The letter of intent sets out the material terms to be included in a definitive contract to be entered into by Meridian and Bal-Sal. The material terms include exclusive marketing and distribution rights during the term of the contract and minimum purchase order commitments of $6.75 million USD during the first year of the contract, $13.5 million USD during the first two years of the contract and $27 million USD during the full three year term of the contract. Bal-Sar intends to market and distribute the Lapex 2000 LipoLaser through its UK affiliate Skin Revision (UK) Ltd. and its South African affiliate Skin Revision (Pty) Ltd.
The parties anticipate executing a definitive contract by May 15, 2007.
"We at Meridian are very excited about the potential represented by this opportunity for revenue growth and product exposure outside the customary markets for Meridian devices," commented Mr. Hyeon Seong Myeong, President of Meridian.
More About: Lapex 2000 LipoLaser
The Lapex 2000 LipoLaser was designed to target the medical and aesthetic market, specifically to address body shaping/contouring, spot fat reduction, and reduction in the appearance of cellulite. The Lapex 2000 LipoLaser's non-invasive treatment is considered one of the most innovative methods to treat those stubborn areas of fat that do not respond to diet and exercise. The demand for this type of treatment is expected to grow rapidly, not only in the plastic surgery profession but non-clinical settings such as spas and wellness centers that treat localized body fat deposits which may not have responded to diet and exercise. More About: Meridian Meridian is an established leader in the research/development, manufacturing and sales of advanced medical devices in the healthcare industry. With a dynamic research and development team, Meridian is at the forefront in the development of cutting edge medical technologies. The Company presently holds a total of 18 worldwide patents on its technology, and has received approvals from the FDA and other international regulatory agencies, for many of its products. Meridian has over 1500 clients including physicians, hospitals, clinics, healthcare professionals, and wellness centers in Korea, USA, Canada, China, Japan and Europe, and continues to successfully market its superior product line to a growing number of clients worldwide.
More About: Skin Revision
Skin Revision UK Ltd.
Office: +44 - 2073292000
Fax: +44 - 2072480668
Tracey Nathan (Director)
tnathan@skinrevision.co.uk
John Malherbe (Director)
john@skinrevision.co.uk
On Behalf of the Board of Directors,
Hyeon Seong Myeong, President
This press release may contain certain forward-looking information and statements concerning the company's operations, performance and financial condition. These statements are based upon a number of uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. This document is not intended to be and is not an advertisement for any securities of the Company.
Contacts: Meridian Co., Ltd. Peter Holeczek Corporate Communications 1-866-736-3306 Website: www.MeridianMedical.ca
SOURCE: Meridian Co., Ltd.
