ViaCirq, Chinese Firm Extend Deadline
PITTSBURGH, Aug. 31 /PRNewswire/ -- ViaCirq, Inc. and Phoenix Hospital Management are proceeding with optimism and have agreed to extend the memorandum of understanding, signed on July 26, 2001, in order to complete the formation of the fifty-fifty joint venture (NEWCO). The proposed joint venture between the two companies is taking longer than anticipated to complete.
Because of their eagerness to begin working under the terms of the venture, both sides established a deadline of August 31, 2001, which they now realize was too aggressive. Neither side anticipated the increased time that it would take to translate medical and legal terms between English and Mandarin Chinese nor delays caused by the 12-hour time difference between Pittsburgh and Beijing. Both parties have therefore agreed to exercise their options to extend the timeframe within the memorandum of understanding while finalizing the joint venture agreement.
"We are excited to begin working with Phoenix Hospital Management to bring our technology to their medical facilities in China," said ViaCirq President and CEO Glenn Keeling. "Extending the deadline to overcome logistical and translation barriers only ensures that we have a detailed venture agreement in a format that both of us are comfortable."
ViaCirq, a 99% subsidiary of BICO, Inc. (OTC Bulletin Board: BIKO) is experiencing success in the domestic U.S. market with its ThermoChem(TM) HT System. The device is used by physicians to deliver intraperitoneal hyperthermia as an adjunctive therapy with surgery and chemotherapy in the treatment of advanced cancer. Fifty of the ThermoChem HT systems and 5,000 disposable kits will be sold to NEWCO with Phoenix capitalizing that purchase. The Phoenix capitalization of NEWCO will result in net proceeds of an estimated $10 million (USD) to ViaCirq after the cost of goods.
BICO, Inc. has its corporate offices in Pittsburgh and is involved in the development and manufacture of biomedical devices and environmental solutions. BICO's subsidiary, ViaCirq, Inc., also located in Pittsburgh, PA, is committed to developing, manufacturing and marketing leading-edge hyperthermia products and services of the highest quality and value.
FOR FURTHER INFORMATION, CONTACT:
Investors Media
Diane McQuaide Susan Taylor
1-412-429-0673 phone 1-412-429-0673 phone
1-412-279-9690 fax 1-412-279-5041 fax
INVESTOR RELATIONS NEWSLINE NUMBER: 1-800-357-6204
www.bico.com
www.viacirq.com
This press release contains statements of a forward looking nature. Shareholders and potential investors are cautioned that such statements are predictions and actual events or results may vary significantly.
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SOURCE BICO, Incorporated
/CONTACT: Investors: Diane McQuaide, +1-412-429-0673, or fax,
+1-412-279-9690, or Media: Susan Taylor, +1-412-429-0673, or fax,
+1-412-279-5041, both of BICO/
/Web site: viacirq.com /
/Web site: bico.com / |
