpact and NTII will initially focus on sales in the nine S.E. Asian countries (Thailand, Singapore, Philippines, Hong Kong, Japan, Vietnam, Cambodia, Laos and South Korea); and finalize agreements with NetImpact associates working closely with NTII to open markets in South America and Eastern Europe. NetImpact and NTII are in the process of setting up business relationships in these areas to get the NWT 4000 devices to market.
The funds will be used to enhance and develop newer models of the NWT 4000 device for each of the five major groups of treatment (Chronic Pain, Drug addiction, Opiate addictions, Alcohol addictions and Tobacco addictions). NetImpact and NTII will finalize the enhancement, design and manufacturing of the NWT 4000 using a team comprised of NetImpact, NTII and NetImpact's selected manufacturer, ESP Seattle and their design-engineering subcontractor.
ESP Seattle working under the direction of NTII will perform the re-design engineering, manufacturing, product packaging for NTII deployment to S. E. Asia. They are equipped with a state-of-the-art facility and employ a very experienced staff to support NetImpact and NTII. For more details on ESP Seattle go to their web site http://www.espseattle.com/.
Chad Smith, NTII's President, stated, "We are very excited about the opportunity to move this product to market in the next few months. We will be establishing international distributors over the next few months to facilitate distribution of the NeuroWave products to market. Any firms and/or individuals interested in further exploring this opportunity with NTII should send their qualifications to NTII specifying the specific international area(s) they have experience and success taking products to market." He went on to state, "For those parties interested in this opportunity, they should send their request to: NeuroWave Therapy International, Inc.; 7390 W. Sahara Ave., Las Vegas, NV 89117. NTII will initially focus on the international markets and determine at a later date when they will pursue FDA approval for the US market."
NeuroWave Therapy has been researched and validated at some of the most prestigious medical facilities in existence, including the Marie Curie Research facility in London. The current NHI/NTII treatment device, known as the NWT 4000 is non-invasive, portable, about the size of a Walkman radio, with leads that attach behind the ear at the mastoid process. The device is battery operated for mobility, very easy to program and monitor, and is totally pre-programmed and automated for the entire term of treatment (4 to 10 days). The device emits current measured in very small milliamps undetectable by the patient. The technology has been designated as a "Non-Significant Risk" by the U.S. Food and Drug Administration and has proven many tests conducted by NTII to have no appreciable negative side effects in many successful years of use under controlled medical supervision of treatments.
The technology of NeuroWave Therapy has evolved from use of electro-acupuncture as analgesia. NeuroWave Therapy now involves the use of a complex combination of waveforms and frequencies to effect the functioning of the brain and nervous system through external stimulation that has resulted in many successful treatments of patients with various Chronic Pain ailments and others with mild to severe Addictions.
This is a very easy product to use for self-treatment and can improve the quality of life for users of the product afflicted with Chronic Pain or Addictions listed above.
NetImpact is a fast growing company specializing in improving the delivery of healthcare for developing countries, worldwide productivity improvement; applications development, and bringing new technologies to market.
The statements in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. NetImpact Holdings, Inc. intends that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements include predictions, estimates and other statements that involve a number of risks and uncertainties any, or all, of which could cause actual results to differ materially from any future performance suggested herein. While this outlook represents NetImpact Holdings, Inc.'s current judgment on the future direction of the business, such risks and uncertainties may individually, or mutually, impact the matters herein described, including but not limited to product acceptance, the economy, competition, governmental actions, results of litigation, technological and/or other factors, which are outside the control of NetImpact Holdings, Inc. as well as those risks and uncertainties detailed in the Company's Security and Exchange Commission filings.
NHI/NTII - Rod Felton or Chad Smith - 702-255-2177
PCG - Terrance Redd - 323-937-7888
ESP Seattle - Tom Girard - 206-575-4044
NetImpact Holdings, Inc.