CAMPBELLVILLE, ON, Sept. 8 /CNW/ - NIR Diagnostics Inc. (TSX Venture: NID - News), an innovator in the development of handheld healthcare diagnostic devices announced today that it has exercised its right to terminate the Second Amended and Restated Exclusive License Agreement (License Agreement) with Shaklee Corporation entered into effective August 9, 2006, and accordingly, NIR Diagnostics has repatriated rights related to this agreement. The basis for termination is Shaklee's uncured, notified breaches of the License Agreement arising from its failure to pay amounts to NIR Diagnostics when due. As previously disclosed, Shaklee disputes that it has breached the License Agreement.
"With sales in the global nutraceuticals industry projected to reach $187 billion by 2010, and with only expensive and time consuming laboratory testing available to monitor the impact of these products, this market is an ideal application of our non-invasive technology," said Duncan J. MacIntyre, President, CEO and Executive Vice Chairman of NIR Diagnostics Inc. "Based on our ongoing research to non-invasively monitor glucose levels in patients suffering from diabetes, our OmegaNIR(TM) device, which measures omega-6 and omega-3 levels, is part of our VisionNIR(TM) non-invasive platform. Our internal testing and research indicate that consumers are eager to have an accurate, painless, non-invasive source of information that offers immediate feedback on their dietary choices. We intend to make our unique in-vivo omega-6 and omega-3 technology available to consumers globally through select distribution partners."
OmegaNIR(TM) takes only seconds to measure an individual's omega levels. Internal testing has been completed on male and female patients across a broad range of race and age categories. NIR Diagnostics' patented technology emits light from a small light source and then measures the absorbance of light within the finger via a complex detector system and proprietary algorithms. The VisionNIR(TM) platform is capable of monitoring multiple analytes at the same time from the same scan and can be expanded to monitor a broad array of blood analytes rapidly without the need to draw blood.
About NIR Diagnostics
NIR Diagnostics is an innovator in the development of near-infrared, spectroscopic medical diagnostics. The Company has an extensive portfolio of optical, electronic and algorithm related patents in the field of in-vitro and in-vivo blood analysis.
This press release contains information that is forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts.
Forward-looking information, by its nature necessarily involves risks and uncertainties including, without limitation, the difficulty of predicting regulatory approvals, market acceptance and demand for new products, the protection of intellectual property connected with devices, the impact of competitive products, and other similar or related risks and uncertainties. Additional risks and uncertainties affecting the Company are discussed in the Risks and Uncertainties section of the MD&A for the year ended December 31, 2007 available on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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For further information
Duncan MacIntyre, President, CEO and Executive Vice Chairman, NIR Diagnostics Inc., (905) 854-5727, (905) 854-5729 Fax, E-mail: firstname.lastname@example.org, Internet: www.nirdiagnostics.com
Ross Marshall, Investor Relations, (416) 815-0700 ext. 238, (416) 815-0080 Fax, E-mail: email@example.com, Internet: www.equicomgroup.com
Source: NIR Diagnostics Inc.