SAN FRANCISCO, Dec. 16 /PRNewswire-FirstCall/ -- Medizone International, Inc. reported that its Board of Directors and the Board of Medizone New Zealand Ltd., a joint venture in which Medizone International Inc. holds a 50% interest, agreed on December 14, 2009 to unwind the joint venture and reconvey to Medizone International all global marketing rights of the company’s intellectual property. Medizone International’s Chairman, Edwin G. Marshall said, “Time has eroded the relevance of the joint venture we established in 1995 and the partnership no longer fits with the business plan of Medizone International moving forward. We have mutually agreed that it is in the best interest of both Medizone New Zealand Ltd., and Medizone International, Inc., to find a fair basis to terminate the marketing rights and to wind up the joint venture.” The transaction should be concluded by December 31, 2009.
Medizone International, Inc., is a research and development company engaged in developing its AsepticSure(TM) technology to decontaminate and sterilize hospital surgical suites, emergency rooms, intensive care units, schools and other critical infrastructure. Full-scale mock-up trials are scheduled to begin in January at its research laboratories located in Innovation Park, Queens University in Kingston, Ontario, Canada.
Medizone International, Inc.
