New World LifeTech Signs Agreement With Technical
Chemicals & Products, Inc. to Market Medical
Diagnostic Products in China
HONG KONG, Jan. 26 /PRNewswire/ -- LifeTech Enterprises, Inc. (OTC Bulletin
Board: LFTE - news) announced today that
New World LifeTech has executed an exclusive agreement with Technical Chemicals &
Products, Inc. (Nasdaq: TCPI - news) to
distribute and market various medical diagnostic devices throughout the People's Republic
of China, Hong Kong, Taiwan and
Macau. These devices are made by TCPI, a U.S. developer, manufacturer and marketer
of point-care medical diagnostic
products.
Terms of this exclusive agreement are New World LifeTech to purchase a minimum of
$33 million of TCPI's diagnostic products
for pregnancy, ovulation, urinary tract infection, glucose, and Total and HDL cholesterol,
as well as tests to detect HIV, Hepatitis
B and H. pylori bacteria to be marketed in China, under New World LifeTech's own
brand names over a 10-year period. Upon
receipt of the requisite documentation from TCPI, New World LifeTech will begin the
product registration process in China. Sales
are anticipated to be $1.3 million in the first year after approval, increasing progressively in
subsequent years. LifeTech is currently
distributing some of TCPI's OEM family planning products in Asia using other brand
names.
New World LifeTech is a joint venture company between LifeTech and New World
Industrial Holdings Ltd., a wholly owned
subsidiary of New World Development Co., Ltd., which is a 25-year-old publicly listed
company in Hong Kong, with net worth of
more than US$8 billion. It has business interests in real estate development and
investment, hotel, infrastructure,
telecommunications, services, department stores, television broadcasting and numerous
other industries. New World also is one of
the largest investors in China. LifeTech Enterprises, Inc.'s primary business is to develop,
manufacture and market healthcare
products and services in China.
New World LifeTech is bringing Western-style healthcare products and services to China.
Its integrated businesses combine
research and development, manufacturing, wholesale and retail sales of healthcare
products with medical management services
and operation of healthcare centers.
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