Business
MedMira's Partnership Strategy Results in $2 Million Equity Investment from Switzerland
MedMira's Partnership Strategy Results in $2 Million Equity Investment from Switzerland
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\nOct. 7, 2009 (Canada NewsWire Group) -- HALIFAX, Oct. 7 /CNW/ -- MedMira Inc., (\"MedMira\") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, announced today that the Company will receive CDN$2 million in an equity investment from Andurja AG (Andurja), a Swiss company based in Lucerne, Switzerland.Andurja is a privately owned Swiss investment company wholly owned by Mr. Urs Meile. Andurja is the controlling and majority shareholder of Vitest AG (Vitest), MedMira's strategic partner leading business development initiatives for Europe and Africa. Vitest has made significant progress with MedMira's line of rapid diagnostics, developing several key markets within these regions.\"I am pleased to have been given an opportunity to make this timely investment into MedMira. It has strengthened our commitment and brought our strategic partnership to the next level,\" said Mr. Urs Meile, Chairman of Andurja AG and Vitest AG. \"We have identified many key opportunities for advanced rapid diagnostics and have seen first-hand the need for these products. We are confident that together with MedMira we can deliver the right solutions.\"This newest partnership initiative between Vitest and MedMira will advance the reach and market share of both companies in the global diagnostics sector, with a particular focus on developing countries where rapid testing is most needed and most useful. The partners will draw on each others strengths, knowledge, and expertise to provide comprehensive, advanced rapid diagnostics solutions to customers.\"Our partnership strategy offers key partners like Vitest a unique business opportunity to significantly increase revenue streams through profit sharing, enhancing our combined capabilities in delivering rapid diagnostic solutions,\" said Hermes Chan, CEO, MedMira. \"We are excited to expand our partnership with Vitest in this way and believe that the results will be very positive in increasing profit and market share. This new capital will certainly expedite the development and commercialization of new product offerings.\"Under the terms of the deal Andurja will acquire 40,000,000 equity units at $0.05 per unit. Each equity unit consists of one common share and one common share purchase warrant for a period of three years from the closing date. Each f...