SMLX Technologies, Inc.'s Joint Venture With HelveStar, S.A., Creates Global Force For Core Product Distribution
HALLANDALE, Fla., June 7 /PRNewswire/ -- SMLX Technologies, Inc. (OTC Bulletin Board: SMLX - news) is building a global force for distribution of its key products. The company's recent joint venture with HelveStar, S.A., a Swiss technology, commercialization, financial and holding company, formed BioStar Life Sciences, which will have a 99-year worldwide exclusive license to produce, market and distribute all SMLX core products and technology. The deal gives SMLX a 40-percent stake in the Switzerland-based BioStar, and the right to name two members to BioStar's board of directors.
BioStar's opening order included 300,000 Airbrators, 42,500 doses of Bioven and 300,000 Rapid Saliva Test kits. BioStar also purchased certain non-core products from SMLX for $2.4 million, payable $100,000 per month for 24 months, and will underwrite the cost to commercialize these products.
HelveStar, engaged in pharmaceutical, nutriceutical, cosmeceutical and medical diagnostics, will own 60 percent of BioStar and have the right to name two directors to SMLX's board of directors. HelveStar, during the next 24 months, can purchase up to 2,250,000 shares of SMLX stock and 900,000 shares through stock options.
HelveStar has already taken key steps to implement BioStar's global distribution strategy. HelveStar has purchased SMLX's offshore contract manufacturer, and also bought control of a U.S. dental distributor to sell the Airbrator in the U.S. The Malaysian company, Usra Sdn Bhd, will begin manufacturing the Airbrator in Asia early next year. AsiaStar Healthcare will distribute the product in Asia.
BioStar is making plans to launch the sale of Bioven, SMLX's treatment for Rheumatic Arthritis, in Hong Kong, Malaysia and Singapore starting in July 1999. Also in July 1999, BioStar plans to begin selling SMLX's diagnostic kits in several countries. In June, several key personnel from HelveStar's Malaysian companies will visit SMLX to finalize further details of the transfer of responsibility.
SMLX is a bio-engineering company that develops leading-edge, high-technology products for the Life Science industry.
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