ZILA, INC., SEEKS DAMAGES FROM MEDICAL POLYMERS, INC.
ZILA, INC., SEEKS DAMAGES FROM MEDICAL POLYMERS, INC. PHOENIX, March 26 /PRNewswire/ -- The board of directors of Zila,
Inc. (NASDAQ: ZILA) has authorized legal action against Medical Polymers of Sacramento, Calif., seeking damages from Medical Polymers for their failure to comply with letters of agreement to grant Zila exclusive manufacturing and distribution rights for Medical Polymers' oral care products.
On Dec. 10, 1991, Zila announced the signing of letters of agreement and said that it expected definitive contracts to be executed by the end of December. Since that announcement, Medical Polymers proposed changes to the material terms and conditions of the letters of agreement. "Those changes," said Zila President Joseph Hines, "would significantly reduce the economic benefit to Zila, and they are unacceptable." Hines added: "Because Medical Polymers has refused to execute any final documentation relating to the terms and conditions set forth in the letters of agreement, Zila's board authorized legal action against Medical Polymers to recover costs and damages incurred by Zila arising out of Medical Polymers' failure to perform." Zila markets a growing line of health care products, with emphasis on professionally recommended oral care devices and technologies. -0- 3/26/92 /CONTACT: Joseph Hines of Zila, Inc., 602-266-6700/ (ZILA) CO: Zila, Inc.; Medical Polymers, Inc. ST: Arizona, California IN: HEA SU:
MH-DC -- DC030 -- 2147 03/26/92 16:52 EST
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|Date:||Mar 26, 1992|
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