Here are salient points mentioned in the 3Q 2017 R
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Posted On: 03/28/2018 11:28:00 AM
Here are salient points mentioned in the 3Q 2017 Report that SHOULD be updated this week ......
"The company entered into two international agreements in the latter part of 2016. The first agreement, executed through the company’s exclusive Korean agent, allows for delivery of the GenUltimate! product in quantity to the Korean market. As of this writing, the Korean partners have ordered and paid for over 96,000 pieces (units) of GenUltimate! Another almost 20,000 pieces (units) are on order for late December 2017. The company’s second international agreement is through a South American financier who has businesses in Bolivia and Spain. This group has placed a single two-year (term) order for approximately $17 million in GenUltimate! product, GenUltimate! meters and the company’s new (2017) Firefly! Lancets. Almost 11,000 pieces (units) of GenUltimate!, 3,000 GenUltimate! meters and cases of lancets have been delivered to Bolivia, although this distributor had had to amend their business plan because the world has changed. In addition, the South America financier has funded the company’s regulatory applications (through a Spanish pharmaceutical company) with the EU, to gain “CE” marking for its GenUltimate! and GenSure! products (and then early in 2018 the company’s GenChoice! and GenPrecis! Products) in return for the Spanish distribution rights to these products. And lastly, the South American financier has notified the company that he and those closely associated with him wished to subscribe to a $4.75 million ($3.25 alreadt subscribed to) capital investment in the company. As of this writing the company has not concluded this capital investment, at its choice, but will in 4Q 2017. Among the many terms in this investment, the South American financier will not be able to convert and sell any securities that underlie the investment vehicle for 36 months from the time of the investment."
"The company entered into two international agreements in the latter part of 2016. The first agreement, executed through the company’s exclusive Korean agent, allows for delivery of the GenUltimate! product in quantity to the Korean market. As of this writing, the Korean partners have ordered and paid for over 96,000 pieces (units) of GenUltimate! Another almost 20,000 pieces (units) are on order for late December 2017. The company’s second international agreement is through a South American financier who has businesses in Bolivia and Spain. This group has placed a single two-year (term) order for approximately $17 million in GenUltimate! product, GenUltimate! meters and the company’s new (2017) Firefly! Lancets. Almost 11,000 pieces (units) of GenUltimate!, 3,000 GenUltimate! meters and cases of lancets have been delivered to Bolivia, although this distributor had had to amend their business plan because the world has changed. In addition, the South America financier has funded the company’s regulatory applications (through a Spanish pharmaceutical company) with the EU, to gain “CE” marking for its GenUltimate! and GenSure! products (and then early in 2018 the company’s GenChoice! and GenPrecis! Products) in return for the Spanish distribution rights to these products. And lastly, the South American financier has notified the company that he and those closely associated with him wished to subscribe to a $4.75 million ($3.25 alreadt subscribed to) capital investment in the company. As of this writing the company has not concluded this capital investment, at its choice, but will in 4Q 2017. Among the many terms in this investment, the South American financier will not be able to convert and sell any securities that underlie the investment vehicle for 36 months from the time of the investment."
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