Elitech UK Ltd - niche products to clinical markets throughout the UK
  • About us
  • Products
  • News
  • Manufacturers
  • Contact us
  • Home
    Press Release  
    For Immediate Effect
    Corgenix and the ELITech Group Establish Strategic Collaboration
    New alliance includes an initial $1,250,000 ELITech equity investment in Corgenix, international distribution, and diagnostic system co-development.

    DENVER, Colo. And PARIS, France — July 19 2010 — Corgenix Medical Corporation (OTCBB: CONX), a worldwide developer and marketer of diagnostic test kits, and the ELITech Group, a Paris, France based privately held group of companies and worldwide manufacturer and distributor of in vitro diagnostic equipment and reagents, today announced a broad strategic alliance. The collaboration between the companies includes:

    • Strategic Investment - ELITech will initially purchase 8,333,334 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
    • Distribution – ELITech will become the Master Distributor for Corgenix outside of North America to better leverage future growth for Corgenix by significantly expanding global market coverage
    • Product Development – Corgenix and ELITech will co-develop new tests on several of the ELITech proprietary instrument systems using Corgenix products and technologies
    “We are extremely pleased that the ELITech Group has chosen to establish this relationship with Corgenix,” said Douglass Simpson, Corgenix’ President and Chief Executive Officer. “This is a remarkable initiative on their part and evidences their very strong belief in Corgenix via an investment in our company at a significant premium to the current market price

    ELITech Group which is driven by strategic partnerships with key players in the in vitro diagnostic industry,” said Pierre Debiais, ELITech Group’s President. “The new relationship with Corgenix supports the Group’s commitment to the IVD market, demonstrates our strong desire to develop and introduce new products, and significantly enhances our global position in diagnostics. The addition of the Corgenix strength in immunology is a natural expansion to our clinical chemistry and serology lines and our existing position in unique microbiology products ranging from specific culture media and rapid tests to multiplexing sThese transactions with Corgenix to continue expansion of our business have been made possible through the support of Elitech investors: NAXICAP PARTNERS, SYNERGIE FINANCE, BNP PARIBAS DEVELOPPEMENT and IDIA DEVELOPPEMENT," said Philippe Véran, the ELITech Group’s Financial Advisor.

    Further details of the transactions are included in an 8-K filing with the U.S. Securities and Exchange Commission.

    About Corgenix Medical Corporation

    Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world's only non-blood-based test for aspirin non-responsiveness. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at www.corgenix.com.

    About the ELITech Group

    The ELITech Group (ELITech)
    is a major player in the international medical market. ELITech has brought together IVD specialty companies to provide the best offering of innovative, unique and also routine products to laboratories operating closer to the patient. It comprises Vital Scientific and Seppim (clinical chemistry analyzers and reagents); ELITech Microbio (microbiology kits); Wescor (unique laboratory instruments); inoDiag (unique multiplex serology devices); Nanogen (leading edge technology molecular biology kits); and SERFIB (microbiology and immunology kits). Through direct sales in Europe and North America and distribution capabilities in over 100 countries, the ELITech Group offers clinical chemistry, microbiology, immunology and molecular biology products from its own facilities as well as complementary third-party products. More information is available at www.elitechgroup.com

    Statements in this press release that are not strictly historical facts are “forward-looking” statements (identified by the words “believe”, “estimate”, “project”, “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements.

    Corgenix Contacts:

    Corporate and Financial Corgenix Medical Corp.
    William Critchfield, Senior VP and CFO
    Phone: 303-453-8903
    Email: wcritchfield@corgenix.com

    ELITech Contacts:
    Corporate Laetitia Crouch
    Phone: +33 (1) 41 45 07 10).

    Media Contact:
    Dan Snyders
    Vice President and Public Relations Supervisor
    Armada Medical Marketing
    Phone: 303-623-1190 x 230
    Fax: 303-623-1191
    Email: dan@armadamedical.com
    Press Release