Corgenix Medical, a developer and marketer of diagnostic test kits, and the ELITech Group, a Paris-based group of companies and a distributor of in-vitro diagnostic equipment and reagents, have signed an alliance that includes investment, distribution and product development.
Terms of the agreement include:
- Investment: ELITech will initially purchase 8.33 million shares of Corgenix common shares at $0.15 per share. ELITech is also committing to invest another $750,000 in Corgenix common stock at the same price over the subsequent 12 months upon the successful completion by Corgenix of the two events specified below; warrants also issued at $0.15 could potentially result in an additional $1 million investment.
- International Distribution: ELITech will become the master distributor for Corgenix outside of North America.
- Product Development: Corgenix and ELITech will co-develop new tests by combining Corgenix products and technologies with several of the ELITech proprietary instrument systems.