Biofield Announces Name Change and Exclusive Distributor For Mexico, Central and Latin America; Distribution Terms Include $1 Million Licensing Fee and 10% Royalty of Gross Revenue.
PHILADELPHIA & HONG KONG -- Biofield Corp. (OTCBB:BZEC), today announced that it has shipped the initial order of its proprietary Biofield Diagnostic System for the early detection of breast cancer units (the "BDS"), to an exclusive distributor representing the Mexican, Central and Latin American markets. The distributor, MacKay Health Systems, ("MHS"), a company primarily made up of nationals from the licensed territories, acquired the rights to Mexico and various Central & Latin American countries via an exclusive distribution agreement it entered into with MacKay Innotech LTD, ("MHK"), a Hong Kong company. MKH holds a worldwide master license from Biofield to manufacture and distribute the BDS units.
Under the terms of distribution agreement, MHS will pay MHK a non-refundable licensing fee of $1 million dollars and 10% Royalty of Gross Revenues. Terms require the distributor to purchase a minimum number of units per quarter, per country. The specific countries are: Aruba, Belize, Costa Rica, Dominican Republic, El Salvador, Guadeloupe, Guatemala, Haiti, Honduras, Martinique, Mexico, Netherland Antilles, Nicaragua, Puerto Rico. Saint Martin and Saint Pierre & Miquelon. The company has, this week, shipped the initial order, as per the terms of the agreement. Regular recurring shipments are expected to follow.
The company, which recently completed its transformation from a medical technology company which solely developed and distributed its own proprietary technology (the BDS unit) to one that also has and seeks to acquire other, primarily, noninvasive diagnostic medical devices to assist in detecting and preventing cancer and other illnesses. After acquisition, the company then distributes these non-invasive and cost effective technologies and devices, by first targeting the world's largest population centers.
Biofield has acquired 10% of ValiRx PLC listed on the UK's AIM stock exchange together with the right for the exclusive worldwide distribution rights outside of Belgium, for ValiRx plc's Human Papilloma Virus (HPV) diagnostic test for cervical cancer as well as for ValiBio Hypergenomics[TM].
The company also announced its intention to change its name to "MacKay Life Sciences, Inc." The name change is also meant to precede closing of the previously announced intention of MHK to vend back into the company, the master license MHK holds, in addition to the rights and agreements that MHK has amassed during its term as the master licensee, which should result in greater revenues being realized by the public company.
About Biofield Corp.
Biofield is a medical technology company which develops and acquires noninvasive diagnostic medical devices to assist in detecting and preventing cancer and other illnesses. The Company has reoriented and expanded its energies to focus on offering non-invasive and cost effective technologies, on an easily accessible basis, to the world's largest population centers. For more information go to: www.biofield.com.
MHK is a private corporation that pursues diverse and significant opportunities around the globe. It has a portfolio of investments in a variety of companies, ventures, and projects. MHK has gained the respect of government and industry leaders around the world and has been instrumental in establishing a world wide distribution channel for the Biofield portfolio of products. For more information go to: www.themackaygroup.net
About The CorpFin Group, LLC:
The CorpFin Group is a leading South Florida based Advisory Firm whose mission is to combine Management's vision, with the experience of our Advisor's to maximize equity value. Our Focus on Value Creation enables us to bring an original, independent view and unique expertise to the opportunities and challenges that business leaders face. Our services include: Strategic Planning, Leadership & Organization, Transitional Management, Accessing & Controlling Capital, Risk Avoidance, Transitional & Alternative Public Offerings, Mergers, Acquisitions & Alliances. Coordination of Public Company Reporting and SOX Compliance, Investor Relations, Business Valuations & Fairness Opinions & Going Private Transactions. For more information go to: www.CorpFingrp.com
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the 1995 Private Securities Litigation Reform Act. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." Such statements are subject to risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
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|Date:||Jun 25, 2009|
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