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Deltex Medical Group PLC establishes joint venture with distributor


Thursday, 12 Dec 2013 02:00am EST 

Deltex Medical Group PLC:Says it has established Deltex Medical Canada as a joint venture with its current distributor, Provincial Medical Supplies (PMS).Says it is designed to facilitate faster growth; pooling the margin on sales previously split between Deltex Medical and PMS will bring forward the time at which it will be economic to establish the clinical support programmes that drive deep, broad and sustainable adoption of CardioQ-ODM.Says Deltex Medical owns 51 pct of the capital of Deltex Medical Canada and has the right to appoint three of its five directors.Says prior to setting up the joint venture Deltex Medical acquired from PMS the business including customer list, CardioQ-ODM installed base and inventory for 185,000 pounds.Says the company intends to use these assets to support the future growth of the joint venture.Says it has the right to acquire the remaining 49 pct of Deltex Medical Canada for a price based on one year's sales revenue of the joint venture (preceding twelve months basis, subsequently adjusted for any sales in excess of 25 pct growth in the following 12 months).Says Deltex Medical has granted the principals of PMS options over 500,000 ordinary shares in Deltex Medical and any gain on these options will be offset against future payments to acquire the remaining 49 pct of Deltex Medical Canada. 

Company Quote

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7:32am EDT