Vicor Technologies, Inc. Announces International Distribution Agreement with Glotecx, Inc.; Revenues Expected to Commence in 4Q09

August 19, 2009 |

5 min read

BOCA RATON, FL--(Marketwire - August 19, 2009) - David H. Fater, CEO of Vicor Technologies, Inc. (OTCBB: VCRT), today announced that the Company has entered into an exclusive distributorship agreement with Glotecx, Inc. for the distribution of its PD2i Cardiac Analyzer. Glotecx, Inc. is a global provider of state-of-the-art medical equipment. Vicor Technologies is a biotechnology company focused on the commercialization of innovative, non-invasive medical devices and diagnostics using its patented, proprietary PD2i algorithm and software to stratify patients at risk of sudden cardiac death (SCD) and trauma victims in need of life saving intervention.

The agreement grants Glotecx the exclusive right to purchase, inventory, promote, and resell the private label Vicor PD2i Cardiac Analyzer, and accompanying computer hardware and test analyses in India, Kenya, Uganda, Tanzania, and Nigeria. According to the terms of the agreement, Glotecx guarantees to pre-pay Vicor for a pre-determined minimum amount of equipment and test analyses, with payment for equipment and test analyses in excess of the minimum guaranteed amount payable monthly. The initial term of the agreement will commence on October 1, 2009.

“We are pleased to have entered into this international distribution agreement with Glotecx. Glotecx is a leading provider of cutting-edge medical equipment to nations worldwide and is extremely well positioned in the countries covered by this agreement. Consequently, we are confident that our PD2i Cardiac Analyzer will be well-represented and distributed widely in the countries covered by this agreement. Most importantly, with pre-payment for a minimum amount of equipment and test analyses guaranteed, Vicor should achieve another milestone -- commencement of revenue generation -- during the fourth quarter of 2009,” stated Mr. Fater. “This is an important initial step in the international distribution arena for Vicor. We are negotiating additional arrangements for the distribution of the PD2i Cardiac Analyzer in Canada, Ecuador, Brazil, and other South American countries,” he concluded.

Glotecx, headquartered in Coral Springs, Florida, is the global distributor for leading medical equipment manufacturers, including GE, Philips, Stryker, ZOLL, Datascope, and Siemens. It has representatives in Argentina, Australia, Brazil, Cameroon, Canada, China, Ghana, India, Japan, Kenya, Malaysia, Mexico, Romania, South Africa, Spain, Tanzania, Turkey, Uganda, the United Arab Emirates, and the United Kingdom.

About Vicor Technologies, Inc.

Vicor Technologies is a development-stage biotechnology company creating innovative non-invasive diagnostics employing its patented, proprietary point correlation dimension algorithm (PD2i). The PD2i is a deterministic, non-linear measure that analyzes electrophysiological potentials to predict future pathological events with a high degree of accuracy in target populations.

Vicor currently has three products employing the PD2i algorithm. The PD2i Analyzer, which has FDA 510(k) marketing clearance, measures heart rate variability. Vicor will be commencing a clinical trial to determine its efficacy to detect the presence of diabetic autonomic neuropathy (DAN). The PD2i VS (Vital Sign), in clinical trials under a collaborative effort with the U.S. Army Institute for Surgical Research (http://www.usaisr.amedd.army.mil/), risk stratifies combat and civilian trauma victims. The PD2i CA (Cardiac Analyzer), in multiple clinical trials, identifies patients at risk of suffering sudden cardiac death.

Vicor anticipates additional applications employing the PD2i to enable early detection and risk stratification for a variety of other disorders and diseases. Additional information is available at www.vicortech.com.

The appearance of name-brand institutions or products in this media release does not constitute endorsement by the U.S. Army Medical Research and Materiel Command, the Department of the Army, Department of Defense or the U.S. Government of the information, products or services contained therein.

Caution Regarding Forward-Looking Statements

Forward-looking statements in this press release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The following factors, among others, could cause our actual results to differ: our ability to obtain FDA approval of the PD2i VS for military and civilian applications and the PD2i Cardiac Analyzer, our ability continue to receive financing sufficient to continue operations and complete the critical clinical trials; our ability to continue as a going concern; our ability to successfully develop products based on our technologies; our ability to obtain and maintain adequate levels of third-party reimbursement for our products; the impact of competitive products and pricing; our ability to receive regulatory approval for our products; the ability of third-party contract research organizations to perform preclinical testing and clinical trials for our technologies; the ability of third-party manufacturers to manufacture our products; our ability to retain the services of our key personnel; our ability to market and sell our products successfully; our ability to protect our intellectual property; product liability; changes in federal income tax laws and regulations; general market conditions in the medical device and pharmaceutical industries; and other matters that are described in Vicor’s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2008 and subsequent filings with the Securities and Exchange Commission. Forward-looking statements in this press release speak only as of the date of the press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.

Release 09-12