Procognia Limited Signs Binding Letter of Intent with Beijing Cy-Tech for the Exclusive Marketing and Distribution of its GlycoScope™ Product in the Greater China Region
3/7/2012 7:05:21 AM
TEL-AVIV, Israel--(BUSINESS WIRE)--Procognia (TASE: PRCG), announced that, on Thursday March 1, it signed a binding letter of intent with Beijing Cy-Tech Biotech Company("Cy-Tech"), by which Cy-Tech was granted the exclusive rights to sell, distribute and market Procognia’s glycoanalysis product, the GlycoScopeTM ("the Product") in the Greater China Region (China, Hong Kong, Macao and Taiwan) ("the Territory"). In addition, Cy-Tech was awarded the exclusive right to provide its clients in the Territory with glycoanalytical services relying on knowhow and expertise that Cy-Tech will receive from the company ("the Services" and "the letter of intent"). Beyond the compensation that will be received by the company through the purchase of the Product by Cy-Tech, the company will be entitled to a certain percentage of the revenues received by Cy-Tech due to the provision of these services. Cy-Tech will be responsible for all sales and marketing activities related to the Product, and also for providing Services in the Territory, and will bear all costs associated with these services. Cy-Tech will also provide local technical support to its clients in the Territory with support from the company.