Business
Cardiff International Signs LOI to Acquire MedicaMetrix, Inc.
Cardiff International Signs LOI to Acquire MedicaMetrix, Inc..
About this update from Cardiff Lexington Corporation
[{"type":"text","content":"\n \n \n Cardiff International Signs LOI to Acquire MedicaMetrix, Inc.\n \n \nCardiff International Signs LOI to Acquire MedicaMetrix, Inc.\n \n FT. LAUDERDALE, FL--(Marketwired - May 9, 2017) -  Cardiff International, Inc. (OTCQB: CDIF) and MedicaMetrix®, Inc. (Private; \"MedicaMetrix\") announced today they have signed a Letter of Intent agreement under which MedicaMetrix will merge into Cardiff International as its subsidiary, MedicaMetrix, Inc., in an all-stock transaction valued at approximately $6 million. \n MedicaMetrix is the creator of ProstaMetric®, a medical device for more effective prostate cancer diagnosis and monitoring with regulatory approval (CE Mark), with no direct competitor.\n Cardiff's total assets will now exceed $20 million including the $9 million in acquired MedicaMetrix assets. This market-expanding merger provides Cardiff entry into the medical device field. MedicaMetrix received a CE mark for the product in October 2016, the EU equivalent of FDA clearance. MedicaMetrix also received ISO 13485 certification (a comprehensive quality management system for medical device manufacturers) further validating the superior manufacturing and quality control systems the Company has perfected and is now using routinely. These developments have a profound impact on ProstaMetric's value proposition. As a direct result, we can now address a $1+ Billion market outside the US. This aligns with MedicaMetrix's long-term strategy to enter the EU market first and then the US market after establishing a profitable and growing business in Europe. President, CEO, and Founder, Christopher G. LaFarge stated, \"Toward that end, we have already established a sales organization in the Netherlands and are engaged with 16 UK and Dutch institutions who are eager to use ProstaMetric. The Company will use the Series B funding to launch the product in the EU, build revenues, and apply to the US FDA 510(k) clearance. We strongly believe that this is a potential blockbuster product.\"\n \"We are pleased to welcome MedicaMetrix to the Cardiff family,\" said Alex Cunningham, President/Chief Executive Officer of Cardiff. \"Another partnership that adds to our solid foundation for our investors, while diversifying our revenues streams, improving profitability, and increasing shareholder value. Medica...