MedPro Safety Products Expands Contract with Greiner Bio-One International to Include Exclusive Worldwide Manufacturing, Marketing, and Distribution Rights
Greiner to Open New Manufacturing Facility for MedPro's Phlebotomy Products
LEXINGTON, Ky., Oct 06, 2008 (BUSINESS WIRE) -- MedPro Safety Products (OTC BB: MPSP), which develops and markets medical safety devices incorporating proprietary needlestick prevention technology, has received initial payments totaling $2.7 million from Greiner Bio-One International following Greiner's approval of production line designs for MedPro's phlebotomy products.
On July 15, 2008, MedPro extended its original agreement with Greiner to incorporate all MedPro products in the phlebotomy market segment. As part of this expanded relationship, Greiner is making a significant commitment to expand its manufacturing capacity by constructing a new facility to open in the first half of 2009. Greiner has extended the original contract by taking over both models of MedPro's safety blood collection holder, signed a worldwide contract to distribute MedPro's safety winged collection set, and acquired the rights to assemble and manufacture these products in Greiner's new facility.
The parties' prior agreement had given Greiner exclusive worldwide rights to market and distribute MedPro's tube-touch blood collection system. The new agreement extends the term for the tube-touch system to six-years from the commencement of initial commercial manufacturing. Additionally, the new agreement expands Greiner's product access to include both MedPro's tube-touch and skin-touch blood collection system. Finally, Greiner also executed a separate and additional agreement that provides exclusive worldwide rights to MedPro's winged safety blood collection set. Both agreements give Greiner the right to manufacture, assemble, and distribute the covered products.
"Greiner is a world-class company, well-known for its dedication to providing superior product quality and services. We are delighted to expand our relationship with Greiner and accelerate worldwide production and commercialization for our suite of medical safety devices," said Craig Turner, Chief Executive Officer of MedPro Safety Products. "Greiner's considerable investment in a new manufacturing facility is a tremendous vote of confidence concerning the need and effectiveness of our products. We look forward to working together to deliver our needlestick prevention technology to healthcare workers all over the world."
MedPro's President and Chief Operating Officer, Walter Weller, stated: "These agreements extend our relationship with Greiner and will bring our unique and proprietary passive needlestick safety technology to the market. We are very excited that Greiner has made a commitment to our blood collection safety devices to facilitate and complement its sale of blood collection tubes, equipment, and analytical services. We look forward to accelerating the global market exposure for our products and for our company."
About MedPro Safety Products, Inc.
Founded in 1995 and headquartered in Lexington, Kentucky, MedPro Safety Products, Inc. (OTCBB: MPSP) has developed and acquired a portfolio of medical safety products incorporating proprietary needlestick prevention functionalities. For additional information, please refer to the 'investor relations' link on the Company's website (http://www.medprosafety.com)