Event Cardio Group Completes First $500,000 of $2,000,000 BreastCare DTS(TM) Distribution Agreement for Southern Asia
NEW YORK, NY--(Marketwired - Apr 28, 2015) - Event Cardio Group, Inc. (www.eventcardiogroup.com) (OTCQB: ECGI), a medical device company specializing in the detection and preventive treatment of high-risk diseases, is pleased to announce it has received the final $300,000 thereby completing the initial $500,000 stage of the $2,000,000 licensing agreement with MedPac Asia Pacific PTY Ltd, of Australia. MedPac received a Convertible Promissory Note and was granted the exclusive distribution rights for both BreastCare DTS™ and NowCardio™ products in their exclusive territory -- Australia, New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Laos, Cambodia, Myanmar and Bangladesh. With the Philippines having the highest breast cancer mortality rate among the countries listed, the immediate focus will be to use pre-existing distribution channels to make the BreastCare DTS™ device available for consumers.
Now that we have completed the first stage, we are looking forward to finalizing the balance of the $2,000,000 licensing agreement.
President and CEO John Bentivoglio stated, "With the completion of the first stage of the MedPac licensing agreement and the imminent production of BreastCare DTS™ at Ceres Technologies, we are looking forward to completion of the fully automated manufacturing line for this fall. The fully automated manufacturing line will be capable of producing a high volume of BreastCare DTS™ devices for worldwide distribution."
BREAST CANCER DETECTION MARKET: The global Point of Care market in 2011 was approximately $18.7 billion, up from $10.3 billion in 2005. In the U.S. alone, the combined breast cancer detection/diagnostic market was valued at more than $2.2 billion in 2008, and is expected to continue in a stable growth pattern over the next several years. Analysts have suggested a conservative growth rate of approximately 5.4% per year.
CARDIAC MONITORING MARKET: The combined U.S. cardiac equipment and services market in 2012 was estimated at $3.86 billion and is expected to grow to $4.19 billion in 2016. Globally, the cardiac monitoring market is anticipated at three to five times the US market. We believe that the market for ambulatory cardiac holter monitoring and event recording services will grow over the foreseeable future as a result of an aging and growing population, the increase in a prevalence of health conditions such as obesity that increase the likelihood of heart related diseases and the increasing awareness of cardiac diseases.
Note: The BreastCare DTS™ device is not intended to replace mammography, ultrasound and other detection methods. It is to be used as an adjunct to these screening methods. The use of more than one screening method (as is true with most medical testing) provides the best opportunity to catch breast cancer early. The advantages of BreastCare DTS™ are that it is low-cost, portable and highly effective, and does not expose the patient to radiation, making it a very attractive and accessible adjunct for screening for breast cancer for use with and in between mammograms in the US and other developed countries.
About Event Cardio Group, Inc.
Event Cardio Group, Inc. is a developer of medical diagnostic detection equipment focused on the detection, and preventive treatment, of high-risk diseases. The Company's core products are its Now Cardio™, an advanced cardiac monitor which offers dual-functionality including both holter monitoring and event recording simultaneously, and FDA approved BreastCare DTS™ breast cancer detection device. For more information on the company please visit www.eventcardiogroup.com.
Statements in this release may be regarded, in certain instances, as "forward-looking statements" pursuant to certain sections of the Securities Act 1933 and the Securities Exchange Act 1934, respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties, which could cause actual results or events to differ materially from those currently anticipated, including, but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting Event Cardio Group, Inc. and its business. There can be no assurance that such forward-looking statements will ever prove to be accurate and readers should not place undue reliance on any such forward-looking statements contained herein. Event Cardio Group, Inc. will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
