EndyMed raises $7m from Chinese distributor [Globes, Tel Aviv, Israel :: ]
(Globes (Tel Aviv) Via Acquire Media NewsEdge) Aug. 03--EndyMed Ltd. (TASE: ENDY), which develops, manufactures, and sells special medical equipment based on radio frequency technologies, has completed an agreement with Chinese company OHMK Medical Technology. OHMK will acquire 47.93 million EndyMed shares, amounting to 28.94% of EndyMed's share capital and voting rights, for $7 million, giving it a 37.21% stake, fully diluted, in the company.
OHMK markets EndyMed's EndyMed Glow and EndyMed Pro products in China, after China Food and Drug Administration approval was obtained for them.
The Chinese company has an option to invest an additional $1 million for 6,847,809 EndyMed shares, which would give it 30.54% of the company's allocated shares and voting rights and a 38.44% stake, fully diluted.
EndyMed CEO Elad Magal said, "This is an important a vote of confidence in our company and its unique platform and products by the Chinese distributor in one of our strategic target markets. Our company is accelerating its development, with consistent growth in sales, intensive marketing, and penetration into important territories and target markets.
"We are continuing our promotion of business cooperation with strategic partners in the territories in which we operate, together with expanding our product portfolio in those countries and penetration of new geographic markets in the Far East and other regions of significance to us."
(c)2014 the Globes (Tel Aviv, Israel)
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