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(OTCBB:MPSP) MedPro Safety Products, Inc.
Tuesday July 22, 4:53 pm ET
LEXINGTON, Ky.-MedPro Safety Products, Inc. has entered into two medical supply manufacturing agreements with Greiner Bio-One GmbH, a division of Greiner Bio-One International AG, an international manufacturer and supplier of medical products with locations in Austria, Germany, Hungary, United States and Brazil as well as a worldwide distribution network. The two agreements grant Greiner the right to manufacture, market and distribute MedPro?s tube-activated and skin-activated blood collection systems and its winged ?butterfly? safety needle system. Each agreement extends for a six-year term from the commencement of initial commercial manufacturing of the applicable product. Greiner agreed to pay MedPro a production royalty per unit on a minimum volume of units of each product over the term of the agreements plus additional cash amounts to acquire the production lines for the products.
The agreement with Greiner for the exclusive right to manufacture, market and distribute our tube-activated blood collection system and our skin activated blood collection device supersedes and replaces our prior distribution agreement with Greiner for the tube-activated blood collection system. Greiner agreed to pay MedPro a capital amount not to exceed $8.6 million for the rights to MedPro?s tube-activated and skin-activated blood collection system. Additionally, Greiner is obligated to pay us a minimum production royalty of $33.0MM for its commitment of a minimum of 275.0MM pieces during the initial five years of the agreement.
Greiner also entered into an agreement with us for the exclusive right to manufacture, market and distribute our winged ?butterfly? safety needle system on similar terms. Under the agreement for the winged butterfly product, Greiner agreed to pay MedPro a capital amount not to exceed $5 million in exchange for the production line for this product. Greiner will make an initial payment of $1 million of this amount upon delivery and acceptance of the initial design plan by Greiner on or before October 1, 2008. Additionally, Greiner is obligated to pay a minimum production royalty of $10.8 million for its commitment of a minimum of 75.0 million pieces during the initial five years of the agreement.
Including combined capital investment and minimum royalty payments, these agreements obligate Greiner to pay MedPro a minimum of $57.8 million for all products and production line equipment during the term of the agreements.
MedPro?s Chairman and Chief Executive Officer, Craig Turner, stated: ?Greiner is a world-class company, specifically known for its dedication to providing superior product quality and services. We are particularly pleased to expand our relationship with Greiner, which we believe will accelerate global market access for our product, and global exposure for our Company.?
Profile for MedPro Safety Products, Inc.
MedPro Safety Products, Inc. focuses on developing and commercializing medical device safety products incorporating proprietary needlestick prevention functionalities in the United States and internationally. The company's products include Vacumate Blood Collection Safety products, including tube-activated product and skin-activated product, as well as Intravenous Butterfly Valve and Anti-Blunting Safety Syringe. Its products under development also consist of Safe-Mate dental safety needles, which provide solutions to reduce the risk of accidental needlestick injury; Key-Lok Needleless IV System that enables healthcare providers to administer medications unprotected needles eliminating the a...
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