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Scantek Medical, Inc. (SKML) Receives $250,000 Loan And $100,000 For The Completion Of A Clinical Study
10/19/2005 5:12:33 PM
CEDAR KNOLLS, N.J., Jan. 25, 2005 (PRIMEZONE) -- Scantek Medical, Inc. (Pink Sheets:SKML) announced today that on December 3, 2004, it entered into an Agreement (the "Agreement") with Life Medical Technologies, Inc. ("Life Medical") pursuant to which Life Medical, subject to certain terms and conditions, would have received an option to distribute BreastCare(tm)/BreastAlert(tm) Differential Temperature Sensor/Breast Abnormality Indicator device ("BreastCare(tm)") in the United States. However, almost immediately after the execution of the Agreement, Life Medical and Scantek determined to modify the Agreement and re-commenced negotiations. Negotiations with respect to the modifications to the Agreement are still in progress. As part of the transaction, Scantek received from Life Medical (i) a $250,000 loan (the "Loan") which is due on June 5, 2006 and bears interest at a rate of 8% per annum and (ii) $100,000 to be used towards the completion of a clinical study by Dr. Virgilio Sacchini.
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