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PARADIGM MEDICAL IND (U-PMED) - News Release Paradigm Medical Signs Definitive Agreement with China's MEDA Co. for Development of Medical Products
2006-06-19 13:04 ET - News Release
Also News Release (U-PMEDW) PARADIGM MEDICAL INDUSTRIES A WT
SALT LAKE CITY -- (Business Wire) -- June 19, 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 signed a definitive agreement with MEDA Co. Ltd. (Tianjin) to jointly engineer and develop Paradigm's next generation of ultrasound and other medical products. MEDA is one of China's leading developers and producers of ultrasound devices. "We are pleased to be working with MEDA. Their engineering, research, and production capabilities are among the best in the world," said Paradigm Medical's President and Chief Executive Officer, Raymond Cannefax. "MEDA has already begun producing products for us to our specifications." Mr. Cannefax added, "Initial ultrasound products have been received from MEDA and Paradigm has made initial sales of these devices in Europe. We expect all of our distributors worldwide to be carrying these products by mid-2006. After receiving U.S. and European regulatory approval in 2005 for our third generation Ultrasound BioMicroscope (UBM)--the P60--we are now working with MEDA on the next generation UBM as well as other proprietary new products and enhancement of our current devices. "Paradigm Medical is presently the only company that manufactures and sells more than one UBM," Mr. Cannefax noted. "Upon completion of this new UBM project, the Company will offer four Ultrasound BioMicroscopes for medical and research sciences applications." Paradigm Medical expects to be manufacturing its products at both its facility in Salt Lake City and in Tianjin. "We expect to have a series of new, collaborative products on display at the AAO Convention later this year," Mr. Cannefax concluded.
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. Contacts:
Paradigm Medical Industries, Inc. Raymond Cannefax, 801-977-8970
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