ATLANTA, GA--(Marketwired - February 27, 2015) - LED Medical Diagnostics Inc. (TSX VENTURE: LMD) (LEDIF) (LME.F), through its wholly-owned US and Canadian operating subsidiaries, LED Dental Inc./LED Dental Ltd. ("LED Dental"), and Ray Company, Ltd. ("Ray"), are pleased to announce the opening of three Ray offices in the US to further support high growth initiatives in the North American market.
With the recent infusion of venture capital by a prominent Silicon Valley firm, reaching profitability, and coming off the most successful sales year on record, Ray is poised for aggressive growth in the global dental imaging space. It is the joint success between LED Dental and Ray that has resulted in the initiative to increase collaboration and drive additional market share gains.
Ray Company posted year-over-year growth of 190% for 2014, with LED Dental as the primary contributor to this, resulting in its own year-over-year growth of 240% in 2014. Ray plans to open three US-based locations- Los Angeles, New York, and Atlanta by the second quarter.
According to Dr. Sangchul Lee, CEO of Ray, LED Dental is a large part of the plan for long-term growth and goal of becoming the number one player in the dental imaging market. Dr. Lee said, "The North American dental imaging market is critical to the future success of Ray. We have found a kindred spirit in the LED Dental team, sharing our values of professionalism, technological expertise, and a commitment to superior patient care."
"It's a great position for both companies to be in," explains LED Medical Diagnostics CEO, Dr. David Gane. "With Ray's new strategic initiative to become an independent entity apart from Samsung, the ability for our two companies to collaborate on new exciting technologies will be taken to the next level. Both companies have recently obtained growth capital, and this will allow us to further accelerate the initiatives that were so successful in driving revenue growth in 2014."
Ray will be announcing a new imaging system at the upcoming International Dental Show in Cologne, Germany, March 10-14, 2015. With several additional product launches on the horizon, Ray and LED Dental will have an even broader product portfolio to utilize in their efforts to gain market share industry-wide.
About Ray (Ray Company, Ltd.)
Since 2004, Ray has specialized in researching, developing and producing high-quality digital imaging systems for the medical and dental industries. Due to the company's development of superior imaging technology, Ray became a subsidiary of worldwide technology leader Samsung Electronics Co., Ltd, in 2010. Under the Samsung brand, Ray launched the Rayscan Alpha -- Expert in 2012 and rapidly penetrated the US market in 2014. With the success of the Rayscan Alpha, Ray made the strategic decision to become an independent imaging company in 2015, singularly focused on its future as a leader in the worldwide dental imaging market.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc., through its wholly-owned subsidiaries LED Dental Inc. and LED Dental Ltd, provide dentists and oral health specialists with advanced diagnostic imaging products and software, in addition to the award-winning VELscope® Vx tissue fluorescence visualization technology. Backed by an experienced leadership team and dedicated to a higher level of service and support, LED Dental is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
LED Medical Diagnostics, Inc. is currently listed on the Toronto Stock Exchange (TSX-V) under the symbol "LMD," the OTCQX under the symbol "LEDIF," as well as the Frankfurt Stock Exchange under the symbol "LME." For more information, call 844.952.7327 or visit www.leddental.com/investor-relations.
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This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information include statements regarding, but not limited to the Company's future growth strategy, its distribution strategy and product offerings, potential expansion of the Company's technology to other medical applications or markets, or the potential introduction of new technologies by the Company. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Corporation's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to competition risks, distributor risks, product development risks such as regulatory, design, intellectual property and other factors described in the Corporation's reports filed on SEDAR including its Annual Information Form and financial report for the year ended December 31, 2013. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.