Distribution Agreement With ACP

RNS Number : 5184W

Surgical Innovations Group PLC

19 August 2015

 

SURGICAL INNOVATIONS GROUP PLC

("Surgical Innovations" or the "Company")

DISTRIBUTION AGREEMENT WITH ACP

The Directors of Surgical Innovations are pleased to announce that its subsidiary, Surgical Innovations Limited ("SI") has entered into a distribution agreement with Asia Cardiovascular Products Limited ("ACP") (the "Agreement").

The Agreement:

·     is on a rolling basis, terminable by either party on not less than 90 days' written notice;

·     grants ACP the non-exclusive right to market, promote, distribute and sell all current and future SI branded products sold by SI (the "Products") within Japan, Hong Kong, Thailand and Korea (the "Territory");

·     provides that SI will not appoint other distributors of Products in the Territory and will seek to minimise third party sales; and

·     includes a list specifying the price to be paid by ACP for each of the current Products.

ACP is a wholly owned subsidiary of Getz Bros & Co. (BVI) Inc. ("Getz"), which has been a substantial shareholder of the Company since its admission to AIM in July 1998.  Getz is therefore a related party under the definition in the AIM Rules.

The Directors, having consulted with WH Ireland Limited, consider that the terms of the Agreement are fair and reasonable insofar as shareholders are concerned.

Enquiries:

Surgical Innovations Group plc

Doug Liversidge, CBE

Non-Executive Chairman

Tel: [phone]

WH Ireland Limited (Nominated Adviser and Broker)

Tim Feather / Liam Gribben

Tel: [phone]

 

END

 

 

MSCUKAURVOAWAAR