TheSUBWAY.com Announces Investment Opinion on BICO
BICO, Incorporated (OTCBB:BIKO) Previous Close: Up 4% to $0.223 on vol. 23,723,400 Shares: ATTRACTIVE
ViaCirq, Inc., a 99% - owned subsidiary of BICO, Incorporated (OTCBB:BIKO), announced the signing of a Memorandum of Understanding between ViaCirq and Phoenix Hospital Management, Inc. to pursue the formation of a 50/50 Joint Venture (Newco) to manufacture, market and sell in China, ViaCirq's ThermoChem(TM) HT System and related disposable procedure kits.
The MOU calls for Phoenix to initially capitalize Newco for the purchase of a total of 50 ThermoChem HT Systems, including 5000 disposable kits, which will result in net proceeds of an estimated $10 million (USD) to ViaCirq after cost of goods sold over the delivery period, which will be identified in the Joint Venture agreement to be executed on or before August 31, 2001.
The MOU requires Phoenix to begin immediately to procure in China all necessary regulatory approvals, corporation registrations, importing license for medical devices, sales and marketing approvals, permits for a manufacturing facility, and any other documents to allow Newco to begin operation in China. Following the purchase and shipment of these initial 50 ThermoChem HT Systems and related disposable procedure kits, (Newco) manufacturing will be transitioned to China. |
