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| 8-K - REMEDENT, INC. | v179097_8k.htm |
EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
REMEDENT
ANNOUNCES THE SALE OF ITS FIRST FIT INTELLECTUAL PROPERTY
FOR $2.85
MILLION IN CASH, PLUS ROYALTY PAYMENTS ON
LUMINEER
VENEERS AND FIRST FIT PRODUCTS SOLD BY DEN-MAT
DEURLE, BELGIUM— March 29,
2010 — Remedent, Inc. (OTCBB: REMI), an international company
specializing in the research, development, and manufacturing of oral care and
cosmetic dentistry products,
announced today that it has entered into a definitive agreement with Den-Mat
Holdings LLC (“Den-Mat”)
pursuant to which it has sold its First Fit intellectual property for $2.85
million in cash and continuing
royalty payments on revenues generated by the sale of Den-mat’s Lumineer Veneers
and First Fit
products.
The sale
of the First Fit intellectual property is consistent with Remedent’s overall
strategic plan to focus our
strategy on selling our designer smiles directly to the consumer through our
Glamsmile partner studios worldwide.
In connection with the sale, Remedent has already received $675,000 in cash as
partial payment
of the purchase price. The balance of the purchase price will be paid in
installments, with the final
payment to be delivered on December 31, 2011. The royalty payments on Den-Mat’s
Lumineer veneer
sales as well as First Fit products will generate ongoing cash flow for
Remedent, while eliminating any
expenses relating to the marketing, manufacturing and distribution of the First
Fit products. This transaction
will allow Remedent to focus its resources and attention on the development of
new products and
launch of its veneer business to consumer model. The definitive agreement for
the sale amends the prior
2009 distribution agreement pursuant to which Den-Mat has certain license,
distribution and manufacturing
rights relating to First Fit.
“We are
very excited to conclude this deal relating to our First Fit prosthetic’s
division with our partner Den-mat,
as it will allow us to pursue our profitable and proven model of selling our
veneers directly to the
consumer through our worldwide Glamsmile centers. With the aid of our smile
consultant working with the
customer throughout the entire sales process, we have seen our sales grow in our
retail centers in both Asia
and Europe,” said Guy De Vreese, Chairman and Chief Executive Officer of
Remedent.
“This
sale of First Fit will now also allow us to penetrate the USA market for our
veneer “retail
direct to the consumer model” a lot quicker. Our goal is to duplicate the
success formula of Asia and Europe using the
missing link formula of utilizing a “smile consultant” to help close the sale.
This
concept is similar to plan adopted by the Lasik Eye Care centers, where the
doctor/professional is solely
responsible for procedure as opposed to closing the sale with the potential
patient. We look forward to
concentrating on this business model worldwide during 2010 and
beyond.”
About
Remedent
Remedent,
Inc. specializes in the research, development, manufacturing and marketing of
oral care and cosmetic
dentistry products. The company serves professional dental industry with
breakthrough technology
for dental veneers, bridges and crowns that are recognized worldwide for their
technological superiority
and ease-of-application. These products are supported by a line of professional
veneer whitening
and teeth sensitivity solutions. Headquartered in Belgium, Remedent distributes
its products to more than
35 countries worldwide. For more information, go to www.remedent.com/.
Statement
under the Private Securities Litigation Reform Act of 1995
Statements
in this press release that are “forward-looking statements” are based on current
expectations and
assumptions that are subject to risks and uncertainties. Such forward-looking
statements involve known and
unknown risks, uncertainties and other unknown factors that could cause the
company's actual operating
results to be materially different from any historical results or from any
future results expressed or
implied by such forward-looking statements. In addition to statements that
explicitly describe these risks and
uncertainties, readers are urged to consider statements that contain terms such
as "believes," "belief,"
"expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans,"
"plan," “projects,” “project,”
to be uncertain and forward-looking. Actual results could differ materially
because of factors because
of such risks and uncertainties. For further information regarding risks and
uncertainties associated
with company’s business, please refer to the risk factors described in the
Company’s filings with the
Securities and Exchange Commission, including, but not limited to, its annual
report on Form 10-K and
quarterly reports on Form 10-Q.