Universal Medical Systems Inc. announces joint venture.CLEARWATER Clearwater, city, United States Clearwater, residential and resort city (1990 pop. 98,784), seat of Pinellas co., W central Fla., on the Pinellas peninsula, between Clearwater Bay and the Gulf of Mexico; inc. 1891. , Fla.--(BUSINESS WIRE)--Dec. 3, 1996--Universal Medical Systems Inc. (UMSI UMSI University of Michigan School of Information ) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :UMSI) Tuesday announced it has formed a joint venture with JIC JIC Just In Case JIC Joint Intelligence Committee JIC Joint Information Center (US government) JIC Jewelry Information Center JIC Joint Intelligence Center JIC Joint Industrial Council JIC Justice Information Center Holdings, located in Jilin Province, China. JIC is among the largest companies in China, with over 500,000 employees. Mike Baker, president of UMSI, stated, "This joint venture sets the stage for expansion of our business into one of the fastest growing markets in the world." The agreement provides UMSI with majority ownership of the joint venture. JIC has agreed to invest $1.0 million in personnel, production and marketing requirements. UMSI has agreed to provide certain technology together with selected inventories for the initial production requirements. In addition, JIC will also distribute the medical systems through their existing marketing network. UMSI will initially introduce its systems for the vascular vascular /vas·cu·lar/ (vas´ku-ler) 1. pertaining to vessels, particularly blood vessels. 2. indicative of a copious blood supply. vas·cu·lar adj. , optical imaging, and injury management applications. Each of these markets represent significant business potential, in that this proprietary technology addresses the current and future needs of this vast market. Plans are to introduce UMSI's radiotherapy radiotherapy /ra·dio·ther·a·py/ (-ther´ah-pe) treatment of disease by means of ionizing radiation; tissue may be exposed to a beam of radiation, or a radioactive element may be contained in devices (e.g. systems into the Chinese market during the latter part of 1997. In addition to this joint venture agreement, Baker stated that negotiations are now under way for additional joint ventures with other companies in China. These discussions include cross-licensing agreements in addition to production and distribution. UMSI has now broadened its presence throughout Asia with JIC agreement, as well as the recently announced production and marketing agreement with the STC STC Supplemental Type Certificate (FAA) STC Society for Technical Communication STC Subject to Change STC Surf the Channel (website) STC Sound Transmission Class STC Singapore Turf Club Corp. in Seoul, Korea. UMSI, which trades under the OTC symbol "UMSI," is a world leader in its targeted markets with its proprietary medical systems. For information, contact Mike Baker at 813/535-2022, or write the company at 13825 Icot Blvd., Suite 613, Clearwater, Fla. 34620. CONTACT: Universal Medical Systems Inc., Clearwater M.A. (Mike) Baker Phone: 813/535-2022 Fax: 813/536-9707 |
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