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Paradigm Medical Enters into Exclusive Discussions with Leading Chinese Engineering Firm for Development and Production of Ultrasound and Medical Products Monday June 5, 9:37 am ET
SALT LAKE CITY--(BUSINESS WIRE)--June 5, 2006--Paradigm Medical Industries, Inc. (OTCBB: PMED.OB/PMEDW.OB), a leading innovative producer of ultrasound devices for the ophthalmic and medical industries, today announced it has entered into exclusive discussions with a leading Chinese medical engineering and research firm aimed at developing Paradigm's next generation of ultrasound products for the medical industry. Terms were not disclosed. ADVERTISEMENT
"We believe a potential collaboration with the Chinese firm's engineers and medical academicians will result in increased functionality and state-of-the-art ultrasound devices," said Paradigm Medical's President and Chief Executive Officer, Raymond Cannefax. "The Chinese firm and Paradigm Medical would jointly provide hardware and software engineering input based on the latest technological developments in order to develop products that will meet the needs of medical professionals using these ultrasound devices."
In addition to broadening its ophthalmic product line, the Company is expanding some of its ultrasound products into the veterinary industry. "There is a continual increase in veterinary ophthalmology, and we believe we can share in the growth and further enhance that market opportunity," Mr. Cannefax added.
"The Chinese firm's engineering, research, and production skills should also help dramatically in reducing our research and engineering expenditures. Our revitalized global sales and marketing organization is making significant efforts to enable the Company to maximize this opportunity," Mr. Cannefax added.
Paradigm Medical and the Chinese firm's executives will be meeting during the week of the 21st Congress of the Asian Pacific Academy of Ophthalmology (APAO) meeting, held this June in Singapore. New engineering concepts will be implemented into a newly designed 50 MHz specific Ultrasound BioMicroscope (UBM). Glaucoma and refractive ophthalmic experts attending APAO Congress will be able to provide valuable input to confirm the results are in line with their expectations.
Paradigm Medical Industries, Inc. (Salt Lake City, UT), currently develops, manufactures and markets high-tech, proprietary diagnostic equipment and consumable products for the medical industry. The Company is a leading developer of Ultrasound devices, and has been dubbed "The UBM Company" (Ultrasound BioMicroscope). Contact us at 801- 977-8970 or visit us at www.paradigm-medical.com.
This press release contains statements that, if not verifiable historic fact, may be viewed as forward-looking statements that could predict future events and outcomes with respect to Paradigm and its business. The predictions embodied in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
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