SANUWAVE Health, Inc. Enters into Agreement with Johnfk Medical Inc.; Announces Director Appointments
June 29, 2018 at 04:33 pm
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On June 26, 2018, SANUWAVE Health, Inc. announced that the Company had entered into an agreement with Johnfk Medical Inc. (FKS), effective as of June 14, 2018, pursuant to which the Company and FKS will enter into a joint venture for the manufacture, sale and distribution of the Company's dermaPACE and orthoPACE devices. The Agreement provides that the parties will work together to enter into a definitive agreement over the next five months. Under the Agreement, FKS paid the Company an initial distribution rights fee in Taiwan on June 22, 2018 in the amount of $500,000, with an additional initial distribution rights fee in Singapore, Malaysia, Brunie, Cambodia, Myanmar, Laos, Indonesia, Thailand, Philippines and Vietnam (the SEA Region) in the third quarter of 2018 in the amount of $500,000.
The Board of the Joint Venture enterprise will consist of two representatives from Johnfk Medical Inc., namely, Chairman and CEO Ms. Fei-Kai Syu and Sales Director Mr. Shih-Yu Lu, and two representatives from SANUWAVE Health, Inc. In addition, each member will appoint a nominee resident director and at the cost of the Joint Venture enterprise. Each nominee resident director will be mutually agreed upon by both Members. The two nominee resident directors will not be involved in any day-to-day management, financial, or operational matters of the Joint Venture enterprise. Ms. Fei Kai Syu will assume the role of Chairman in the Joint Venture enterprise.
Sanuwave Health, Inc. is an ultrasound and shock wave technology company. The Company is a provider of Food and Drug Administration (FDA)-approved wound care products. It is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures. The Company applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and others. Its two primary systems are UltraMIST and PACE. The UltraMIST system provides, through a fluid mist, low-frequency, non-contact, and pain free ultrasound energy deep inside the wound bed that promotes healing from within. The PACE systems use acoustic pressure shockwaves generated by the Company's Pulsed Acoustic Cellular Expression (PACE) technology to converge at precise selected targets to produce an extremely short duration compression burst.
SANUWAVE HEALTH, INC. 
