VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2013) - Urban Select Capital Corp. (TSX VENTURE:CH) announced today that it has entered into a cooperative partnership agreement with Eidam Diagnostics Corporation as of March 22, 2013.
Eidam Diagnostics Corporation, ("Eidam") based in Richmond, British Columbia, is a manufacturer and distributor of medical devices. The CRT 2000® Thermographic System is Eidam's primary product. The CRT 2000 is a revolutionary diagnostic tool useful for practitioners in both preventative alternative and conventional healthcare, and draws on proprietary analysis methods created from patient profiles spanning more than 25 years. As of February 2013, Eidam has received U.S. FDA, European CE and SFDA China Class II certifications and approvals for the CRT 2000. Eidam also has established manufacturing, sales, and distribution of the CRT 2000 in diverse geographical markets, including North America, Asia and Europe.
According to the framework of the cooperative partnership agreement, Eidam has granted Urban Select an exclusive ten-year sole agent license to distribute the CRT 2000 in the China, Hong Kong and Taiwan regions with an option to further extend this license for an additional ten years through to 2033. Eidam will provide the CRT 2000 devices and personnel training related to the operations of the CRT 2000. Urban Select will be compensated according to a net profit sharing agreement with Eidam by which Urban Select will earn 80% of the net profits and Eidam will earn the remaining 20%. In addition, Urban Select can earn up to a total of 3 million bonus Eidam common shares based on specific incremental sales milestones being achieved every year from July 2013 to June 2017.
Joseph F. Fodor, Chairman of the Board of Directors of Urban Select Capital Corporation stated, "As the world's most populated country, China offers one of the largest markets for medical devices such as the CRT 2000. Since 2009, China's growth in the medical equipment market has outgained its general economic growth and we are excited that the government has committed to develop the country's healthcare system to provide universal healthcare access for all by 2020. As the country's healthcare industry improves its medical infrastructure systems, we are confident this will lead to increased spending in medical equipment and devices. As a result, we feel very privileged to have the opportunity to work together with the team at Eidam Diagnostics to provide the Chinese market with a proven, quality product in the CRT 2000 which addresses critical issues necessary for an ageing population with rising medical costs. We look forward to developing a mutually beneficial long-term relationship with Eidam in the China market."
About Eidam Diagnostics Corporation
Eidam Diagnostics Corporation is a privately held Canadian company headquartered in Richmond, British Columbia. Eidam's primary product is the CRT 2000™ Thermographic System (the "Product"), which is a non-invasive, radiation-free, reproducible thermographic tool that measures the temperature of pre-determined skin points and analyzes such data to provide a healthcare practitioner with information that may be indicative of irregular body function. The Product has obtained the CE Mark, is available for sale in the United States based upon its FDA premarket notification (510(k)) and is also certified as a Class II medical device by the Chinese health authority. The Product was developed based on the intellectual property acquired from Capital 21 Holdings Corporation, a related corporate entity to Eidam.
About Urban Select Capital Corporation
Urban Select Capital Corporation is an investment issuer focused on investing growth capital into private and public companies in a broad range of sectors including renewable energy, natural resources, chemicals, agriculture and consumer retail services. Urban Select's management team is composed of investment professionals combining an Asian background with Western education and extensive experience in investment banking, venture capital and fund management in Canada, China and the U.S.
- Investment & Company Information
Chief Financial Officer and Corporate Secretary